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Dealing with the death of a loved one is difficult enough without the prospect of having to handle all that comes afterwards.
In addition to making funeral arrangements, family members are also faced with tasks that include distributing the assets of the deceased.
Depending on the amount of assets in question, this is not always a complicated or painstaking process. Legal supervision might not be required for this task if the deceased did not possess many assets or if the co-owners of joint accounts are clearly delineated. In cases such as these, families will often divide up the deceased’s personal belongings amongst themselves.
When Probate Court Becomes Necessary
However, if the deceased had real estate, stocks, bonds or other property, which was still titled in their name, probate court will be necessary. Assuming the deceased made out a Last Will and Testament, assigning an executor and designating beneficiaries, the probate court will oversee the distribution of their assets.
The Role of an Attorney
During the initial process of drafting a Will, it is wise to hire an attorney to supervise the process. Aside from preparing and filing out all the required documents and forms to be filed with the probate court, well-versed in the areas of wills and trusts and probate proceedings will advise and assist the executor throughout the process.
It is an unfortunate reality that families will sometimes fight over inheritances or the distribution of assets. However, a good probate lawyer can add clarity to the situation and help settle any disputes.
Don’t allow the probate process to cause a divide between siblings or other family members. Hire a good probate lawyer to handle the matter and explain the process to everyone, so no misunderstandings arise.
The importance of finding an attorney that can guide you through the process of asset distribution after the passing of a loved one cannot be overstated.
The most recent statistics indicate that almost 50 percent of U.S. marriages end in divorce. Although this figure includes men and women who have been married before, the numbers are still staggering.
It is an unfortunate reality in our society that dissolution of marriage and divorce is almost cliché. Numerous factors are cited for this. There is a common belief that divorce is easy these days, allowing couples to bail out of marriage at the first sign of trouble, instead of working to resolve their issues.
In addition, economic concerns have taken center stage in recent years. A family’s financial situation can at times be a point of contention, which in turn causes a couple to pull apart. Other factors such as drug addiction, abuse and infidelity can also play major roles in the decision by a spouse to contact a divorce attorney.
Attempting to Survive through Tough Times
Irreconcilable differences or a clear violation of marital vows might be seen as circumstances that a marriage cannot survive. However, if there is even a flicker of hope that you can make things work, it is wise to make an effort to salvage your marriage. Marital counseling is a good place to start when trying to put the pieces back together.
If All Else Fails
If you make the decision to divorce, securing a good divorce attorney to represent and protect your rights is the next step. Because divorce law varies by state and even by county, it is wise to hire an experienced, reputable divorce lawyer that is well-versed in the local laws.
After a preliminary investigation, the attorney will file the necessary paperwork and legal documentation to get divorce or dissolution proceedings underway. Multiple factors such as child support requirements and the division of assets must be resolved before a divorce settlement can be reached. A good divorce attorney will help smooth this process and soften the blow for all parties involved.
The thought of having to go through a bankruptcy can be quite overwhelming. While filing bankruptcy can have negative repercussions, it can also be beneficial and the best option to pull you out of a bad financial situation.
If you are debating whether to file bankruptcy, here are a few tips on when bankruptcy should seriously be considered as the right thing to do.
If you have significant amounts of debt that simply cannot be paid off, filing bankruptcy should be considered as an option. Perhaps you have tried to pay off your debt, but can never seem to get ahead. Are you paying on your credit cards each month, but the balance never goes down? Are your creditors continuing to assess interest and penalties against you? Are you being sued? Are your wages about to be garnished? Is your car about to be repossessed? Is your home being threatened with foreclosure? Have you or a spouse lost a job or taken a cut in pay? If you answered “yes” to one or more of these questions, bankruptcy may be right for you. The alternative could be years of continued struggles for you and your family, without ever getting out of debt.
Debts that can be eliminated through Bankruptcy
If you are considering bankruptcy, chances are you have several different types of debts. Perhaps you purchased a home and face a foreclosure. Or maybe you owe thousands of dollars in credit card debt. Some people owe significant amounts of money in tax debt. Absent any indication of fraud, debts such as credit cards, medical bills, old car loans, personal signature loans, deficiencies on mortgage loans, damages caused by an auto accident, etc can all be wiped off in bankruptcy.
