Legal Question in Wills and Trusts in Colorado

Re: Who pays my debt when I die?

Your estate is liable for any of your debts not your family, unless they specifically agreed to take on any liability. If your family proceeds inappropriately in the administration of your estate, they could also face liability to your creditors. This means that the assets of your estate could be exhausted by any of your debts. This is also one of the reasons that clients do estate planning.

You are advised to seek the advice of a competent estate planning attorney.

Re: Who pays my debt when I die?

Your estate will have to stand good for your debts. Your estate consists of all non-exempt property. Any property held jointly with someone else would be exempt. Then there is a Colorado statute which lists other property which is exempt. Or credit card companies and other lenders will happily sell you credit life insurance.