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Death of a parent and debt owing - Ontario/Canada
If a widowed parent dies, and has an outstanding car loan, are the adult children responsible to pay off the car? There is an insurance policy with the children designated as the beneficiaries which would cover the debt. However, since the car is listed as the car loan's collateral, the children are the only listed beneficiaries of the insurance policy, and the will mentions nothing about the car at all, does the insurance money have to be used toward the car loan?
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