Debts Unaffected by Bankruptcy
It is important to note that some debts will not be wiped out if you file for bankruptcy. Certain debts like child support, student loans, court fines, etc cannot be discharged (or eliminated) with a Chapter 7 bankruptcy. You will have to repay those debts, or consolidate your debts through a Chapter 13 reorganization plan.
If you are still considering bankruptcy, another question to ask yourself is: Once you have paid all your monthly living expenses, is there enough money left over that would satisfy payment of your debt within three years? If the answer is no, then it is time to confer with a legal professional about the potential of filing for bankruptcy. A good bankruptcy attorney will tell you if you are eligible for bankruptcy, which chapter (7 or 13), which debts can be eliminated, how much it costs, and many other factors. Then you can decide if bankruptcy is the right option to resolve your financial problems.
Basic estate planning is extremely important for several reasons. First, a basic estate plan gives you the power to make decisions you believe are in the best interest of your family, instead of someone else making those decisions when you have passed away. It also allows your property to be managed in a way that best exemplifies your values and what is important to you.
Assets and guardianship of children are prime examples of why a basic estate plan is very important. If you do not have a Last Will & Testament which names a guardian for your minor children, then if you die before they are adults, the courts will decide who gets to raise them.
An estate plan also ensures your property is divided as you intend. Without it, your property will pass according to the law of the state where you live at the time of your death. In the event something unfortunate happens, your Will provides direction as to who should take guardianship of your children and who takes care of any money that you leave them until they reach a certain age. Without an estate plan, your children are not protected.
When it comes to estate planning, another important matter to consider is taxes. A good estate plan can reduce or eliminate the amount of inheritance taxes your estate benefactors will be required to pay.
There is a tendency to put off estate planning because death is something none of us likes to think about. Crafting an estate plan can be a time-consuming and tedious and task. However, a good estate planning attorney can prepare a Will, Trust, Power of Attorney and other documents which ensure that important matters such as the division of property and guardianship of your children are carried out as you intend. The cost of a court battle after you have died, both in dollars and family anguish, are much greater than the cost of a basic estate plan. Don’t put it off any longer!
If you or a loved one has been injured and plan on settling with an insurance company, you are certainly entitled to do it on your own and without an attorney. However, before you do, consider the ultimate goal of an insurance company is to pay out as little as possible. While you can certainly settle your claim without the assistance of a personal injury attorney, many people regret their decision for several reasons.
Communication with the insurance company can be a hassle. You often must take or return phone calls at work. Usually, when you call the adjuster, he/she is not available. Often, your claim gets reassigned to someone else. The adjuster will want copies of all medical records, medical bills, prescription receipts, wage loss documentation, and many other documents. These documents must be mailed or faxed to the adjuster. If you obtain the services of an attorney, he/she will take care of all of this for you.
One of the key components of making a personal injury insurance claim is determining the full value of the claim. What is my case worth? Many factors are reviewed to determine the dollar value of a claim, including the severity of the crash, speed of the vehicles, aggravating factors such as a DUI, type of injury sustained, number of medical treatments required to heal, amount of medical bills incurred, length of time it took to heal, whether there are any permanent injuries, amount of lost wages if any, and many others. Insurance adjusters are trained to evaluate cases, and then settle them for as little as possible. Having a good personal injury attorney to represent you evens out the sides in the negotiations.
Many people start out with a good claim, but make mistakes along the way that diminish the amount of their settlement. It is important to get the proper medical treatment, submit medical bills to the proper entity, gather evidence such as photographs and eyewitness names and contact information, keeping a diary of what activities you could not do because of your injuries, being careful not to sign the wrong documents or say the wrong thing in a recorded phone conversation, etc. A good personal injury lawyer will guide you through the process, so your good claim does not turn into an average claim.
