
When a person dies their debts do not pass away with them. How these debts are to be managed, however, depends on matters such as the type of debts, their size and the net total of the assets and liabilities contained within the estate. The term estate refers to the assets belonging to the deceased and will include real estate, bank accounts, shares, motor vehicles and other property such as furniture, jewellery and art work. Debts might include personal loans, credit cards or mortgages, utility bills and funeral expenses.