When to Write a Will and What to Put in It

Writing a will is an important part of estate planning. It allows you to ensure your assets are distributed in the way you want and that your wishes are honored after you pass away.

This can be especially important for retirees, who have likely built up a good amount of money and other assets over their working years.

If you’re wondering when to write a will and what to put in it, read on for some helpful information.

When Should I Write a Will?

Ideally, everyone should write a will as soon as they become financially independent or start accumulating serious wealth. That said, it’s never too late to create one. 

Even if you’re nearing the end of life, writing a will can help ensure that your wishes are carried out after you are gone.

Is It Ever Too Late to Write a Will?

Actually, there is still time to write a will. If you're older or in poor health, creating a will can give you peace of mind knowing that your wishes will be fulfilled after you've gone. 

It can also help prevent loved ones from going through the probate court process when distributing assets and belongings. Furthermore, a will can provide clarity for those you care about on how to handle your estate and other matters. 

Writing a will also helps ensure that any debts or taxes are paid properly, according to the law. Taking the time to create a will is important in ensuring that your wishes are honored after you pass away.

What Should I Put In My Will?

Your will should include comprehensive instructions about how you would like your possessions distributed after death. This includes both monetary and non-monetary items such as jewelry, heirlooms, cars, real estate, and more. You should also name someone (or multiple people) to serve as executor of your estate once the time comes.

This person (or persons) will handle all the paperwork associated with settling your estate according to the instructions in your will. Additionally, if applicable, you should detail who should take custody of any minor children listed in the document. 

You may also use your will to specify how those children should receive their inheritance so they don’t receive it all at once but over an extended period or upon reaching certain milestones or ages (such as 18 or 21).

Finally, if desired, you may choose to make charitable donations from any remaining funds once all other provisions have been followed through with.

What Should I Not Put in My Will?

Keep in mind that a will is not the place to put certain sensitive information. While it is important to include specific instructions and designations in your will, there are also some things you should never include. These items can be legally binding but may not be in the best interest of those involved.

For example, it’s generally unwise to include personal grievances or hurtful words directed at anyone mentioned in the document. You should also avoid including any provisions that could potentially conflict with state law as they may be ruled invalid by a court of law. 

Additionally, while naming executors and beneficiaries can provide clarity for loved ones on how assets should be handled after death, wills are not the appropriate place to dictate who receives what assets from an estate. 

Such decisions must ultimately fall upon those named as executors or trustees of an estate according to state laws and regulations governing estates.

Who Should I Contact to Write My Will?

There are numerous professionals you can contact to help you write wills. Depending on your needs, you may want to consult a lawyer or financial advisor who specializes in estate planning and wills. 

Alternatively, many online services can help guide you through the process of creating a basic will quickly and affordably. 

No matter your choice, it’s important to ensure the person or service you work with is reputable and reliable. It’s also a good idea to have at least one trusted individual review your will before finalizing it. 

Doing so can help ensure that all the points of your will are correct and legally binding.

Is There Anything Else I Should Know?

It’s important to note that you should keep your will up to date over the years, as major life events may require changes or additions. For example, if you get married, divorced, have children, buy a new home or other property, or make any other major change in your life, you should update your will accordingly. 

Additionally, you should keep multiple copies of your will in a safe place so it can be accessed by your loved ones when the time comes. It’s also recommended that you review your will periodically to ensure it reflects your wishes accurately and is up-to-date with any changes in the law. 

As long as you keep these points in mind, you should be well on making sure that your estate is distributed according to your wishes.

Writing a valid last will and testament is an important part of estate planning for retirees who have accumulated significant wealth over their lifetime that they would like dispersed according to their wishes after their passing away. 

Although there is no set timeline for when one must write a will—it’s never too late!—the sooner it is done, the better off everyone involved may be in the long run.

With these points in mind, retirees can rest assured knowing they are doing everything they can to make sure their assets are handled according to their desires once they pass away by writing a valid last will and testament early on. While still able to do so themselves with clear thought processes intact, they can leave behind peace of mind and worldly possessions when they pass on.

