Articles Tagged with will

pexels-photo-267350-300x218“As our lives become more and more connected online, we increasingly need to also consider what to do with the digital estate, the online accounts of our dearly departed, many of which hold photos and personal memories, as well as sensitive financial information.”

Settling the estate of a loved family member or dear friend is a challenging and emotionally wearing process, reports The-Parallax in the article “How to settle your loved one’s digital estate.” If an estate plan is in place, some things are easier. However, even then, there are possessions to sort through, assets to distribute and many tasks that need to be done. Now, add digital assets to that list. Continue reading

pexels-photo-271722-300x169“There is no doubt that, for the most part, parents are much more involved with their children and their children’s more numerous activities, than parents were when we were kids.”

If this describes you and your kids, then you need to prepare yourself for the adjustments that happen when the last child leaves the house. It can be emotionally and financially challenging, according to the Daily Messenger in the article “John Ninfo: Some advice for empty nesters” Continue reading

pexels-photo-1128317-300x251No one likes to consider the prospect of tragedy striking, especially when children are young, but according to this article in the Lodi News Sentinel, “Planning for what comes last,” estate planning is especially important for families just starting out. When the children grow up, estate planning is important to protect the children, making their lives easier, when the time comes to pass assets along.

Think of an estate plan as a gift for the next generation, as is making funeral plans in advance. You can’t assume that your adult children will know what you want for your funeral and you don’t want them to have to make decisions during a time of great sadness. Continue reading

6d40ea6ed7ae7784abf574b8c6174543_300x300Many estate plans fall into the “I love you” estate plan. This isn’t always how it goes, but it’s the rule rather than the exception, according to nwi.com’s article “Estate Planning: Excluding a loved one from the plan.”

The exceptions are mainly because the family dynamic requires it. For instance, the person is not married or doesn’t have children. However, sometimes even a regular old-fashioned “Mom and Dad and Brother and Sister” family has a reason why one or more of the kids are left out of the will. Continue reading

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Retirement

“Many seniors may be more focused on their bucket lists, than worrying about having their financial affairs in order.”

Seniors should be having some heart-to-heart discussions with their spouses and loved ones about their wishes concerning their assets and their final days, according to Intermountain Catholic in “Retirees Have Several Financial Issues to Consider.” After a loved one dies, family members are often left dealing with the expenses of their medical care and funeral. To be left to deal with these issues while grieving, adds another layer of heartbreak. It doesn’t have to be this way.

hospital-6-1518170-1279x852-300x200“A bad medical diagnosis can make a person realize that he suddenly has far less time to get his affairs in order. What’s the best way to leave assets to your heirs? Should you pay off your mortgage?”

Receiving a terrifying medical diagnosis of a fatal illness, can leave you and your loved ones stunned and afraid. Once the initial shock has subsided and you have put the emotional and medical resources in place, it will be necessary to address the legal aspects, according to a recent article from CNBC titled “When end-of-life planning is suddenly a lot closer than you thought.” Continue reading

MP900442227-300x196“Our inherent nature to delay the inevitable, can lead the ones we care about into financial chaos. To avoid the chaos, careful preparation is needed when it comes to estate planning.”

Estate planning protects families, especially those with young children. It can eliminate stress, expense and unpleasant consequences that can last for generations. This is the message in an article titled “In the Works: Don’t Wait: Considerations in Estate Planningfrom Guidon. Continue reading

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When you are creating a will or revocable trust as part of your estate plan, you need to think carefully before selecting someone to act as a personal representative or trustee. Many people just go with their nearest relative, such as a spouse or eldest child, but a fiduciary’s role is not ceremonial. An executor or trustee must be financially responsible and demonstrate the willingness to comply with legal deadlines and court orders. Failure to do so can lead to a substantial delay in administering your estate or trust.

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When talking about families and inheritance, studies show that while financial assets are important, family values and family history take the driver’s seat. Most people treasure family stories and life lessons regardless of their age, financial situation, or race. A simple case would be comparing the reactions of siblings on two topics: a family legend or a new car. Chances are, the stories of the new car will stop after one month while the family stories will continue to be told and enjoyed for decades. This is because family stories, family values, and life lessons learned by members of the family are integral to its legacy.

safeDepositBoxA very recent study though shows that millennials think of inheritance as a “bonus” but expect to get that bonus – and are expecting large sums of up to $100,000. However, they are willing to lower that figure because many parents are already helping their adult children financially with student loans and other expenses.

An article published on www.Marketwatch.com reported that one in three Americans will “blow their inheritance” because they are not prepared to handle it. In fact, those who inherit money tend to spend it quickly and one-third end up with negative savings two years later.

Parents have a responsibility to teach their children money management so any windfall they get will be spent wisely. Inheritance, while a “bonus,” should not be just “fun money.” In today’s economy, a $1,000,000 inheritance does not even guarantee a comfortable retirement for a couple beyond their fifties. Continue reading

The young often think of themselves as invincible in the sense that in their protected world, nothing bad can happen to them, especially with their parents around. Studies show that over 90% of adults under 35 do not have a will, providing reasons like:young-family

  • It’s not necessary.
  • It’s too complicated for me to deal with right now.
  • It’s too expensive.
  • My parents will take care of all that.
  • I won’t need it for a long time anyway.
  • It takes too much time

According to surveys done by USA Life Expectancy, adults aged 15 to 34 rarely die from medical causes but the figures are high for accidents, poisoning, suicide, homicide, and injuries. This suggests that for young adults, death often comes unexpectedly. Continue reading