Failure to make provision for your debt in your estate plan can leave your loved ones financially compromised.
Making provision for the debt in your estate is an important part of estate planning, and failure to do so can leave your surviving spouse and/or heirs financially compromised. Assets that you had intended to bequeath to your loved ones may need to be sold to pay off the debt in your estate which, besides leaving your heirs in a financially precarious position, could have tax and CGT consequences that your estate is not equipped to deal with. Lets have a closer look at what happens to the debt in your estate when you die.
Upon passing, all your assets, income and liabilities form what is referred to as your deceased estat…
Read the full article at: https://www.moneyweb.co.za/financial-advisor-views/what-happens-to-your-debt-when-you-die/
