Securing Your Loved Ones’ Financial Future Free from Debts and Disputes

Nov 19

To so many Americans, one very common financial concern is meeting essential expenses, such as mortgage or rent payment, student loans, monthly bills and credit card payments; to some others, there is also the additional concern of child support.

With all the bills and debts to pay, and with the almost inadequate monthly wage, many, especially parents, are often left wondering what else is there to leave behind if they die.

Minding family financial matters can be a very worrisome concern – but only because many are led to believe that making financial plans for their loved ones’ future (after they die) is only for the wealthy class. People tend to dismiss the thought that the things they have, no matter how “not so expensive” these may be, are worth bequeathing to their spouse and/or child. A house, a car, an antique jewelry, an antique table or furniture, an insurance policy, retirement pay, an old painting, or a small business, maybe – these things are worth passing on to all who people care for.

While some feel hopeless and fear losing a house or a car due to inability to continue making mortgage payments or a car bank loan, plus the growing debts which will obviously reach an amount that will already be impossible to pay, seeking help from a highly-qualified bankruptcy lawyer can be one solution to finally end their financial crisis and see a financial future worth hoping for.

Through an article posted in its website, the Bradford Law Offices, PLLC, explains just how filing and qualifying for bankruptcy can help individuals and families return to enjoying financial freedom. Contrary to the negative consequences many associate with bankruptcy, this legal process rather serves, as the Bradford Law Offices puts it, as an invaluable tool that will help debtors restore order to their finances.

After bankruptcy (depending on the particular bankruptcy chapter that may work on an applicant’s specific situation) has erased some debts and has made the remaining debts much easier to pay, a family can now think more clearly about making plans for their loved ones’ financial future. One way is by making an estate plan, a plan made by a testator (a person writing the Will) before his or her death. An estate plan names the people to whom a testator intends to leave behind his or her assets or properties after he or she dies.

Estate planning basically starts with the drafting of a Will. A Will, as explained in the website of Peck Ritchey, LLC, is intended to administer the last wishes of an individual; it a legally binding document that gives instructions as how a testators’ assets will be distributed and to whom these will be distributed. A Will, however, can be subjected to contest, if any beneficiary or family member suspects its contents as not reflective of the actual intentions of the testator or if the wordings cannot be clearly interpreted. This makes it very important that a testator draft a Will with the help of a knowledgeable attorney, who may be able to help make sure that its wordings will be clear enough so prevent any potential disputes among beneficiaries and family members.

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