How to find out if I have outstanding debts, before I die, which need to be paid by my estate when I die?

Question

My grandfather recently passed, and with that brought a review of outstanding debts of all persons with a similar name. Through that review I become concerned that I may have an outstnading debt which I am not aware of, that will be required to be settled by my estate when I die. I'd like to ensure that my family is not suprised and saddened by the evaporation of thier inheritance, because of some old debt. How can I find out if I have debts that might be found out duing probate? My credit report does not show any outstanding debts as of today. But I am told that does not necessarily mean that I am free and clear. Any advice would be helpful. Thank you!

Answer 1

mortgages  car loans  medical expenses  any bank loans

Answer 2

If you have checked your credit report at all three agencies and you don't have any recollection of an old debt, you are pretty safe--and far more astute than most folks.

As you get older you will find it easier to have some liquid funds available so in case you die there will be money to pay anything outstanding.  If you have life insurance, that, too, can be used to retire any obligations.

If you don't have a will, vow to take care of that right away.  Also be sure any bank accounts and investments, including retirement funds, are titled the way you choose with proper beneficiaries named.

Answer 3

First, have you defaulted on any debts?  I would think you would know if you have been responsible or not in paying all your debts.

Second, if debts are so old as to no longer show on your credit file, chances are they are beyond the Statute of Limitations (SOL) as well.

A collector would have to prove it was a legal debt to collect from the estate.  I certainly hope your grandfather's estate wasn't held accountable for antique debt beyond the SOL or questionable debts.