Liability

How does liability affect estate planning?

Liability in estate planning entails understanding potential financial obligations that could impact an estate's value and distribution. It involves addressing debts, taxes, and any legal claims, ensuring they are prioritized according to an established order, often before distributing assets to beneficiaries. Addressing liability is crucial in protecting the estate's value, helping to avoid unwanted surprises for heirs, and ensuring a smooth execution of the estate plan. Incorporating liability management in your estate plan can thus secure a more predictable legacy distribution.