Estate Power of Attorney Form in Texas

Laws in the United States provide several tools to help plan the administration of property and other estate related matters. The Office of the Attorney General will not (and can not) advise you on any of these legal issues. Other resources are available however, to help you prepare your estate power of attorney form and other legal documents.

Living Trusts as part of advanced estate planning

A living trust is an estate power of attorney form that is created while you are alive and mentally competent. It is a legal agreement which is used to allow another person (or other legal entity) to assist in managing your equitable assets during your life and to properly distribute your finances and assets upon your death.

The "grantor," or person wishing to create a living will, transfers ownership of their property and financial assets to the "agent", or the party that agrees to carry out your wishes. A living trust should not be confused with a living will, a legal document that represents your health care decisions weather to be kept alive or not if you are terminally ill, or seriously injured.

Whether a living trust is an appropriate estate power of attorney form or not depends on your personal estate and financial standing, and your health condition. Living trusts are often more appropriate for someone who is facing a serious incapacity like cancer or Multiple Sclerosis.

One should weigh the possible benefits or drawbacks of a power of attorney form with attorneys, legal financial planners, and accountants who are experienced with such planning.

An estate POA should include the power to:

Amend any trusts you have set up(or create them on your behalf)
Manage, control and transfer all financial assets
Distribute gifts on your behalf
Respond to any IRS or other tax issues on your behalf

Physical transfer of money and assets is not required when you create an estate power of attorney. It is a good idea however, to keep the agent that you have chosen somewhat informed of your ongoing financial position.

This has been a somewhat cursory examination of the estate power of attorney form. It is intended to provide you with the basis from which to study more verbose materials and create the best protective document for your finances and assets. The Internet and your local library are excellent sources of material to help you learn what type of power of attorney document is right for you.

In This Volatile Economy Filing Bankruptcy Is King

After watching the close of the stock market today I have come to the conclusion that many Americans will be filing bankruptcy in the near future. It seems that by the time most people retire their pensions will be nonexistent. Cities these days are having trouble meeting their payroll because of the huge pension obligations. Most government municipalities, whether it's local, state or federal are on some kind of defined benefit retirement program. This means when they retire they will receive a percentage of their highest salary. When the market goes down the municipality is responsible to make up the difference to fund the pension. This is a win-win for the employees and a lose-lose for the taxpayers. Many people's 401(k)s getting wiped out, individuals will have to consider going back to work to make ends meet. Since the downgrade of the US government last week many economists believe that the US economy is bankrupt because of its poor spending habits. This is not good news for Americans, as many rely on Social Security, Medicare and many other entitlement programs. All it would take is to get a reduction in these government payments and these individuals will have no other option but to file for bankruptcy.

In this volatile economy, filing bankruptcy might be the best way out of debt. You see corporations and businesses filing bankruptcy to re-organize every day with little or no repercussions. Many of them believe a bankruptcy filing being leaner and meaner than before. If filing bankruptcy is good enough for large corporations, it should be good enough for you.

When deciding to file for bankruptcy as an individual should first speak with a bankruptcy attorney in their area to go over their personal situation. The bankruptcy attorney should be able to tell if the debtor is qualified to file Chapter 7 bankruptcy or if for their circumstances it would be best to be put in a Chapter 13 bankruptcy. A Chapter 7 bankruptcy is usually best for an individual who carries a large amount of unsecured debts like credit cards, while a Chapter 13 shows its benefits by protecting property. Both types of bankruptcy filing have many benefits when used with a help of a bankruptcy attorney. If you're in debt and don't know what to do, don't fret, contact a bankruptcy attorney and see what filing for bankruptcy has offer you.

Mortgage and Property Relationship

During the heyday of the mortgage boom, individuals submitted applications for loans to be able to purchase property, either as a home or a business. The security for the loan provided is the property purchased, so during the term of the loan, the borrower lives on the property and pays off the loan in monthly amortizations.

Because of the recent recession, many lost their jobs making them without the proper income to pay for the amortization. When a borrower fails to pay on time or pays at all, then a default on mortgage happens and this can result in foreclosure. There are many other results when an individual fails to pay their monthly amortization.
The following are the recommended steps when an individual with a mortgage fails to pay their monthly amortization.

Notify the Creditor. If there is sudden change in the income stream for an individual with a mortgage, the first step to take is inform the creditor of the situation. At this point, to avoid further costs and to ensure continued income, the creditor would certainly seek to find out ways and means to accommodate the current financial situation. 

Negotiate the Terms. Once there is a connection, the next step is to renegotiate the terms of the mortgage. One option would be to use the add-on option of putting penalty amounts for late payment amortizations without canceling the mortgage. Another choice would be suggesting a lower interest rate but extending the term of the mortgage. Essentially, it would be modifying the terms of the loan through renegotiation of the payment terms of the amortization.

