What happens to debt when a person passes away?

In this episode, Dustin brings up a very important financial consideration: What happens to our debts when we die? In Canada, the simple answer is that you cannot inherit debt from a family member or partner. But as we’ve learned throughout Dustin’s podcast, finance is never just black and white, there are always other factors to consider.

Dustin shares Credit Canada’s 8 steps to avoid inherited debt. He points out where there could be risks in your own finances that could leave you liable to pick up someone else’s debt after they pass on. Dustin lists out the important reasons for having a will in place and all the ways that it will leave your family better off.

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