Monthly Archives: October 2019

cremation services offered in Beltsville, MD

What Happens with Your Debt after You Die

After cremations as part of the cremation services offered in Beltsville, MD, families of the deceased have to wrap up the affairs of their loved ones. One of those may be debts that are owed to creditors.

If you die with life insurance or valuable assets, then your family will be in a good financial position and will be able to take care of all your affairs. However, any debt that you have accrued doesn’t die with you. If the debts you have are substantial, then they could wipe out any financial security that you left behind to take care of your family.

If you don’t have life insurance or any valuable assets that could be sold, then your family may be responsible for paying off any debt that you leave behind. This could be a real quagmire for them and affect their financial outlook for years to come.

Almost 73% of adults have outstanding debts that need to be paid when they die. The average debt that includes a mortgage is $61,554, while non-mortgage debt averages out to be about $12,875.

The question become whether your loved ones inherit your debt when you die. In many cases, surviving relatives do not individually become responsible for paying off your debts. However, your estate, which includes life insurance, property, and financial assets, is responsible for settling all the debt that you owe. If the debt is secured, such as that with a car loan or a mortgage, then the car or home can be sold and the proceeds used to pay off the loans. The only other option for the estate is to allow the financial lender to foreclose on or repossess the property.

In the case where a family wants to keep the family home that everybody grew up in, the person in the family who gets the house will have to finance a new loan in their name, making them liable for the debt that they are incurring.

If debt is unsecured, such as credit cards or an unsecured personal loan, then the estate is responsible for paying those off with any money that the estate has before anyone is named as a beneficiary receives their inheritance. If the estate does not have enough money to pay off unsecured debt, then the estate is declared to be insolvent and the executor will have to go through the legal system – probate – for determination to be made as to which debts should be paid.

Any other debts than these are the sole responsibility of the deceased, so they get discharged (meaning they don’t have to be paid).

If the debt left behind has a cosigner who is still living, then the debt will be the cosigner’s responsibility to pay. On some cosigned loan agreements, the lender requires that the debt is paid in full immediately after the borrower dies. This can present a real challenge for cosigners, especially if they are not beneficiaries of the estate and don’t have the money on their own to pay the debt off.

For joint loans, such as a married couple taking out a mortgage together for a house, the borrower who is still alive is responsible for the remaining debt.

If you want more information about cremation services offered in Burtonsville, MD, you can talk with our expert staff at Donald V. Borgwardt Funeral Home, P.A. You can drop by our funeral home at 4400 Powder Mill Rd., Beltsville, MD, 20705, or you can contact us today at (301) 937-1707.

funeral homes in Beltsville, MD

Who Will Take Care of the Dead?

After funerals at funeral homes in Beltsville, MD, the deceased are taken to their final resting places, which could be at cemeteries in small, rural communities, where the population is decreasing because younger people move away in search of more opportunity and the elderly people who stay began to die.

When the population of one of these communities declines, the question of who will maintain the cemeteries in the community becomes an issue. Combined with weather challenges, climate change, economic hardships, and the oddities of human behavior, the problem of who will maintain these rural cemeteries becomes even more complex.

Family and church cemeteries are usually maintained through contributions of members or others who have relatives buried there. These are the most likely cemeteries to fall into disrepair when people move and people die. There’s no more money to maintain the cemeteries.

The people who maintain cemeteries are called caretakers. Some live near the cemetery they maintain, while others have a residence on-site. In rural communities, if the caretaker of record dies then no one knows who’s responsible for maintaining the cemeteries. Many times, no one takes over the responsibility and the cemetery gets overgrown and essentially disappears.

For example, in Nebraska, if no one in the community informs the legal authorities that the cemetery has been neglected or is abandoned then local governments don’t have too many options to make sure that the cemetery is maintained. A lot of people don’t know that they can report neglected or abandoned cemeteries to local authorities and some people think it’s disrespectful to the dead to complain about the state of the cemetery. Occasionally, another member of the community will take over upkeep of the cemetery without telling anyone (so that there can be someone to take over after them), but they may move or die leaving it to be neglected and abandoned again.

Rural cemeteries in New York state have their fair share that are need of maintenance, but they also have many that are very well cared for and provide beautiful green spaces for the neighbors around them. Some people love the relative quiet of living near cemeteries, while other people can’t abide the thought of living in near proximately to resting places for the dead.

Research from realtor.com shows that, in rural areas, homes in zip codes with cemeteries have an approximately 12% lower median price than homes that are in zip codes without cemeteries. However, this decrease in property values is a great concern for rural homeowners. This is because community services, such as education funding, are tied to the value of property, and when a tax-exempt cemetery is neglected or abandoned, then the overall value of all the properties around it decreases, making less funding available for the communities.

Many other rural cemeteries in other states face more challenges. Some cemeteries are maintained by an association, but the associations are seeing donations drop because of weather disasters and poor economic conditions, so the associations are either abandoning the cemeteries or asking relatives of the deceased who are buried there to volunteer to maintain the cemeteries. Some rural cemeteries get neglected or abandoned when property owners give access rights away to businesses or to the state. Once access to the cemetery is cut off, the cemeteries fall into disrepair.

If you want to know more about cemetery upkeep at funeral homes in Beltsville, MD, you can talk with our knowledgeable team at Donald V. Borgwardt Funeral Home, P.A. You can visit our funeral home at 4400 Powder Mill Rd., Beltsville, MD, 20705, or you can call us today at (301) 937-1707.