Selling the Property. Another option is to sell the property or put it up for sale in the market. It is imperative though that the existence of the mortgage should be communicated to the buyer, including the problems associated with unpaid amortizations. This information should help the owner be relieved of the burden of paying for the mortgage, have money to pay off the defaulted amortizations and be credit free until the next loan is taken.
Asking a Lawyer. If there is a pervasive inability to pay all existing obligations, then the next best option would be filing for bankruptcy. Bankruptcy is the legal procedure wherein there is a declaration of inability to fulfill contracted obligations, such as payment of debt and through assets accumulated, a plan for payment would be formulated. Under this option, under the guidance of the lawyer, the mortgaged home would be protected but the loan is still subsisting and payment would be demanded in the long run. In seeking the guidance of a lawyer, the mortgage can be managed properly depending upon the ability to pay the said amount.

As can be seen, when an individual with a mortgage defaults on payment of amortizations, there are still ways to be able to prevent the foreclosure sign to be planted on your front yard. One can coordinate with the creditor, renegotiate the loan, sell the property outright or even file for bankruptcy. When choosing any of the above options, the individual can be assured that the loan would be properly managed for the long run.

Using instant payday loan lenders

When you next find yourself looking at your financial situation and wondering how you're going to make it through to payday, then instant payday loan lenders may have the solution.

Payday cash advances are designed to provide you with can often be super fast access to relatively small sums of cash, which are then repaid (together with interest and other agreed charges) when you next get paid.

There could be any number of reasons why your available cash may not be enough to see you through.

In a month with a bank holiday, for example, you may have been paid a few days early.

Nice as that may have been at the time, it makes it just that little bit longer till payday comes round again. Not to mention perhaps spending a bit more than you may have intended over the long weekend.

Alternatively, you may just have received a number of unexpected bills. Perhaps your car broke down or a bill you were expecting turned out to be a bit bigger than you had budgeted for.

Whatever the circumstances of your temporary cash flow situation, if you are looking for a modest amount of money to tide you over until payday then instant payday loan lenders may be able to provide it.

To be eligible to apply for a loan you typically may have to:

• be the owner of a bank account which has a debit card tied to it;
• be in a job which provides you with a regular income;
• be asking for a sum of money, which you are confident that you can comfortably afford to pay back in one instalment;
• live in the UK and be over 18.

Providers of cash advances may operate an online service where much, if not all, of the paperwork has been eliminated. In some cases, you may find that the whole process can be completed online, from the short application right through to an electronic transfer of the loan funds directly into your bank account in just a couple of hours.

Repaying the loan is just as easy and may typically be carried out using a debit card transaction which is automatically presented to your account on your agreed repayment date.

Some instant payday loan lenders may be prepared to approve applications even if you have had debt issues in your past.

How students can repay their credit card debt and stay financially fit

Are you a student with multiple credit cards? If you’re already drowning in a sea of debt as your parents haven’t equipped with you enough financial knowledge, you must be looking for some options to get out of the red. As students have their entire future left, they have to be very careful about their personal finances so that they don’t tarnish their credit score even before it is built. All employers and landlords will check your credit score before lending you with a new line of credit or before hiring you within their organization or even giving you a space to stay. You must prove that you’re financially worthy in order to stay afloat. student loan consolidation is a good option that you can choose in order to get out of debt. Have a look at the benefits of consolidating your credit cards.

1. Lower interest rate: As you enroll yourself with a debt consolidation program, the debt consultant will try to lower the interest rates on all your accounts so that you can easily repay the amount in small and affordable monthly payments. With reduced rates, the monthly payments will also be reduced and therefore the student debtor will also be able to save money every month.
2. The monthly payments will be lowered: As you can extend the repayment period on your credit cards, it is undoubtedly a fact that the monthly payments that you have to make in a particular month will also be lowered. You don’t have to make further arrangements in order to make your credit card payments.
3. A single monthly payment: When you consolidate your payments through a debt consolidation program, you need not make multiple payments to multiple creditors as all you have to make is a single monthly payment to the program. You’ll be saved of the hassles of remembering multiple due dates of multiple credit card accounts.
4. Waived off late fees: The late fees that you’ve accumulated for late payments will also be waived off under a student consolidation program. You can just eliminate all your penalties and thereby reduce the monthly debt payments too.

Thus, if you’re a student who has been knee deep in credit card debt, take immediate steps to protect your credit score from being hurt. Enroll yourself in a student consolidation program so that you can get out of debt and manage your personal finances to stay out of debt.