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Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the mortgage and keep the home, or they may choose to sell it and keep the proceeds. A few different scenarios can unfold, however, depending on the mortgage terms and the estate plan instructions.
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When people think about estate planning, they usually focus on who will receive their money and property when they pass away, and how it will be received. However, estate planning can also address your end-of-life wishes. The following are important questions to ask yourself, as you create a comprehensive estate plan.
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People often overlook personal items in their estate plans, focusing instead on major assets. Yet, these personal belongings, with their sentimental or financial value, demand careful planning too. When developing your estate plan, ask yourself the following questions about your personal property.
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It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one recent study published by The Times, half of all couples fail to discuss their dying wishes.
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In the age of constant connectivity, our online lives can feel like extensions of ourselves. But what happens to those accounts when our physical journey ends? Our digital footprints can linger far longer than our earthly bodies, potentially creating confusion and complications for loved ones left behind.
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People often loan money to friends or business partners, or rent houses or rooms to tenants, or engage in other financial transactions that require payments to be made by a tenant or other debtor. However, sometimes a person passes away before receiving money owed to them. If your loved one has died and you believe tenants or others owed them payment at the time of their death, keep the following information in mind.
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Unfortunately, rifts sometimes arise between family members that are much more serious than just temporary squabbles. The result may be estrangement, defined as “the state of being alienated or separated in feeling or affection; a state of hostility or unfriendliness” or “the state of being separated or removed.” Estrangement does not mean that the relationship has come to an end legally, however.
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About two out of three Americans will die without a will. This is known as dying intestate. While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their money and property are distributed according to the laws of their state in a process called intestate succession.
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Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, Pavone Law can craft a comprehensive estate plan that will help you address three important concerns you may have.
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At a time of record home unaffordability, more people are teaming up with friends and relatives to realize the home ownership dream. According to the National Association of Realtors (NAR), more than 75 percent of homes on the market now are too expensive for middle-income buyers. Just five years ago, this same income group could afford half of all available homes.
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