This week’s Word to the Wise for estate planning is:
Debt: An amount of money owed to another person or party.
Why does debt matter in estate planning?
After you die, the assets of your estate must be used to resolve all unpaid debts you owed, including credit card balances and loans.
It’s critically important to know everything you owe and how your assets will—or won’t—cover those amounts, and it’s equally important for your personal representative (also known as your executor) to know.
LegacyWise helps walk you through the debts you owe so that you can account for everything.
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