Reasons to Start Thinking About Estate Planning While You're Young

Whether young or old, estate planning is an important part of life. It can be intimidating and time consuming, but it doesn’t have to be. 

Estate planning is all about protecting your assets, taking care of your debts, and making sure your wishes are carried out after you pass away. 

If you are a young adult, here are a few reasons why it’s never too early to start thinking about estate planning.

Estate Planning Can Help Protect Your Assets and Loved Ones

If something happens to you unexpectedly—whether it’s an illness or injury—having an estate plan in place will help ensure that your assets and loved ones are taken care of. 

Without one, your family members may struggle to access your accounts or pay off any outstanding debts if something happens to you without warning. 

An estate plan can also protect the future ownership of any business or investments that you have.

It Can Help You Make Smart Financial Decisions Now

Thinking ahead and being proactive when it comes to estate planning can help make sure that the financial decisions you make now are sound ones for the future. 

For instance, if you know that some of your money will go toward taxes when you pass away, then this should factor into how much money you save now for retirement or other long-term goals. 

Having an estate plan in place can also help minimize stress for your family members down the line by providing clear instructions regarding how they should handle things like healthcare decisions or funeral arrangements on your behalf.

It's Easier Than You Think

Creating an estate plan doesn't have to be complicated or expensive, and as a young adult, now is the best time to start putting one in place since there are likely fewer assets involved than there would be later on in life. 

A good place to start is by creating a last will and testament (also known as a “will"), which is used to designate who gets what after death. 

Depending on where you live, there may even be online tools available that make creating a will easy and affordable (or even free) with step-by-step instructions and guidance from an estate planning attorney along the way.

No matter how old (or young) we are, we all need an estate plan in place so our families don’t have extra stress during an already difficult time when we pass away—but for younger adults especially, having one in place can provide peace of mind now knowing that their decisions today will benefit them tomorrow. 

The key is getting started sooner rather than later so everything stays organized and up-to-date as life progresses. With online tools available and plenty of resources at our fingertips, preparing our estates doesn’t have to be overwhelming; it can be quite simple! 

So take the first steps today towards creating a secure financial future for yourself and those around you with an effective estate plan tailored specifically for YOU!

Financial Advice To Start Following Now

Regarding your finances, there are always plenty of details that should never be left to chance. If you choose to simply deal with your finances as they come rather than plan ahead, you are setting the stage for one problem after another.

If you want to make sure your finances and other related areas are in order and stay that way, here is some important financial advice you should start following right away.

Create a Budget

If you are constantly struggling to pay your bills and have no idea why it is time to not only create a budget but stick to it once it's finished. 

By knowing exactly how much money you are spending on various expenses, you can often find areas where cuts can be made. Before you know it, you may have more money available to pay your bills than you imagined.

Don't Put Off Estate Planning

Rather than try to scramble about later in life and throw together some type of estate plan, start early so that you know exactly what you want to do in the years ahead. 

To begin with, work with an attorney who specializes in wills since this will help you create a will that can stand up to any legal challenges that may arise. You should also take out life insurance, especially if you have a family who is dependent on your income.

Invest for Retirement

No matter your age, it is never too late to invest for your retirement. If you are employed by a company that offers you a 401(k) plan, definitely take advantage of this and invest the maximum amount allowed, since the company will probably match your contributions. 

If you don't have a 401(k) available, set up a Roth IRA so that you can build up a nest egg before you retire.

Pay Down Debt

Last but not least, do all you can to pay down any debt you currently owe, especially credit card debt. As interest rates have risen higher and higher in recent months, it is becoming more expensive to carry credit card debt. 

Once you have your budget in place, take any money you cut from certain areas and try to apply it to pay off your credit cards.

While you know a penny saved is a penny earned, you also know it can be difficult in today's world to make ends meet. However, by getting serious about your finances and seeking out the advice of professionals, your financial situation can begin to improve quicker than you expected.

4 Moves to Make When Retiring: How to Manage Your Money Effectively

Are you ready for retirement? If not, maybe it’s time to start thinking about it. While many people think of retirement as the end of their working lives, in today’s world, it’s just the beginning of a new phase.

