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Various issues could hinder closing on real estate

Homebuying is not an easy process. It often starts out as exciting, but many first-time homebuyers come to realize that finding the right home is more difficult than anticipated. The real estate industry is certainly complicated, and a number of issues could arise that could hinder closing after parties find the right home.

Texas homebuyers may want to remember that the sale of a home is not a done deal until the keys are in hand. Even if individuals want to believe that a home is perfect, they need to do their research to make sure there are no hidden issues. For instance, some homes could have problems with the title, such as a lien against the property. If issues with the title are found, those issues could bring the closing process to a halt.

Seeing the positives of an unexpected divorce

If you were feeling relatively content in your marriage, you were likely caught off guard by your spouse's decision to file for divorce. Learning that your spouse no longer wants to continue in the relationship can affect every aspect of your life, and for a time you may find it difficult to concentrate at work or be an engaged parent. You may even be feeling depressed, in which case you should seek professional guidance.

If you are struggling to emotionally deal with the difficult aspects of divorce, you may want to step back to reflect on the bigger picture. It's easy to focus on the short-term negatives, but by thinking about the ways that divorce may benefit your life, you may be able to move forward more positively. The following are some of the possible advantages of divorce.

How is estate planning affected by getting remarried?

Many people decide to get remarried after they experience divorce or the passing of their spouse. In some instances, they may want their new spouse to be the beneficiary of their estate, but for people who have children with their first spouse, they may want their children to receive some or all of the estate. Families here in Texas who want to ensure that their kids are not inadvertently left out of their will may want to heed this expert advice for estate planning after remarriage.

First, just having an estate plan that includes a will is an important step. A person who passes away without one risks having the state make decisions regarding how the estate should be divided. That can take considerable time and may not line up with what the estate owner intended.

A will is a vital part of estate planning

Many people think that a will is only for someone with a great deal of assets. The truth is that making a thorough estate plan that includes a will is a good idea for anyone and everyone. Even for those who recognize how important a will can be, they may procrastinate or avoid creating one. Experts caution against this practice and stress that proper estate planning is necessary to ensure that a person's estate is handled in the manner that he or she wishes. Fortunately, experts also have guidance for those here in Texas and elsewhere who may be struggling with the process.

One expert recommends that people think about who their will might positively affect. If people have children or other loved ones they want to be sure are cared for in the event of their deaths, a will is a way to reduce costs and detail precisely what care needs to be provided. Thinking about a will in a positive light may also be more inspirational for a person who feels guilty for not completing one.

Study shows troubling number of people do not use estate planning

Many people in Texas and around the nation mistakenly believe that estate plans are only for wealthy people. The truth is that estate planning is important for everyone, no matter the amount of a person's assets. However, a recent study showed that a large number of people do not have an estate plan in place. Experts caution that this can mean may not have his or her wishes honored after passing away, and they offer simple strategies for getting started.

Experts want people to realize that without a proper estate plan, a person's assets may be subject to probate. It is a process that happens publicly and can take a great deal of time and money to complete. If one receives a challenge to his or her will during probate, it may have undesired results, such as assets not being distributed to those of the estate holder's choosing.

Insurance claims: Man denied car insurance claim files suit

Though most people in Texas have car insurance, they hope it's something they'll never have to use. When they need it, they are grateful to have it available. Unfortunately, some people may have their legitimate insurance claims denied, which can be devastating to their finances. This is what one man from out of state says happened to him when his car insurance company refused to pay his claim after he was in a motor vehicle accident.

The man in this case purchased a car from a relative and drove several states away to get it. During his trip home, he was in a car accident, which caused damage to the vehicle. He believed the car should have been covered by his insurance. His insurer reportedly believed the damaged car was meant to replace his previous car, which didn't carry collision coverage, only liability. His insurer denied the claim, and, according to the man, tried to dictate what repairs on the newer car would be allowed.

Protecting your wealth during divorce

You have likely spent many years of sacrifice to attain your wealth. If you are facing a divorce, you may be worried that what you have worked for is going to be unjustly taken away. If you are worried about getting an unfair outcome in a divorce settlement, you must take action early on in the process to understand your legal rights.

In Texas, community property law is recognized. This means that as a general rule, all marital property is subject to a 50/50 split between spouses. However, the courts in Texas seek to divide property fairly between spouses, accounting for the children in the family, too. The following are things that you should consider when fighting to protect your wealth in a divorce.

Gray divorce presents its own problems

A divorce can happen to any person of any age or background. However, researchers have recently seen a surge in the number of people getting divorced who are older than 50. A quarter of the people who divorced in 2010 were 50 years old or older, which is an increase of 15% from just 20 years earlier. The reasons for this are varied, but Texas families may be interested in the particular challenges that a divorce for people in this demographic may produce. A recent study found that there are certain financial difficulties that a person who experiences a gray divorce may encounter.

First, a person's household wealth may drop by half and women are the ones more likely to feel the pinch. Many people in this age bracket are trying to help their young adult children afford college, which significantly adds to the potential financial burden. Those who have a gray divorce have less time and ability to build up previous financial investments that they had to divide in a divorce agreement. For those who may have already retired but feel the need to re-enter the workforce, that can be very difficult due to their age.

Probate: Wills attributed to Aretha Franklin in question

When a person passes away here in Texas, the process of validating his or her will is an important one. If potential heirs disagree about any of the provisions of an existing estate plan, it can take a great deal of time to untangle. This is especially true if a will attributed to the deceased person is called into question by anyone who is part of the probate process. The estate of the late singer Aretha Franklin is dealing with that very issue right now, as courts work to determine the validity of handwritten wills that she may have written.

Officials say that a handwritten will was found in Franklin's couch after she died. Originally, her heirs agreed to appoint Franklin's niece as the representative for her estate. A handwritten will dating from 2010 named the niece and another individual that the court decided to appoint as co-executor.

Press Release: Perry, Shields, Campbell & Floyd, PLLC

August 1, 2019 - Perry, Shields, Campbell & Floyd, PLLC ("PSCF"), previously Perry & Shields, LLP, today announced the firm's restructuring along with news that Ryan Paul Campbell and Jance E. Floyd are new Partners, joining Senior Partners James T. Perry, Jr. and M. Tyler Shields.

Mr. Campbell works in the firm's San Antonio, Texas office, and will lead the Commercial and Corporate Division of PSCF along with being a Managing Partner. Mr. Campbell predominately handles Commercial and Corporate matters, while also overseeing the Bankruptcy and Consumer Protection Divisions. Mr. Campbell is a graduate of South Texas College of Law (J.D.), and the University of Texas (B.A.).

Mr. Floyd works in the firm's Midland, Texas office, and will continue to operate in the firm's Oil and Gas Division along with being a Managing Partner. Mr. Floyd will continue to be instrumental to the Oil and Gas Division, along with Title Examination, and Business Development. He is a graduate of Texas Wesleyan School of Law (J.D.), and Lyon College (B.A.).

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