Posts Tagged ‘Estate Planning’
5 Financial Steps to Take When a Parent or Loved One is Dying
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Author: Taking care of financial matters may be the last thing on your mind when you’re dealing with a parent or loved one who is dying.
But when a relative has been diagnosed with a terminal illness or has become very sick, you may need to take steps to protect their wealth and organize the family’s finances.
Planning for death isn’t easy, and can be a very stressful experience. However, educating yourself on what types of resources are available to you, and taking some time to review a will and other financial documents can help you and your family member better prepare for that loved one’s passing.
Here are five financial steps you need to take when a parent or loved one is terminally ill.
Read the rest of Lynnette’s article on BlackEnterprise.com
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Where Can I Create A Cost-Effective Will
If you’ve put off making a last will and testament because you don’t want to pay a lawyer, you should know that it’s not necessary to hire an attorney to draw up a will.
Many people who require a basic will can create one online or simply use store-bought legal forms. Each of these methods of creating a will is far less expensive than retaining a lawyer to do the job.
For instance, several Internet-based companies — including Nolo.com, BuildaWill.com and Legalzoom.com — allow you to create a will from your own desktop computer.
When you create a will online, you are walked step-by-step through a series of questions to help you create the will. You then print out the will, and get it signed by at least two witnesses and notarized. Most online software programs for wills also let you go back into the will and make changes or additions to the document as you see fit.
The cost of making an online will usually ranges from about $20 to $100. For as little as $5 to $20, you can also buy a standard will and testament on ready-made forms sold in stores such as OfficeMax, Office Depot or Staples.
By comparison, a lawyer may charge anywhere from roughly $100 to $1,000 to create a will, depending on the part of the country in which you live and the complexity of your personal circumstances. Read the rest of Cost Effective Wills on AARP
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What Happens to Credit Card Debt After Someone Passes Away
Question: You’ve answered an email from me before since I’ve been reading Zero Debt and I hope you can answer another question now. Today, my question is for a friend. Her father has had lung cancer for a number of years. He’s not doing very well now.
What she needs to know is what will happen to her father’s credit card debt after he passes away. The credit cards are all just in his name. Also, her mother is still living. She has spent a lot of time with her father, taking care of him, and I know she would love to be able to handle all of his financial obligations but she just doesn’t have the means.
Answer:
The bottom line is that: no family members or relatives are responsible for someone’s credit card debt after that person dies, as long as those surviving family members are not joint owners or co-signers of the debt.
Even his wife would not be legally obligated to pay off his credit cards if she is not listed as a co-owner on the account.
I hope this info helps.
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Posted in Family Finances | 
Tags: Credit and Debt, credit cards, debt, Estate Planning, Family Finances | 
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