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The simplest estate plans often involve testators identifying their beneficiaries and leaving assets for those people in a will. In some cases, they may not even earmark specific assets for individual beneficiaries. Other circumstances require more planning and...
Imagine being too sick or incapacitated by an injury to manage your finances or make medical choices. Without a plan, your family could face costly court battles just to step in and help. Planning for incapacity ensures your wishes are honored and gives your loved...
When a person files bankruptcy, they have to submit a form that contains all of their creditors. They can’t pick and choose who to include on that list. Once they have done this, the creditors will have to wait for the bankruptcy trustee to determine what, if any,...
You may have set aside assets in your estate plan for a beneficiary to inherit. This inheritance may be intended to provide them with ease from financial strain and allow them to invest in their future. You can not be sure how your beneficiary will use their...
Choosing an executor is one of the most important parts of creating an estate plan. An executor is responsible for managing your affairs after you pass away. They must follow your instructions, pay your debts and distribute your assets. An executor is a fiduciary....
Financial troubles can be challenging to deal with. Most people want to pay their debts and live a comfortable life, so the realization that those aren’t possible can be difficult. For some people, life’s circumstances have made it impossible to catch up. When there...
There are certain estate planning considerations that most people recognize. Parents with young children may decide to create estate plans specifically to ensure the safety and well-being of their children. They provide financial support and name a guardian. Those...
When someone passes away, their estate typically goes through probate. This is the process of distributing assets. If there is no estate plan, the distribution is done in accordance with state law—this is known as dying intestate. If there is an estate plan, then the...
When an individual files for Chapter 13 bankruptcy, a court-appointed trustee is assigned to oversee the case. Essentially, a Chapter 13 trustee acts as an administrator, facilitator and enforcer of a debtor’s bankruptcy plan. For example, one of the trustee’s primary...
Chapter 7 bankruptcy, often called "liquidation bankruptcy," allows individuals to eliminate debt by selling non-exempt assets to pay creditors. However, not all property is subject to liquidation. Bankruptcy laws provide exemptions that let filers keep certain...