Many Parsippany residents may have already gone through the process of drafting a will. After doing so, they may consider their estate planning duties to be complete and will take no further action. However, what they may not realize is that a will is just one component of a well-rounded estate plan.
Many people in Parsippany carry some type of debt these days. Debt can take many forms: a home loan, an auto loan, credit card debt or student loan debt, to name a few. Most people will do what they can to pay off their debts during their lifetime. However, sometimes this simply doesn't happen and a person passes away before all their debts are paid off. When this happens, will the debtor's survivors be obligated to make good on the debts owed?