Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.
An essential part of estate planning is selecting someone to represent you after your death in the management of your estate. This personal representative is also known as an executor, or executrix, if you choose a woman as your personal representative.
The late 'Siegfried & Roy' star, Roy Horn, named lifelong friend and performance partner, Siegfried Fischbacher as the executor of his multi-million-dollar estate, according to his will filed in Las Vegas courts.