Archive for the ‘Legal’ Category

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What To Do When Someone Dies: Bank Accounts

Monday, January 10th, 2011

What To Do When Someone Dies: Bank AccountsIn the event of the death of a loved one or friend, there is so much more to deal with than just the emotions and pain of the passing. The harsh realities of modern life mean that anyone who leaves the world almost always also leaves behind a number of accounts, financial documents, and paperwork that has to be sorted through.

Although funeral pre-plans, wills, and power of attorney orders can go a long way in putting your affairs in order before you die, most people don’t have the luxury of preparing for their own death. This series of articles should help you to determine how and when to tie the loose ends associated with money, real estate, and other accounts following the death of a relative.

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Funeral Planning and Consumer Rights

Thursday, November 11th, 2010

Funeral Planning and Consumer RightsDue to the highly emotional state associated with burial arrangements and funeral planning, it is all too easy for corrupt businesses to take advantage of families in mourning. While this isn’t a common occurrence, it does happen, and it’s important to safeguard yourself against it. Time constraints, emotional pressure, and a lack of knowledge about the industry allow some funeral homes to charge more or provide only the most expensive options to their consumers, who may then pay considerably more than they have to for services they may not actually need.

The reality is that funeral costs don’t have to be overwhelming. In the past few decades, the Federal Trade Commission has put a focus on consumer rights when it comes to funeral planing. When you follow their guidelines and work with a funeral home you trust, the results are much more likely to leave you and your family with the satisfaction of knowing your loved one has been cared for in the best possible way.
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Benefits of Funeral Insurance

Tuesday, November 9th, 2010

Benefits of Funeral InsuranceOf all the funeral planning options, one of the more popular is funeral insurance. It is similar to funeral pre-plans, in that you are making preparations to cover funeral costs well in advance of the time of death. However, instead of tying up your funds at a particular funeral home or for specific services and funeral goods, you are simply setting aside a pre-determined sum of money that your family can then use to defray some or all of your eventual funeral costs.

Why Choose Funeral Insurance?

Like life insurance, this is a policy that allows your beneficiary to cover funeral costs from a large payout that occurs at the time of death. The number one benefit is saving your loved ones from financial hardship in covering all the funeral expenses.
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Legal Issues That May Arise After Death

Thursday, January 14th, 2010

Legal Issues That May Arise After DeathThe death of a loved one can be one of the most trying times in a person’s life.  Between planning for the funeral, gathering friends and family together to grieve and dealing with your own emotions, it can undoubtedly be an exhausting and trying time.  However, it’s important to remember that the time after your loved one’s death is crucial to your own financial and legal well-being, and there may be several issues and affairs of the estate that need to be addressed once the funeral is over.

Of course, one of the most common legal issues that arise after the death of a loved one is that of finances, especially when it comes to any debts or unpaid bills that are left behind.  If your loved one leaves behind a will and an estate with clear instructions as to how assets should be allocated, then there shouldn’t be many legal ramifications for you and your relatives.  If there’s no will, however, then it might be a good idea to hire a lawyer and an accountant, as you’ll encounter several legal and financial issues when dividing assets amongst relatives, creditors and lenders.

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