Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.
We need to make sure your legal toolbox has the right tools for the job and that you understand how each of them work, just like an owner’s manual.
My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep, while they were together.
A living trust is an estate planning legal document that contains your instructions and authorization for what you want to happen to your assets, when you become disabled or pass away.
If you get bogged down with a high balance that you can’t easily afford to pay off, it can take years to get out of debt. However, what happens to your credit card debt, if you die before you’ve repaid it?
An essential part of estate planning is selecting someone to represent you after your death in the management of your estate. This personal representative is also known as an executor, or executrix, if you choose a woman as your personal representative.
There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.
Cindy, a widow in her early 60s, was undergoing physical therapy for an injury to her foot, making it difficult for her to get around. In addition, she was suffering depression brought on by the immobility and pain, resulting in her neglecting to pay bills and taking care of other financial affairs.
When creating an estate plan, it may be necessary to name a trustee to handle your assets.
First, let’s debunk the myth that an estate plan needs to be both elaborate and expensive.