What happens to finances and belongings after?

Question

If someone has a car with a car loan out and that person suddenly passes, what happens to the car and the money still owed?

Answer

Depending where you live a few things can happen!
When my Aunty passed her car was seized and sold to pay her outstanding debt.
Otherwise if that person is married then o believe their spouse can sometimes have to take on the debt, also depends if they had insurance or anything like that. It’s probably best to speak to a lawyer x

Answer

Either the estate settles the debt and keeps the car or the estate does not settle the debt and the bank repossesses the car.

Answer

Depends where you live. I have a life insurance, that states, if I die, my appartment loan will be automatically payed off, and the appartment goes to a closest relative, that right now is my husband.

Answer

It really depends on whether there is a will or not, if there's is living spouse or not and what kind of marriage contract did they have,  etc. There's not really a blanket answer to this question.

Answer

Ot depends on if they have a will- if they do then it should say who it gets passed onto etc, if no will then usually it is sold, debts paid off and then whatever money is left is given to next of kin

Answer

Check these out! Some read that if a living person inherits a vehicle, the loan still has to be paid unless the living being does not accept.

What happens to finances and belongings after?

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