Related Definitions
What is a Debt?
Financial obligations or liabilities owed by the deceased at the time of their death.
Financial obligations that an individual or entity owes to others, which can include loans, credit card balances, mortgages, and any outstanding payments. In the context of probate, the deceased person’s debts must be settled before distributing assets to heirs or beneficiaries. The probate court oversees the payment of debts from the estate’s assets, ensuring that creditors are compensated in accordance with state laws.
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