Whether you’re rich or poor, famous or obscure, if you have a will, chances are it says something to the effect of, “pay my debts before you pay my heirs.” Your executor or personal representative — the person or institution you have named to carry out your wishes — must follow those instructions in accordance with state and federal law.

Deborah Jacobs, Forbes columnist, discusses that for many debts, it may be relatively easy to negotiate to pay less than what’s owed after someone dies . Though banks don’t want to publicize this fact, lawyers say clients have had considerable success reducing credit card debts after a family member passes away.

To read more, see How To Cope With Credit Card Bills After A Family Member Dies.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.