These days, few people across the country pass away without leaving debts behind. The creditors owed those debts will attempt to collect them regardless of the passing of a loved one. The question many Texas residents may have is who is responsible for the amounts owed -- the estate or family members.
Who pays the debts of an estate when a loved one dies?
It's never too early to consider how to pay for long-term care
Many Texas residents and others around the nation often worry about the time in their lives when they are no longer able to care for themselves. With studies showing that most senior adults over the age of 65 will need assistance to eat, dress or take a bath, these concerns are warranted. Long-term care costs can be exorbitant, and it is recommended by financial experts that everyone should have a plan to address this future need.
The executor can prepare for probate before the loved one passes
Closing a Texas estate can come with many complications. The executor of the estate will have a number of responsibilities to handle during this time, and without the right information, this person could face more difficulties in an already trying process. Fortunately, if an individual knows that he or she will take on this role, preparing before the loved one's passing may be useful.
Estate planning is essential after Alzheimer's diagnosis
Alzheimer's disease is a progressive, debilitating form of dementia that affects millions of people in Texas and the rest of the country. It is a horrific diagnosis to hear about, for the patient as well as family members. While certainly one's attention should be given to treatment of the disease and how to keep it at bay, a person's plans for care and finances also need to be addressed. Experts highly recommend going through the estate planning process to formalize these directives while able to do so.
An estate full of clutter may require careful cleaning
Perhaps one of the most emotional and tedious jobs a Texas family has is cleaning out a home after a loved one dies. This may be especially true if the loved one was sentimental and held on to countless trinkets and other memorabilia. While it may be tempting to bag it all up and toss it on the curb for trash or recycling, handling the situation in this manner may create serious problems, especially for the estate executor or personal representative.
