Top 3 Estate Planning Items Everyone Should Have

Top 3 Estate Planning Items Everyone Should Have

Estate planning, if carried out properly with the help of an experienced and competent attorney can save you a lot of money in the long run in addition to minimizing confusion and stress for your loved ones.

Many people all across the United States are slowly beginning to realize just how important  can be for the average individual and that it is not something only the very wealthy can use.

Below is a list of three important items derived from estate planning that everyone should definitely have:

1. An updated will or trust – without a clear will or trusts, the division of your estate falls directly to the state through court appointed individuals and chances of your wishes being respected in such matters are significantly reduced. Creating a valid will is pretty simple and inexpensive although you must make sure that you do it right if your will is to survive the probate process during which its validity will be determined. The probate process will also involve appraisal of all assets, debts and claims on your estate and only the net assets after the evaluation will be distributed according to the provisions in your will. A trust, on the other hand, does not have to be subjected through the probate process and can be an effective and inexpensive way to transfer your property directly to your loved ones even before your demise.

estate-planning-22. Durable power of attorney – power of attorney is written authorization allowing someone else to act on your behalf in all legal matters. Having durable power of attorney means that you always have someone to help you sort things out if, for some reason, you are unable to do so yourself. A good example of where having durable power of attorney could prove very useful is in a situation where you become mentally incapacitated and can no longer make any sound legal decisions.

3. Updated beneficiary designation forms – in many situations, beneficiary designation forms on assets and life insurance policies will often override and supersede the provisions of wills in there happen to be any contradictions between the two. It is therefore important to make sure that your beneficiary designation forms are updated on a regular basis, preferably at least once every year. of course you can modify and adjust your list of beneficiaries and it might be a good idea to also update your will as well whenever you do so.

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Many alternatives of Bankrupcy 

Many alternatives of Bankrupcy 

Bankrupcy may seem a good way to get rid of all debts, but in reality those debts will be payed and your name will carry a sign of bankrupcy for many years after that. So, bankrucpy should be  avoided, and other means of debt reduction or debt elimination should be considered before this last step. This article will list few major alternatives.

Taking no action even though you have large debts may be done if certain factors come to pass.

debt_bankruptcy_recession_failure_depression_bankrupt_poor-512If you have no income, and small chance that any form of income is on the way then debt collectors have nothing to take away from you. If that is couples with no assets on your part then they can’t do anything to collect their debts. Creditors may be angry, but if there is nothing to be done to you, and if there is no chance of you paying your debts then they will have to stop pestring you. If a debt passes its seventh year it will be erased.


If you have not ended too deep in various debts you may change your lifestyle and de3crease those debts, or eliminate them. In reality the debts is created through spending more money then you can earn, so the best way to stop going in higher debt is by doing a personal budget and cutting out money from wher eit can be cut out, therefroe stoping the increase in debt.

Then there is debt restructuring which is done by third party. They will take your income and debt and come out with a plan that will reduce your debt and eventually nulify it. You will have to stop spending money on some things, but you will avoid bankrupcy, and expenses that come with it.


Debt consolidation is done through a bank or third party that offers loans will low interest. The idea behind this action is to take a large loan from a bank and pay off all other debts. This will make it easier to manage your debt repayment, and low interest rate will ensure lower expenses and smaller amount of money that must be paid at the end.

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Debt Consolidation

Debt Consolidation

IF you possess even slight knowledge about bankrupcy you might have heard about alternatives to it. Indeed, there are few things one can do to avoid bankrupcy and debt consolidation is such thing. Rather than debt elimination, debt consolidation serves to minimize the debt and bring it down to manageable level.

Debt Consolidation APL

Debt consolidation is a move in which a party, debtor takes a loan in a bank or other loan agency to cover all other debts. This is done for two important things. One, multiple debts become only one debt, which is far mor eeasy to manage and for two, the loan that you take should and probably will have smaller interest then all other debts combined. This in facts makes your total debt smaller, because you will pay less in the terms of interest. Banks are open to loans for debt consolidation if you have shown a good faith towards debt repayment. Debt consolidation can be done by individuals and corporation and governments as well.

Having many smaller debts from third parties is often recognized by quite high percentage of interest that follows those debts. In short terms that interest is not serious problem, but after some time and with multiple debts it becomes something that can’t be overlooked. It should be noted that debt consolidation isn’t right choice for every debtor. If you have large debts and you don’t have the ability and means to pay it off, even in smaller portions then the bank may refuse your request for the loan, if they determine that you will not be able to pay installements of such loan.

debt-manIn some cases debt consolidation can be used to cover a portion of the debts, while other alternatives are used for other debts. There are many other alternatives to debt consolidation, but in general two of them can be combined with debt consolidation in order to clear debts.

Debt relief is one of them, a move in which a portion if a debt is forgiven. And the other one is debt settlement, in which debtor and creditor agree to bring down either interest rate on the debt or principal of the same.

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Liquidation – Bankrupcy Evolved 

Liquidation – Bankrupcy Evolved 

Final actof desperation for an individual is bankrupcy, but in the case of companies there is one even worse step, liquidation. When a party petitions for a liquidation of a company that means that even bankrupcy of that compnay would not solve all the issues that it has. Liquidation is a process in which all assets of the company are sold and money is given to creditors to cover as much of their debt as possible.


Liquidation as it is can be compulsory, initiated by second or third party and voluntary which is initiated by compnay ( even though compulsory liquidation can be initiated by company as well ). For compulsory liquidation parties that can initiate petition for liquidation are: the company ( if they see that there is no way out ), creditors ( which will do this to try and recover part of their debts through liquidation ), Secretary of the State or other with same authority and power, contributories (shareholders) and Official receiver.

Reasons for petition of liquidation are many and various, and they are different from jurisdiction to jurisdiction, but here is the list of common reasons for liquidation process:

  • Company didn’t get trading certificate even tohugh it is incorporated as corporation
  • Number of members or workers in the company has fallen bellow the necessary number that was prescribed by statute
  • The compnay hasn’t done any business in certain time frame which was prescribed, this can to first year of business or other time frames in later days of the company
  • If a company has no means to pay its debts, or do a debt restructuring then liquidation is the only way for creditors to get their money
  • Action of liquidation is a just and equitable move with that certain company
  • The company is public company which doesn’t have latest legislations

Bankruptcy Overview

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