Settling an injury claim requires negotiation skills that most people do not possess. A personal injury attorney knows what is admissible in court, how a jury would likely react to certain pieces of evidence, which insurance companies tend to pay more than others, how to negotiate with your medical providers regarding any outstanding bills, etc. Without an attorney, you have no threat of a law suit when talking to the adjuster. All these things are necessary in order to receive a settlement that matches the suffering you experienced. Because your claim could go as far as a formal lawsuit, it is best to hire an attorney with experience in these matters as soon as possible. Then you increase your chances of getting the case settled without court, and for the right amount.
The short answer is yes, you will. While it will take patience and diligence to rebuild your good credit standing, you should be able to get some level of credit almost immediately after filing, regardless of whether you have opted for Chapter 7 or Chapter 13 bankruptcy.
When filing a Chapter 7 bankruptcy, you can opt to keep certain debts by signing a reaffirmation agreement and renewing the obligation. For instance, by reaffirming a car loan, you can keep the car. Now, every time you make a car payment, you are helping to rebuild your credit. Likewise, payments for rent, utilities, auto insurance, and other recurring bills can help to rebuild your credit score.
Another way to help rebuild your credit after bankruptcy is to obtain a secured credit card. A secured credit card gives you a credit limit equal to the amount of money you deposit into an account with the card issuer. The typical credit limit is no more than $500. Besides paying the balance off every month, the most important part of getting a secured credit card is making sure the company you use reports to all three credit bureaus. Preferably, the card issuer will provide the option of converting to an unsecured card following no more than 18 months of paying your bill on time. The most practical and least tempting unsecured credit cards are gas cards. If you are declined, try again with a co-signer.
One of the positives of filing bankruptcy is that you no longer have piles of bills to pay every month. This should allow you to start saving money. Money in the bank serves a couple of purposes. It’s a cushion for emergencies such as an unexpected medical bill or a major car repair. Additionally, looking down the road two or three years when you may want to buy a car or perhaps even a house, the bigger the down payment you make, the better your chances of getting credit; provided you continue to pay your bills on time and do not accrue other debt.
One of the things lenders look at is the ratio of debt to income. While you need to use credit to build a credit profile, you don’t have to let the balances carry over. Also, using credit does not mean living beyond your means. So pay off the cards every month to keep your debt-to-income ratio as low as possible.
Lastly, check your credit reports regularly to make sure your good payments are being noted.
With discipline and diligence, you can go a long way toward being creditworthy again within only a couple years after filing bankruptcy.
When it comes to planning your estate, many people wonder if using software or an online service will be more beneficial. They may assume it is more convenient, less expensive and simple to use. But the truth is there are many downfalls to using inexpensive electronic services due to the many complexities that come with planning the division of an individual’s assets following their death.
First off, an estate planning attorney has a wealth of experience and a strong understanding of the law. They have seen the family feuds and long, drawn-out law suits involving an estate. This insight in very valuable experience when it comes to helping you prepare your estate planning documents. The attorney works to save your family money, including taxes, probate and other costs upon your death. Electronic services however, can only assist you to the extent to which they were programmed. These online services cannot give legal advice, because they are not attorneys. They are unable to think outside “the box” and anticipate potential problems that may arise after you are gone. Therefore they cannot provide dependable, real time assistance to individuals with unique situations independent of a human being.
With an estate planning attorney, personal consultation, on the phone or in person, is always available. Unlike electronic services that are preprogrammed with “canned responses” for certain scenarios, an attorney can provide clients with advice on important estate divisions specific to their situation.
Like most important things, estate planning is not a “one-and-done” type of thing. You should review your Will, Tryst and other estate planning documents periodically to make sure they are current. Sometimes, with people getting older or passing away, you may find the need to change your estate planning. Making revisions to your documentation down the road to reflect any future changes in the law or tax code will be a challenge when using Internet services or estate planning software. With estate planning software, you may not be made aware that something is incorrect until it is too late! However, a reputable estate planning attorney will periodically notify you of such changes in the law and how they might affect your estate plan.
Although electronic estate planning services might seem like an ideal option, the truth is they simply cannot provide the quality representation and personal service of an attorney.
Before choosing an executor for your estate, you will need to put lot of thought into the decision.
