Lawrenceburg Indiana Bankruptcy and Estate Planning Blog

Residents in Indiana who are creating a will or a trust will need to make many decisions. In addition to choosing what they want to happen to their assets after they die, these people will need to identify a person or a team of people that will be responsible for making sure their wishes are properly carried out. But, the reality is that there is far more to the job of an executor or a trustee than asset distribution.

As Forbes explains, there are many legal and financial responsibilities to being someone's trustee or executor. For these reasons, people should avoid rushing in to name someone to these roles based soley on relationship. These decisions should not be made by popularity vote and can benefit from being evaluated more like a business decision. An executor, for example, will need to ensure all taxes are properly filed and debts are paid before any assets are distributed.

Your parent, before passing away, named you the personal representative of their estate. You worry that because you do not know your exact responsibilities, you may not serve as the best personal representative.

Personal representatives make specific choices for their executor's property and assets after the executor has passed away. Your role involves serious responsibility, and you want to understand the basic tasks that a personal representative takes on before you make decisions about assets. Because of the quantity of work, you may find it necessary to hire an estate planning attorney to help you divide assets of your parent's estate. Doing so, you can properly serve as a personal representative for your loved one.

If you are one of the many people in Indiana who has been married and then divorced or perhaps has been widowed and now you are contemplating getting married again, you have good reason to feel positive about your future. However, despite your natural inclination to focus on all of the joys you have to look forward to, it is equally important that you put plans in place to protect and provide for the people you love in the way you want to.

As Forbes indicates, estate planning for blended families is something that may have multiple layers involved with it. This is because many blended families include children from prior marriages on one or both sides and may even include children born into the new family. Then, when one spouse dies, there may be disputes between different parties about who gets what. The more these decisions are made by the person and ahead of time, the better chance there may be of avoiding these problems after a death.

If you have filed for bankruptcy in Indiana or maybe are considering filing for bankruptcy, one of the things that may well be on your mind is how you can get back on your financial feet after the bankruptcy is discharged. Certainly a better future is a large reason why you chose to file bankruptcy and you should be happy to know that this is very much possible if you take the right steps.

As explained by NerdWallet, one of the key things you will want to focus on after you receive your bankruptcy discharge is rebuilding your credit. Your score right after bankruptcy will likely be relatively low but may get a boost because your debt to income ratio has improved. However, now the real work begins where you must obtain credit, use that credit and repay that credit without any blips on the radar screen.