With more and more people living longer than ever, retirement is no longer just a brief period between working and death but rather a different stage in life with its own challenges and opportunities. Do you know when you are going to retire?

Are you saving enough money for retirement? Do you know how much money will be available when you retire? These are some of the questions we should ask ourselves if we want a happy and stress-free retirement.

Evaluate Your Financial Lifestyle

Your financial lifestyle is the amount of money you need to live your current lifestyle. While working, your lifestyle is reduced by debt repayments, taxes, and saving money. 

Try to minimize your financial lifestyle while you are still working to save more money while you are young and healthy. When you retire, your financial lifestyle will decrease. This is because you will receive a retirement income (Social Security, pension, etc.) usually less than your current salary. 

You will also have fewer expenses as you won’t be commuting to work, and also, you may be paying less for health insurance.

Update or Start Estate Planning Documents

If you don’t already have an estate plan, start creating one as soon as possible. An estate plan is a document that outlines how you would like your assets to be distributed amongst your loved ones after your death. 

You can either update your existing estate plan or start a new one by hiring a qualified attorney specializing in estate planning. Some documents that are an essential part of every estate plan include a Will, Durable Power of Attorney, and Health Care Advance Directive. 

These documents will help ensure a smooth transition of your assets to loved ones after you die, as well as ensure that your final wishes are fulfilled.

Enroll in Medicare

The sooner you enroll in Medicare, the less you will have to pay out of your own pocket towards the cost of your health care. For retirees who have worked in the U.S. for at least 10 years, Medicare will cover 80% of all health care costs while the patient will cover the remaining 20%. If you are not yet enrolled, start looking into the Medicare enrollment process as soon as possible.

Protect Your Wealth

Retirement is a great time to consider putting money into a long-term care insurance policy. These policies help to cover the cost of nursing home care and other long-term care expenses. 

If you are considering a long-term care insurance policy, you must purchase it when you are still relatively young. The cost will be much lower than it will be when you are older. Another way to protect your wealth is to set up a gifting strategy. 

A gifting strategy allows you to transfer money to your loved ones while still alive. You can gift up to $16,000 each year beginning in 2022 to anyone without paying taxes on that money. 

You can gift as much as you want, but you must pay taxes on the amount you gift over $16,000.

Retirement is a time of new beginnings, challenges, and opportunities. To make the most of this exciting stage in your life, you need to prepare for it. 

This means saving money, updating your estate planning documents, and enrolling in Medicare, among other things. If you start planning now, you will have a much happier and more relaxed retirement, free from financial worries.

What You Need to Include in Your Will

Having a will is something many people put off because they think the process is complicated and unimportant. However, having a legally binding choice is essential.

It doesn't just protect your assets and property and ensures that your loved ones are taken care of after you've passed away. A will proves who you want as the executor of your estate and who you want to receive your property once you are gone. 

There are several things to include in a will, but the most important ones are listed below.

Name and Address of Your Executor

The executor of your estate is the person who is responsible for taking care of your property and assets after you have passed away. 

Their responsibility is to handle all the legalities and paperwork involved in this process. The executor will also be in charge of distributing your property as per the terms listed in your will.

Property to Be Distributed

The most important part of a will is where you list down what you want to distribute after you have passed away. This includes your house, bank accounts, money, jewelry, stocks, bonds, etc. 

You can also list other non-monetary assets such as paintings or furniture that are important to you. You should keep items that have sentimental value out of this list because they may not be able to gain monetary value, but they still hold great importance in the lives of those close to you.

Guardians for Any Minor Children

If any minor children depend on you, you should name a guardian to look after them until they reach adulthood. You can also include a secondary guardian if the first one cannot care for matters when needed. 

If no minors are involved, it's best not to have this clause as it may confuse you later on if there's a dispute over guardianship rights after your death and people start claiming they were named guardians in your will.

Personal Information

The first thing you need to include in your will is your personal information. The document should consist of the deceased's name, the date and the place of birth, and their social security number or passport number. 

This information is needed for identification and to help determine future taxes or estate liabilities. You also need to include where you want your body to be buried or cremated and who will be in charge of planning it if you want a funeral service. 