The individual chosen to perform this role will be trusted to carry out everything in accordance to your intended wishes. Because choosing an executor can be a complex decision, here are some things to consider before making your final choice.
First, list out who you think would be capable of handling such a responsibility. You will want someone who is honest, organized and has great communication skills. The executor should also be in good mental and physical health, as well as over the age of 18.
As you create your list, try to leave aside personal feelings. Only consider those who you truly feel would be able to fulfill such a responsibility. If you are considering someone close to you but aren’t totally confident they can emotionally fulfill the role, then perhaps you should make a different selection.
Since a lot of detail will need to go into the executor’s job, you’ll definitely want to pick someone with a reputation for paying attention to specifics. Considering that the executor will be responsible for filling out a hefty amount of paperwork as well as making sure your debts are satisfied, selecting a detailed oriented individual for this job is critical.
Once you have considered all these points, you will need to choose one of the individuals on your list. It also is important to note that you can select more than one person for the role of executor. Some people decide upon their spouse, lawyer or two of their children to fulfill the role. In addition to being able to provide each other with assistance, having two executors can be a great benefit in the event that one of the selectees is unable to perform their duty.
Choosing an executor can be an overwhelming task. But if you follow these simple guidelines, you will find the individual who will be an ideal fit for the role.
There are several legal ways to terminate a marriage, including divorce, uncontested divorce, annulment, and dissolution.
An uncontested divorce typically occurs when one party cannot be found, is incarcerated, or will simply not respond to communication efforts by the other party of his lawyer. The spouse with an attorney simply files the paperwork with the court, obtains proper service on the other spouse, shows up with witnesses to attest to the incompatibility of the marriage, and obtains the divorce.
A dissolution simply means the terms of the divorce were hashed out by the two parties before any documents are filed with the court. There is no need to go to trial in front of a family court judge. Both parties show up in court and verify their signatures on the documents and that such documents contain their intentions on how they want their marriage dissolved. A dissolution is the easier, faster and less expensive way to terminate the marriage, dissolution does not necessarily mean undisputed.
Many couples agree to a dissolution for practical reasons. If there are no minor children, custody, visitation and child support are not issues that need to be addressed. If the marriage is short, there may be no alimony (also known as spousal support) to be awarded. If there are few assets to be divided, it makes no sense to have a long drawn-out fight.
That said, dissolutions can still have plenty of drama and tension as the splitting couple work out the division of community property and debt accrued, as well as child custody arrangements and spousal or child support, if applicable. It also does not mean that only one attorney is involved. Often, both sides have a lawyer. Sometimes, what starts as a dissolution ends up as a contested divorce proceeding.
The ideal dissolution is when the couple can work out their financial and familial issues without the intercession of the courts. If there is an impasse, most divorce lawyers would then recommend mediation or arbitration, also referred to as collaborative law. Mediation is where the two parties are assisted by a third party in making a mutually agreed upon solution. Both sides get a say in the final decision.
The other advantage of a dissolution is that all disagreements and personal issues are discussed in private and do not become a matter of public record. The moment you go to trial and take the stand to testify, your life becomes public. And again, when any case goes to trial, the participants lose the opportunity to control their own destiny because now a third party ― in this case the family court judge ― will make the decisions.
That is not to say everyone should have a dissolution. For example, when there are large, complicated financial issues, it may be prudent to have everything on record. And when there has been abuse in the marriage, a contested divorce can assure the interest of the abused spouse is protected. To see if your case is best suited for a divorce or dissolution, contact a good family law attorney.
Yes. If your income is above the median income for a family the size of your household in your state, you may have to file a Chapter 13 (“debt adjustment”) case. The median income figures are state specific and change at least once a year; an experienced bankruptcy attorney will be able to review these figures with you to determine whether or not your income is above the median income line. If your income is above-median, then you must fill out “means test” forms requiring detailed information about income and expenses. If, under standards in the law, the consumer is found to have a certain amount left over that could be paid to unsecured creditors, the bankruptcy court may decide that the consumer cannot file a Chapter 7 (“straight” bankruptcy) case, unless there are special extenuating circumstances.
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