One of the primary goals of creating an effective legal and financial strategy for the future is making plans that will protect the interests of loved ones. For many Florida adults, this means developing an estate plan that will determine how they will distribute their property after they pass. However, a complete plan should also have a strategy for addressing any remaining debt associated with the estate.
The common problem of debt
Many people struggle with debt, and it has become a common problem for everyone from business owners to average consumers. Leaving large amounts of debt can be difficult for decedents, but it is possible to plan ahead and protect those left behind. An estate is still responsible for debt, even if the person who accumulated the debt has passed away.
Claims against an estate are addressed in a certain order based on the type of debt. If one owes a significant amount of money, careful consideration should be given to how to leave property to loved ones. By carefully strategizing, it will be easier to ensure that property is distributed as intended, even with ongoing claims against a decedent’s estate.
A thoughtfully prepared plan
Creating an effective estate plan is not easy. It will be beneficial for someone with debt to discuss their planning strategy with an experienced Florida attorney in order to have a plan that protects the interests of heirs and beneficiaries. An assessment of one’s goals and needs can provide insight into how to proceed in the estate planning process.
