This section helps us understand any debts or financial obligations that may affect your estate. While estate planning often focuses on what you own, what you owe is equally important for ensuring your plan works as intended.
You only need to include liabilities that are meaningful to your overall financial picture. Estimates are fine, and you can refine details later.
Why we ask about liabilities
We ask for liability information so we can understand your net estate, which is the difference between your assets and debts. This information also helps us anticipate:
- how debts will be handled after death,
- ensure there is enough liquidity to pay obligations,
- identify liabilities that may require special planning or coordination,
- and avoid surprises that could delay or complicate estate administration.
Some debts are paid automatically or are secured by specific assets, while others may require more direct attention in your estate plan.
What to include
You should generally list debts with an outstanding balance over $10,000.
Common examples include:
- home mortgages,
- investment or business loans,
- personal loans, lines of credit,
- significant tax obligations,
- and other large or ongoing financial commitments.
If a liability is smaller or temporary, it usually does not need to be listed unless you believe it provides important context.
Completing the fields in this section
This section collects basic, high-level information about your liabilities. The goal is simply to understand who is responsible for each obligation and how significant it is within your financial picture.
Type of debt
Use the drop-down menu if your type of debt appears in the list. These categories represent the most common types of liabilities.
If your liability is not listed, you can type it directly into the field.
Examples that may not always appear in the list include
- charitable pledges, which are commitments to donate money or assets to a charitable organization,
- or court orders and judgments, which are legal obligations to pay money under a court order such as settlement payments or other court-ordered financial responsibilities.
If you are unsure how to categorize a liability, simply describe it in plain language.
Who owns the liability
This field helps clarify who is legally responsible for the debt. If the liability is solely yours, select your name. If you and your spouse are jointly responsible, select “Both.”
This distinction matters because individual and joint liabilities can be treated differently during estate administration and planning.
Amount of liability
Enter an estimated outstanding balance for the debt. Exact figures are not necessary.
A reasonable estimate helps us understand the size of the obligation and how it fits into your overall financial picture.
Additional details
At the bottom of the page, there is space to share any additional context about your assets or liabilities that does not fit clearly into another section.
This space can be useful for mentioning things such as veteran’s benefits, the existence and location of a safe deposit box, a life insurance policy that is nearing expiration, or unusual financial arrangements or obligations.
If something feels relevant but does not clearly belong elsewhere, this is a good place to include it. Mentioning it here helps ensure it is not overlooked and gives us a starting point for discussing how it may affect your plan.