Talk to a will attorney to make sure you include enough personal information in your will.

Knowing your options when it comes to planning your will is essential. It's a good idea to consult a lawyer if you have any questions about the process or how to go about it. They can also advise you on protecting your assets and ensuring that everything runs smoothly after your death.

Can You Sell Your Parent's Home if They Died Without a Will?

If your parent has passed away and they didn’t have a will, you may be wondering if you can sell their home and get the profit yourself. 

Unfortunately, there are many factors that may make this difficult or impossible, so you should do your research before selling your parent’s home if they did not have a will. 

Read on to learn more about your options in selling your family home.

What the Executor of Your Parents' Estate Should Do

The executor of your parent's estate is responsible for settling their debts and distributing their assets to beneficiaries. 

The executor needs to pay any outstanding debt from your parents' estate and selling assets from their estate can help with these payments. To sell an asset from your parent's estate, you need a legal authority called probate. 

Probate allows you to act on your parents’ behalf as their representative in court. The probate process varies depending on where you live.

If You Didn’t Live in Your Parents’ Home

In order to prove that you are living in your parents’ home without permission and thus have legal title, you must have openly occupied and used it as your own for five years or more prior to making an offer on it. 

The process can take several months to complete, but once ownership is transferred into your name, you can then legally sell it. 

If you do not wish to live in or keep your parents’ property, you can sell it immediately after paying off any taxes and mortgages owed on the property.

If There Are No Heirs to Your Parents’ Home

An heir with an interest in your parent’s home may ask you to sell it for them. If there are no heirs or they decline, you can choose whether to sell it yourself or try to find someone else who wants to buy it. 

If you don’t have time or expertise, consider hiring an appraiser, estate-sale company, real estate agent, and attorney. Some attorneys might even offer package deals where they handle everything for a fixed fee.

Hire an Estate Lawyer

If you’re not sure what to do with your parent’s house, it might be tempting to just sell it right away. But selling a home without a will could lead to some complications, so your best bet is to consult local estate lawyers before you make any rash decisions. 

An attorney can help you navigate everything from taxes and probate to how much control over decision-making rights your other family members have.

If your parent died without a will, it’s important to know what you can and can’t do with their property in order to avoid serious legal consequences. Keep this information in mind as you determine the best next steps in selling your family home.

How Professionals Can Help You Preserve Your Wealth

Entrepreneurs ask a lot of questions when they start their business. They want to know how to start their business, sell their products, and manage their wealth. But what they don’t know is how to preserve their wealth over time. 

That’s where professionals can help. They can help you keep your wealth safe and healthy for future use. Here are several ways in which professionals can help you preserve your wealth.

Advisors

An advisor is an expert who helps you make the right decisions. They can help you decide on the best strategy to preserve your wealth. This can include investing in an insurance policy, investing in a bank, or taking care of your taxes.

Additionally, an advisor can help you in succession planning. They can help you plan how to pass your wealth on to your heirs.

Lawyers

A lawyer is an expert who helps you navigate the legal system regarding wealth acquisition and wealth management. This includes looking at tax laws and estate planning laws governing your business and personal wealth.

Another way you should hire a lawyer to help you manage your wealth is succession planning. A lawyer can help you create a succession plan so that you can pass your wealth on to your heirs in the best possible way.

Accountants

An accountant is an expert who helps you manage and protect your money. They can help with tax preparation, investments, financial planning, and retirement planning.

Additionally, an accountant can help you monitor your wealth to spot any changes that may occur in the market or market value of your assets. This will allow you to take action before anything bad happens to your wealth.

An excellent example of this is when the stock market goes down, which could mean wiping out your wealth. In this case, accountants helped people find ways to preserve their wealth over time by acting quickly and efficiently before the value of their assets went down significantly.

Financial Planners

A financial planner is a professional who helps people create long-term plans for their wealth accumulation or preservation over time.

They can help you make decisions on how best to invest your money, how to manage it over time, and how to prepare for the future. They can also help you prioritize your goals to determine what is most important and less critical.

