The inheritance no one wants…
We as a society get all worked up about the items we’ll inherit if a loved one dies. The china, jewelry, furniture, automobiles, art and houses become minute when it comes to this unexpected inheritance. This inheritance is one not usually discussed in families.
Have you figured out when I’m talking about yet?
I’m talking about the DEBT our loved one leaves behind for us to deal with. Whether you are their child or significant other their debt will fall onto you. I recently read an article from Securian Financial Group. They conducted a survey on how many people had debt, the kinds of debt they have and how they choose to deal with it.
The largest debt of the Baby Boomers is their mortgages, while the debt of the millennial’s is their student loans. A key difference is the millennial’s will inherit the baby boomer debt, not the other way around.
Most in the survey were not prepared to deal with the debt left behind. Some knew or had an idea what would happen and were prepared to deal with it. The article covered what it would mean if you were a cosigner with the deceased.
Don’t assume debt disappears when a loved one dies. This does not always happen. Extra stress is imposed on survivors who don’t know about debts of their loved ones.
Knowing about what kind of debt your loved one has and being prepared to deal with the outcome if they die is a great Financial Strategy For Life.
The article with the survey is below. Click the link to learn more.
Published on Securian – Life insurance, retirement, employee benefits, asset management, loan protection, careers
(http://www.securiannews.com) on 11/27/13 3:02 pm CST
Debt: The inheritance no one wants
Nearly one-third of Americans surveyed by Securian Financial Group say they haven’t thought about what would happen to their debt if they – or their cosigners – were to pass away unexpectedly. Fewer than 13 percent say they have taken steps to protect themselves from the sudden loss of a borrower.