How to Handle Debt in Your Will: Our Attorneys in McAllen Explain

So, you’re drafting your first will with our attorneys in McAllen, and you aren’t sure what to work on first. You may be wondering who will get to keep your house or that amazing bicycle collection of yours. That’s great! You should definitely be thinking of these things. 

However, there is so much more you need to take into consideration. You see, one of the most important things to consider when drafting your will is your debt and how your family can be protected from it. Fryer and Hansen values you and your family and we want to help you make the best decisions possible. 

Debt and Your Will

When you create a will, you can specifically denote the ways in which you want your debt to be paid off. Did you know:

  • If it’s a loan or credit card debt, you can use your assets to ensure all your debts are settled after your death. 
  • Failing to provide an accurate representation of your finances may cause your loved ones to be held responsible for your debt. 
  • In many cases, the responsibility of debt can be inherited by your spouse, the cosigner on your loan, or even an executor who failed to abide by probate laws in Texas. 

Learn Your Rights With Our Attorneys in McAllen 

It’s important to ask your attorneys how your financial situation will impact your asset distribution. Did you know:

  • The Federal Trade Commission (FTC) states the Fair Debt Collection Practices Act (FDCPA) protects a person who is found to be legally responsible for debt. 
  • Meaning, people will have protection from any harassment brought onto them by debt collectors. 
  • Additionally, the FDCPA only allows conversations between debt collectors and the widow or legal guardian of the deceased, meaning they are not allowed to disturb anyone else in your family. 

Get a Free Consultation With Our Attorneys in McAllen

At Fryer and Hansen in McAllen, we realize all these rules and regulations can sometimes get be overwhelming. You may even feel stressed and have more questions than you when you started the drafting process. Contact us today to learn more about our services. 

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