Being kind and helping a family member out financially isn’t likely to plunge you into legal trouble, but it can get you your day in court. Even Judge Judy warns family members not to lend each other money. She says there are personal loan companies for that. If you do go ahead and do it, make sure to properly document the loan.
Financial information you can count on
If you believe that you haven’t got a savvy head on you when it comes to working with money, and you’re prone to making money mistakes, you might want to reply on an instant cash advance to get you out of a spot of financial trouble.
That’s the beauty about the PersonalMoneyNetwork.com as it provides a lot of useful personal finance advice on cash advances to help you make the right decisions, to get out of some debt and how to manage your money affairs in a far more responsible way.
You’ll be shown how to budget, how to respond to your tax returns, where and how to bank, how to build an emergency fund and much more.
Not filing your taxes on time
Most people dread filling in their tax forms and they put it off right up till the deadline and even after that. There are different penalties for not filing your taxes, starting with the ‘failure-to-file’ penalty.
Then again, if you file your taxes but don’t pay them, then it will be a failure-to-pay penalty. Most times, the failure-to-file penalty is far more than the failure-to-pay penalty. Continually ignoring your taxes can see your property being seized and filing charges for tax evasion among other legal steps.
Don’t have a joint bank account when you’re single
People who aren’t married and who share joint bank accounts and property are sure to land in legal trouble. It is important to keep your finances separate until you get married.
Yes, a joint bank account can offer banking conveniences, but as a couple, there can be risks when the other person no longer has that loving feeling for you.
Joint accounts mean joint ownership, so you should only fund a joint account if you seriously trust the joint owner as the person will have access to the funds in the account. What if you see money being taken out of the fund?
Your partner could have withdrawn all the money and be holidaying in Bermuda with someone new by the time you discover all your money has gone.
Don’t co-sign loans and leases
You have to be careful where you sign your name as you are financially and legally responsible for anything that bears your name. When it comes to leases, as a co-signer, you’re legally guaranteeing somebody else’s apartment lease.
Opting to co-sign an apartment lease for a friend or family member comes with risks. Do you know what it entails? Do you know that when you co-sign an apartment lease, you’re actually giving your legal guarantee that the rent on the apartment will be paid?
In other words, you are assuming the financial responsibilities of renting that apartment. If the family member doesn’t pay their part, and you’re the apartment lease co-signer, then you have to pay, otherwise, you’re in default and the credit agencies will know about it.
In-actionable will
Writing a will isn’t as trouble-free as you think. You can actually make your will in-actionable if you make unrealistic bequests and this can cause a lot of inconvenience, expense and feuding among different parties.
People think a Will is only if you have lots of assets, but dying intestate or without a Will comes with legal disadvantages. The Law of Intestacy will decide who inherits your assets.
This could include beneficiaries that you swore never to leave anything to. If you had children, a guardian, whom you would never have chosen yourself, may be chosen by the court to care for your children.