Awaz Apni

I am single, childless, parentless, siblingless. Do I need life insurance? If I have debts and a mortgage, if there is no family to have to settle it what happens? My friends are telling me that even if I have a will with an executor, (not filed with the state) there is no obligation on their part to pay off my debts if they are not family. Debt is not inheritable. Not even for family members. Your kids don't have to pay off your debt, and your parents or siblings don;t either. If you die with debts and a mortgage, all your assets get sold, to pay off the debts. If you have a will, anything left over, after all of your debts are paid - including your funeral costs and final medical costs - would get distributed according to the will. If you don't have a will, then a judge hires an estate administrator, who gets paid out of your estate, and who sells all your stuff to pay off your debts, and if there is anything left over, the judge distributes it according to state law. If you ...