When a person passes away, it is up to loved ones and others to deal with his or her California estate and ensure that assets go where they should. This can include paying off remaining debts and dealing with disputes over the terms of the will. The entire estate administration process is not easy, especially when you will not be able to avoid the probate process.
California readers know there are many drawbacks and negative consequences involved with owing a significant amount of debt. From constant phone calls from creditors to the threat of losing your vehicle, falling behind on your payments can affect multiple areas of your life.
You may never have considered yourself the best with money, but you likely also did not consider yourself irresponsible. After all, you may splurge once in a while, but you do not typically overspend often. However, you may have realized that you do not know as much about your spending as you think you do, and after a while, you could have noticed that you have not contributed to your savings as you should have.
Every adult living here in California could benefit from an estate plan. No one can tell the future, and few people expect a debilitating or deadly illness or injury to happen. Under these circumstances, it would be a good idea for you to consider creating an estate plan as well.
Are you in a really tough financial position? Do you lack funds coming in or have so much debt and no possible way to pay it back? If you do, you are not alone. Many California residents currently are or have been in your shoes. If you find yourself in such a position, you may be wondering: Is a Chapter 7 filing an option for me?
After months of struggling to get your finances back in order, you come to realize that they may be beyond your means. You already live paycheck to paycheck and cut out anything you considered a luxury just to keep a roof over your head.
If you have spent a great deal of time considering your estate planning options, you probably feel ready to take the plunge. You may have in mind exactly how you want to express your last wishes, what health care directives you will include and whom you will designate to receive your assets after your death.
Making the choice to file for bankruptcy is not easy. California consumers who face this choice often do so because they feel that they have no other options. While filing for bankruptcy may feel like a last resort to you, it may actually offer you many benefits, including the opportunity to have a future that is free from overwhelming debt.
For some people, a life event prompts them to create an estate plan. For example, getting married, having a baby or turning 40 may be monumental enough in a person's life to cause him or her to face mortality and write a will. If you are one of those people, congratulations! You are among the very few who take the time to express their wishes so that there are no questions about what to do with your estate when you are no longer living on this earth.
As a business owner, you put countless hours and effort into starting and building your business. In the beginning, you took every necessary step and left nothing out, but as you move forward, you would be wise also not to forget to plan for the end. Whether it is due to illness, your unexpected death or retirement, you will eventually leave your business one day. You can decide what happens next.