Record-breaking fuel price hikes, high interest rates, increases in food costs and a growing debt crisis, have left South Africans struggling with a number of financial challenges and leaning on debt to make ends meet.
But what happens to your debt when you die?
According to Charnel Collins, CEO of National Debt Advisors, heirs do not necessarily have to directly inherit the debts of the deceased but there is chance that a deceased’s debt might affect their heirs, especially if arrangements have not been made for the debt through a valid will.
Collins said: “When a person passes away, their estate, which consists of all assets and liabilities, including debts, property, vehicles, furniture, and bank account balances, is responsible for settling these obligations before beneficiaries receive their inheritances.”
Here are…