Estate Planning

Estate planning is a set of legal documents that create a plan for your wealth after you die. It will ensure that your assets are transferred in the right way to the people who are most deserving of them.

This means that it can protect your family from potential financial hardships when you can no longer handle things for them. It also ensures that they stay within their budget while taking care of themselves and those who depend on them.

In conclusion, wealth preservation is not just about money. It is about how you use your money to live a happy, healthy, and prosperous life.

How to Prepare to Pass On Your Legacy and Assets

It is a sad fact of life that we all must one day pass on. Planning for your legacy and assets is important to ensure you have the right people in place to carry out your wishes. 

If you're not sure where to start, this article offers some advice about preparing for passing on what matters most.

Consider Leaving a Will

A will is a legal document stating not just how your assets should be distributed after you pass on, but also discusses animal care and even child guardianship. 

It is an important document that will allow your friends and family to adequately mourn your death without having to worry about all the loose ends because you would have already dealt with that for them.

Create an Estate Plan and Gather Important Files

An estate plan outlines what happens to your assets and property when you die, including appointing the executor of your will and naming beneficiaries for insurance policies, bank accounts, and retirement plans. 

This allows for the smooth transfer of your assets and often prevents unnecessary taxes upon your loved ones. Make copies of all vital records such as birth certificates, marriage licenses, and passports so they can easily be retrieved by family members in case there's a need for them later.

Provide Information About Next of Kin

If possible, provide contact details for close family members who may not be aware they are listed as emergency contacts with financial institutions or other service providers where personal information must be provided to them upon request.

Consider Leaving a Letter of Instruction

A letter of instruction is typically left for family members to let them know what they can expect after you pass on, including how your assets are managed and any information that may help ease the transition into their new lives without you. 

Discussing with beneficiaries about who will inherit which accounts is important, so as to remove any confusion about where each account belongs once it comes time to transfer funds or close accounts.

Discuss With Your Legal Advisor the Best Options for You

Discussing your options with an estate planning attorney is important to ensure you have the right plan in place that suits your needs. Also, creating an accurate list of all physical and financial assets can help family members access accounts, transfer money, or claim property without issue after you pass on. 

Another option is to set up a trust where certain assets are transferred to the trustee, and it dictates who administers the afore-mentioned assets for the beneficiary.

It is important to prepare for the passing on of your unique legacy and assets. Whether you have dependents or not, it is important to be prepared for when tragedy strikes. You may be and feel young, but we never know when it is our time to move on.

Estate and Tax Planning: Where to Get Started

Estate planning isn't just for the super-rich. Almost everyone has an estate, whether large or small. Your estate includes personal items such as cars, property, jewelry, bank accounts, and investments. 

But estate and tax planning are more than just protecting your assets. It's about preparing for illness, disability, passing on, and planning for your heir's future.

Tax and estate planning can be a complicated road to travel, and it can be daunting knowing where to start. Here are a few tips on where to get started with estate and tax planning.

What is Estate Planning?

Estate planning is making a plan in advance and taking steps by naming the people, charities, or organizations you want to receive your assets after you die. Estate planning makes it easier for your wishes to be carried out at a later date.

What is Tax Planning?

Tax planning involves taking a hard look at your financial situation to reduce your tax liability. Tax planning is crucial to estate planning because your taxes can have a significant impact on how much you pass to your heirs after you die.

There are three related federal transfer taxes: gift tax, generation-skipping tax, and estate tax. Depending on the value of your estate, all of these taxes can affect the amount you leave your beneficiaries. You must use professional tax planning to ensure your beneficiaries are well cared for after you pass on.

Getting Started With Estate and Tax Planning

Your estate planning will change as your needs, financial situation, and family change. From the time you become a legal adult, start working, accumulating assets and investments, you should begin your estate and tax planning. Use these steps to get started.

Up-to-date Beneficiary Designations

Even if you're single and early in your career, you need to designate a beneficiary for your 401(k) and life insurance policy. Update your beneficiaries as your life changes and your family grows.

Health Care Proxy

A health care proxy allows someone to make health care decisions on your behalf if you can't do so yourself.

