Forbes: Handling Debts in an Estate

The financial stress on both families and businesses as a result of the Covid-19 pandemic means an increasing level of debt for both. In reviewing estate plans today, one of the issues to consider is what would happen if a client who has significant debts, or is liable for debts incurred by their business, suddenly falls ill and dies? There is a process for handling debts of a decedent in estates, but it requires careful planning.