What is one area our McAllen law firm recommends people reconsider in their estate planning process? People often double-check their checking or saving accounts to determine how much money they can pass down to their loved ones. Unfortunately, there are two crucial factors many people fail to double-check: taxes on their property or current debt. Failing to consider them can potentially lead to unnecessary issues for loved ones.
Let’s Talk About Your Unforeseen Taxes
Let’s say you have a beautiful home you wish to pass down to your child once you pass. It’s been paid off, so your kid shouldn’t expect any expenses to go into the property, right? The answer might surprise you! In some situations, there may be an inheritance tax to consider. This means your child will get the house, but they will be responsible for paying an inheritance tax. One of the best ways to avoid these usually unforeseen situations is by gaining support from estate planning lawyers in McAllen. They’ll help you list all your properties and assist you as you determine whether inheritance taxes will apply.
Tally Your Debt
Calculating debt is not something people generally want to do. However, doing so is extremely important in the will drafting process. Contrary to popular belief, you see that debt on your property doesn’t just disappear once that property is passed along. So, to avoid your loved ones becoming responsible for this debt, you must follow the proper process. This means you should:
- Choose an executor to handle your affairs.
- Make a detailed list of the creditors you owe.
- Catalogue outstanding balances on your possessions.
Our McAllen Law Firm is Here to Help
The will drafting process can often get a bit tricky and confusing. But don’t worry. The estate planning lawyers at Fryer and Hansen are here to do that for you. Contact us today if you want to learn more about our services or are ready to schedule a consultation.