Consider Debt When Planning Your Estate

When planning for the future, many people tend to focus on asset division. However, before you will your Florida home and its contents to your son or daughter, it may be wise to factor debt into the equation.

Typically, personal debt will lie only with the borrower and cannot be passed down to children or spouses. But there are exceptions. The law varies depending upon the specific nature of the outstanding financial obligations and the state in which the decedent resided.

As one financial planner explained, much is contingent upon how the assets are titled, and whether the debt…