Estate Planning Essentials: Preparing for the Future After Bankruptcy

Estate Planning Essentials: Preparing for the Future After Bankruptcy

Estate planning can be crucial for leaving behind financial assets for your family. Many people become discouraged with estate planning after going through the difficulties of bankruptcy, but you may not have to. There are numerous ways to rebuild yourself financially after bankruptcy that may help you retain your estate planning goals. Consider consulting with a Tullahoma bankruptcy attorney to explore additional options.

How to Financially Recover from Bankruptcy

You might be wondering how possible it is to financially recover from bankruptcy. The answer depends on various aspects like motivation to change and financial circumstances after bankruptcy. Not all financial tips will match every financial situation but knowing how to budget tends to aid almost any financial difficulty.

Budgeting makes many people think of not being able to spend money and doing nothing but saving. However, when used the right way, budgeting can provide a greater sense of financial freedom. Not only can budgeting help you save money for things you can purchase or invest in later, but budgeting can give you greater control over your income.

All budgeting does is assign each dollar you make to a specific expense. You have the control to choose which expenses you want to assign each portion of your money to. Some examples include savings, emergency funds, bills, debt, retirement, and estate planning.

First, add up your usual monthly expenses, both bills and spending on non-necessities. Then, subtract the total monthly costs from your total monthly income. Use the amount left over to start figuring out if you need to cut unnecessary expenses and then start cutting out those expenses. Having an estate plan financial goal in mind can be used to know how much of your monthly income to put towards that goal.

Estate Planning Essentials and Quick Tips

The estate planning essentials include knowing what estate planning involves and the steps to make this happen. An estate plan aims to provide a will for which family members will receive what after the death of a loved one, a power of attorney, and trusts. Some people create their estate plan independently while others prefer to work with a lawyer to make sure everything works smoothly.

Each person has their own preferences for what they want to leave behind for their loved ones. Some people aim for a certain amount of money or certain financial assets like a home or vehicles to leave to their loved ones. These estate planning steps can serve as a starting point:

  • Set estate planning goals
  • Organize documents needed
  • Write out your estate plan
  • Update your estate plan as needed
  • Consult with loved ones or a lawyer

The best part about an estate plan is you can update your estate plan as new changes occur. Feel free to consult with a lawyer about how this works.

Call Tom Bible for Legal Help

You may not have to face financial stress forever. Do not hesitate to call us at Tom Bible Law at (423) 424-3116 for a consultation today about your financial options. Our dedicated team of Tennessee bankruptcy lawyers is prepared to guide you through various bankruptcy options and steps you can take to work toward financial recovery. We serve clients in the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.

Related Posts
  • What You Need to Know About Emergency Bankruptcy Filings Read More
  • How to Handle Tax Debt in Bankruptcy: Key Considerations Read More
  • Navigating Medical Debt in Bankruptcy: What Are Your Options? Read More