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Dealing with a Deceased Loved One’s Debt Collectors

Once a loved one passes, several tasks come to hand for the family. The majority of these tasks involve expenses and they quickly add up. First and foremost is the task of laying your loved one to rest. The average cost of a funeral is between $8,000 - $12,000. Perhaps the loved one set up a pre-paid funeral arrangement or had a life insurance policy that could cover these expenses and outstanding debts. Probate is the process to collect assets, pay bills and issue distribution to the beneficiaries. Please enjoy this article provided to us from Elder Law Answers on paying debt from an Estate.

Avoid Horror Stories of Probate

Probate occurs when… Probate will be required when the Decedent leaves assets over $100,000 to be collected that does not name a beneficiary, a joint tenant or co-owner. Probate begins any time following death and will last for a minimum of six months. Probate can extend for many years based on the parties and the issues involved.

Protecting Your Assets from the Cost of Long Term Care – Part 2: Are Wills the Solution?

While you read this you may think you don’t have an “estate” but if you have any combination of bank accounts, investments, real estate, business interests, life insurance policies, personal property, jewelry and collections of any sort, you will want to protect these things that really do matter. The cost of long term care without a plan could cost you and your loved ones. Simply put, a will isn’t enough!

What the Sequester’s Cuts Will Mean for Seniors

How will programs that seniors rely on be affected? The good news is that big chunks of the budget are exempt from the sequester’s cuts, including Social Security, Medicaid, and veterans’ programs. But while there should be no change in benefits for these programs, the federal workforce that administers them would be slashed, leading to delays and frustration.

Digital Assets – An Estate Plan for Your Online Identity

Asset collection is very different now because many of these treasured items that used to have a physical presence are contained within computers or virtual archives in the cloud. In our mobile society, it can be very difficult to locate an asset, or once located, to gain access without a password. This data is known as a “Digital Asset.”

The Most Important Documents of Your Life

Once documents have been prepared and signed, it is crucial that communication between you and your chosen emergency contacts know where to find these documents. It is recommended that a comprehensive folder of documents be created and easy to access in the case of an emergency.
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