free form estate planning married couple checklist

Free form estate planning married couple checklist how to#

If you borrowed money from family or friends, include these amounts on your debt list. You can also include shared debt, such as jointly-owned credit cards or a mortgage you and your spouse hold, although there are different legal considerations for shared debts. Any credit card, bank loan, car loan, mortgage, advance on a line of credit, or other debt in your name only will become the responsibility of your estate. Your list of debts should include the following: Some of your debts will already be accounted for in the listing of your property, such as the mortgage on your home, so make sure not to list them twice. This is essential for calculating your net worth, or the total value of all your assets minus your total liabilities. Once you have made a list of your assets, you can itemize your liabilities (debts). Making a Comprehensive List of Your Debts in Your Estate Plan

Free form estate planning married couple checklist how to#

Our estate planning attorneys explain how to list your debts ahead of time, protect certain assets from creditors, and reduce the burden of your debt on your beneficiaries. Unfortunately, the debts you incur over your lifetime can live on after you die, and your creditors may come calling during probate to collect what they’re owed.

Estate planning is the only way to ensure that your loved ones are provided for after your passing.