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January 19, 2008
How to Avoid Probate
Most people would agree probate is a process you don't ever want to deal with. It's time-consuming, costs money, can lead to conflict within the family and create all kinds of ugly scenarios. The purpose of probate is to ensure the decedent's wishes are met by proper distribution of assets and resolve creditor claims, tax liens, etc., if they exist. The process can take months, even years, to complete.
The main reason probate takes so long is due to the fact that considerable clerical work is involved. Facts and figures must be checked, creditors must be paid and tax forms need to be filed. Many probate court systems are understaffed and overloaded with probate cases. Even if all family members agree and there are no creditors involved, probate typically takes a minimum of six months.
Real Estate Investing article on "How to Avoid Probate"
December 27, 2007
Foreclosure
Foreclosure is a frightening word for those facing it. It brings up many emotions -- fear, anger, sadness, embarrassment. You feel as if everyone knows you are about to lose your home and looks at you as a big fat failure. It becomes difficult to hold your head up. Depression and insomnia kick in. Before you realize what's happening you've become a stressed out basket case, incapable of making simple decisions let alone embarking on a complicated process to save your home.
Foreclosure is stressful long before the actual process begins. Stress sets in the moment you are unable to make a mortgage payment. It's a gut-wrenching experience. You think you'll find a way to figure it out and put off calling your lender. You call your mother, father, sister, brother, and anyone else you might be able to borrow money from. You look for a part-time job or work extra shifts.
Real Estate Investing article on "Foreclosure "
August 27, 2007
Learn About Inheritance Laws
In the United States, inheritance laws are governed by the Uniform Probate Code. In place since 1969, UPC is a statute that outlines what happens to the assets, debts, and financial affairs of a deceased person. Currently 18 states have adopted the Uniform Probate Code in its entirety, while the remaining 32 states have adopted parts of it.
Although inheritance laws are different in each state, the majority require a similar process. First, an estate executor needs to be appointed. Oftentimes the executor is appointed through the deceased person's will. If there is no will, or the appointed executor does not want to take on the responsibility, an Administrator will be appointed through probate court.
Real Estate Investing article on "Learn About Inheritance Laws"