A Living Will

A living will allows you to leave instructions for the end-of-life treatment, such as non-resuscitation or life-sustaining treatment.

Durable Power of Attorney

A durable power of attorney allows someone else to make financial decisions on your behalf.

A Will

If you're early in your career and have no assets, you may not need a will, but a will is crucial when you own a home or other properties where you don't have a beneficiary named. Finding the right will lawyer who understands your particular issues can put you in a good place so you won't be stressed or worried.

Guardian for Your Children

It's essential to your estate planning to appoint a guardian for your children if both parents die or if you're a single parent with sole custody.

It's never too early or too late to begin estate and tax planning. Using an attorney who offers innovative solutions for tax and estate planning is the best way to secure your family's future after you pass on.

How Estate Planning Now Helps Your Finances in the Future

Even people who are otherwise financially savvy often make the mistake of putting off estate planning too long. By getting a plan in place early, though, you can make your own finances easier to manage in the future. 

Here are four ways in which estate planning now can help your future finances.

It Sets a Clear Road Map

Once you have your estate plan in place, you'll have a roadmap for much of the rest of your financial life. Assets that you plan to transfer to your heirs should remain untouched, while those set aside for your own expenses should be given priority when it's time to liquidate. 

Of course, you can still change your plan as you go. With a plan in place, though, you'll find that future financial decisions become more streamlined.

You'll Have the Peace of Knowing Your Heirs Are Provided For

All parents want to leave legacies for their children. The problem, though, is that trying to create inheritances without a plan in place can take up all of your time and produce poor results. 

With an estate plan, you'll have a working idea of what your heirs will receive when your estate is divided. This, in turn, will provide you with more peace of mind and a certainty that you've provided properly for your children and or grandchildren.

You'll Get Expert Input

When creating an estate plan, it's important to go to a good estate planning attorney. An attorney who specializes in estate law can help you maximize the tax benefits to your heirs and structure your estate sensibly. This professional will also help your heirs navigate the process of dividing your estate, ensuring that they won't have to figure it out alone.

It's a Great Opportunity to Re-evaluate Your Own Finances

One of the lesser known benefits of creating an estate plan is the opportunity it gives you to review and evaluate your personal financial choices. If you're living on far less than your retirement investments are generating, for example, now may be a good time to increase your own standard of living a bit to match your means. 

The process of estate planning can bring up holes or flaws in other aspects of your financial life, allowing you to correct them.

As you can see, creating an estate plan now is a great way to simplify your future finances. With a plan in place, you can rest easy knowing that both you and your heirs are provided for.

How to Plan out Your Estate Before You Die

Some people never consider the possibility of creating an estate plan because they believe that it’s particularly difficult. In all actuality, there are simple things you can do to get started with building an estate plan as soon as today. 

The truth of the matter is estate planning does not need to be difficult, especially if you follow this 5 step checklist to prepare your documents.

Advance Directive

An advance directive typically referred to as a living will, is a document that provides guidelines as to what medical personnel are authorized to do if you become incapacitated in the future as to which you cannot tell them what your preferences are. 

You can include details such as whether they should utilize life-sustaining measures like breathing tube and feeding.

Life Insurance Policy

If you own a home or if you have children, it’s especially important that you get a life insurance policy as a part of your estate planning efforts. 

A life insurance policy can help to cover estate taxes and pay large amounts of debt, in the event that you pass away and the aforementioned expenses get passed on to your spouse or family members, such as mortgage payments for example.

Power of Attorney

A power of attorney (POA), gives another individual the legal authority to make decisions on your behalf. Most experts recommend that you should establish a power of attorney for your finances and your health as well. 

While this can be the same person, it doesn’t have to be and you can choose to give an estate planning attorney, power of attorney over your finances or health care.

Create a Will

Creating a last will and testament is one of the most basic and critical aspects of estate planning. If you pass away without a will, this enables the government to redistribute your assets according to state law. 

The key thing to consider when creating your will is to determine how many assets you possess and the people that you would like to get them.

