When you pass away, it does not mean that your debts will necessarily disappear. Your creditors — like the banks that issued your vehicle loans, home loans and credit card companies — will be able to make a claim on your estate for the money you owe them. At the end of the day, it's likely that most of these debts will be collected.
Many Floridians who are estate planning are eager to help their heirs and beneficiaries avoid the probate process. While probate could be unavoidable for certain assets, individuals may be able to use various strategies to prevent the need for probate for some specific assets. One of these strategies involves the use of death beneficiaries.
The right to contest a will is not an inherent one. For example, you cannot file a will contest against just any will. You usually need to be in a position of being a beneficiary or having the possibility of being a beneficiary of the estate involved.
You were extremely happy when you had a child, but you were caught off-guard when your child developed a life-long illness. He'll never be in the "normative" classification, and the likelihood that he could ever care for himself is low. Fortunately, there are options for people like yourself who want to make sure your child is cared for even if you pass away.
One of the most important duties of an estate executor involves the paying off of debts owed by the estate. These debts might include loans, credit card bills and tax debts.
If you are the executor of a deceased loved one's estate, you carry a lot of responsibility. There are several steps that you will need to carry out to successfully complete your duties.
Most Florida residents have never been involved in probate proceedings. However, if your deceased loved one named you as the executor of his or her estate, then this responsibility could fall on your shoulders -- even if you don't know anything about the process.
No one likes to be sick or to go to the doctor, but it is sometimes necessary. After feeling awful, the last thing you want to receive is the bill, but when it does come, it has to be addressed.
Most people come out of the holiday season with some extra credit card debt. This can be a little scary if you're used to having your debt under control. Whether you needed a extra financial padding to pay for a family trip to visit the in-laws, or your wanted some cash to buy a few more Christmas presents, it's time to get serious about getting your debt levels under control.
Many people are worried about the state of the economy. For these individuals, making plans now to recession-proof your finances can help them to feel better and enjoy more financial stability.