Everyone wants to leave something behind for family members and other loved ones when he or she dies. But, to make sure that this process happens in the manner you choose, you should make your arrangements in advance to reduce the stress that comes from working through the legal issues. To put this in the most basic terms, you can start putting together a plan for how your assets and debts will be handled in the event of your death.
Many people go through life with the idea they don’t need to take these steps until they are much older only to discover that they’ve waited too long. If they happen to pass away unexpectedly at a young age, their loved ones may find the estate in the hands of a government agency or the courts. Those family members and friends may be left out of the decision-making process altogether.
It would be safe to say that the majority of individuals don’t have the professional experience to handle the documentation and legal filings necessary to get an estate in order. This makes it essential to work with specialists, such as those at Heritage Wills, who have the experience and the skills to assist with an array of related services. The list includes will writing, power of attorney, trusts, property protection trusts, title changes, probate services, funeral plans, and storage of important documents.
It’s difficult today to have the funds available to pay all the bills, much less put something aside for later. In this atmosphere, many people neglect to take any of the essential steps to put their affairs in order. This can lead to serious financial consequences when an individual dies. For example, do you know what happens to your debt when you pass away? In truth, there is no simple answer to this question.
Your Debt? Your Assets?
The debt is not always forgiven (a misconception all too common, unfortunately.) If debt is held jointly by a married couple, the surviving spouse may be obligated to pay off the debt even when it was incurred by the deceased spouse. If you’ve accumulated significant assets and the debt cannot be paid in this way, it may be retired using assets of the estate. If no will or other instructions are properly filed, surviving family members may have no choice in the matter.
You’d be wise to work with a company providing the necessary assistance and guidance to make sure that your will and all other legal documents are in order. Professionally trained will writers can meet with you, discuss the details of your situation, and help you put the necessary documents in place. You’ll benefit from a fixed-fee structure with most of the leading providers of this special service so you’re sure to find help that fits your needs and your budget.