Almost everyone understands the importance of making out a will as part of an estate plan, but few people ever realize how equally important it is to follow up on that will. As time passes, your life will inevitably go through changes that could affect the bequests of your original will you created years ago. When you forget to update that will, your loved ones could be facing a situation known as ademption.
Buying a home does not have to be an impossible dream if you have poor credit or are struggling to save the deposit necessary. Some people have successfully bought homes through rent-to-own agreements with sellers. If you are considering a similar agreement, here is what you need to know.
Is It the Right Decision?
Rent-to-own agreements can be beneficial for both parties. As a home buyer, you do not have to worry about qualifying for a home loan at this moment.
Just because you are over the age of 18 doesn't mean that you stop being afraid of Mom and Dad. If your sibling calls you in the middle of the night from jail, you know it is because they were scared to tell their parents. If your brother or sister got arrested, you will need to be careful about your next steps together. Here are a few ways that you can help bail out your adult sibling and hide the indiscretion from Mom and Dad for the time being.
Many people go through difficult financial situations during their lifetime. It can be hard to keep up with regular bills if there is a lot of past debt holding you down. If you're struggling to keep up with your financial affairs, you may be considering filing for bankruptcy. It's important that you carefully think about a decision like this before acting. You want to make sure that it's the best choice for your own financial situation.
If someone finds you responsible and trustworthy enough to handle their affairs after their death, you should be honored; not everyone is capable of fulfilling the duties of a personal representative (or executor). These people, chosen by the living owner of an estate, must be discreet, fair, honest, and organized. The primary tasks of a personal representative consist of seeing the estate through the probate process, administrating the estate during probate, and disbursing the estate to the named beneficiaries after the probate process is complete.