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Creating a Simple Last Will and Testament Doesn’t Have to Cost a Fortune

You may recognize the importance of having a last will and testament, but is there such a thing as a simple will? Or even free wills? Creating a will for yourself doesn’t have to send you into debt. But leaving behind assets or debt without a will could result in bigger problems for loved ones left behind. Top Reasons for Writing a Will If these apply to you, now is the time to create your last will and testament : ·          You have children of step-children under age 18 ·          You and your partner are not married (the law does not recognize this and nothing will go to your partner without a will) ·          You got married or went through a divorce and need to update your will ·          You have family pets who need a new home if you passed away ·          You have specific wishes for your funeral ·          You have property or assets to designate to a beneficiary ·          You own a small business and need to define an executor to authorize payments
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7 Tips You Should Know When Writing a Will

Are you interested in writing a will? Creating a legally valid will is one of the most critical steps you can take to secure your loved one’s futures. A will helps your heirs avoid hassles after your death and gives peace of mind knowing your lifetime of possessions will end up in the right hands. If you aren’t familiar with laws governing wills from state to state, you should seek help from a living will attorney. But before you do, consider these seven tips you should know when writing a will . Decide Who Will Manage Your Estate When you write your will, you’ll select an executor who will be responsible for managing your estate (homes, cars, expensive items, and small items with sentimental value) after you die. This may be your spouse, adult child, or a trusted friend or relative. You may also name joint executors.  One of the most important things your will can do is empower your executor to deal with debt collectors and pay your bills. Make sure the language in you
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What Happens to Your Debt After You Die?

Debts don’t die easily. After you die, remaining debt could dip into assets meant for your heirs. In fact, your family may need to pay the rest of your debt for you. Through will preparation , including creating a will and testament, you can express your wishes in advance on how your property should be distributed after you die. When You Die, Do Your Debts Die Too? After you die, your debts live on under the responsibility of your estate. Probate is the process of paying your bills and distributing what’s left. The person designated in your will and testament as the executor (responsible for your will and estate after you die) will pay off debts with your assets. This may include writing checks or selling property. If your assets do not cover your debt, creditors are out of luck. However, certain kinds of debt don’t just go away. Mortgages and Home Equity Loans With a mortgage, the value of the property protects the lender. Federal law prevents lenders from f
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