Digital Assets

In today’s world, most people have digital assets in digital wallets like Paypal, Bitcoin, Monero, and more. When it comes to creating an estate plan it’s important that you don’t forget about your digital assets. 

As such, it would be a good idea for you to list all the digital assets you possess along with passwords and usernames, as to which you can give someone you trust so that they can access your accounts.

As you can see, the process of establishing an estate plan doesn’t have to be difficult. The most important thing to remember is that you should be aware that any asset that you fail to include in your estate plan, will be surrendered to the government. 

In addition to that, take a look at any debts you pay possess or things your children may need if you pass away, and consider these factors when it comes to planning your estate accordingly.

Thinking About Estate Planning? What You'll Need to Include in It

Your property, cash assets, and debts will all need to be settled after you pass away. To protect your loved ones, it's critically important that you have your information in order. This doesn't mean that you have to have a price tag on each item you own, but you will need a list of

• real estate
• collectibles
• power tools
• vehicles
• account numbers to your investment accounts
• phone numbers to account managers
• insurance policies

Anything that can be thought of as an asset or a liability will need to be addressed upon your death, so try to get on top of this while you're healthy enough to get things organized.

Structure Is Key

What are you trying to fund and who do you want to help when you're gone? There are many different ways to pass on what you've accumulated over the course of your life. Connecting with an estate planning attorney early in the process can help to simplify things for those you leave behind.




If you want to put your remaining retirement monies in educational trusts for your grandchildren, set up the accounts before the money is available so it will flow through with minimum fees. 

For those who have a dependent who's special needs or will be collecting disability funds, a special needs trust will be needed. It's critically important that you get the structure set up before the money becomes available.

Simplify Where You Can

Consider what items you can easily pass on by listing the beneficiary as a partial owner. If you pre-decease your spouse, your belongings will generally go to them automatically, but if you are a single or a widow, you can reduce the burden on your beneficiaries by setting up payable-on-death arrangements to keep big ticket items out of probate.

Having a will doesn't protect your beneficiaries from having to go through probate; it actually makes probate a requirement. Tools such as a joint ownership deed on real estate and payable-on-death bank and retirement account structures will protect your loved ones from the time and legal hassles of funneling your estate through the courts.

You want your loved ones to think of you fondly, so do what you can now to protect them from having to deal with estate pressures on your death. Inventory what you have. 

Set up a list of bank accounts, retirement accounts, and insurance policies with contact phone numbers and passwords. Put this list in a very secure place and let your loved ones know where to find the information.

4 Things Retirees Should Know About Estate Planning

You have planned for retirement, prepared for covering healthcare, and researched living expenses. Hopefully, you have also created a will. But one thing that many retirees don’t realize is that even with a will, their death can create financial and emotional complications. For this reason, it is vital for retirees to look into estate planning.

Like most people, you may not have given estate planning much thought until your retirement rolled around. When you retire, it makes you think about your future, your assets, and your death. While it may be a big task, you should start your estate planning today by learning these four facts.

Plan for Probate Costs

All retired individuals should make sure they have money saved or individuals prepared to cover probate costs. After your passing, your will is going to be executed by the specific person you named. When this happens, it’s called the probate process. 

The amount of time it will take for the probate process and the fees charged will highly depend on the state you’re in. In most states, you can expect probate fees to cost around 10 percent of your estate’s value. If you are not already prepared for this, it can cause financial strain on your loved ones.

Financial Beneficiaries

Probate is complicated, and many people find it useful to avoid it altogether. As you’ve discovered above, probate can be a lengthy and expensive process. You can help to avoid probate with financial beneficiaries. 

To do this, you’ll have the financial institutions that are holding your specific financial assets include a beneficiary. This way, they can hand over the asset or funds to your beneficiary upon your death. This is a well-known loophole of probate in the estate planning process that you should be taking advantage of.

Consider Living Trusts

While financial beneficiaries can be named for assets like brokerage accounts, savings, and checking accounts, they don’t work for all types of assets. For larger physical assets such as your car or home, you’ll need to set a living trust. 

This type of trust can also be referred to as a revocable trust. The living trust allows you to state beneficiaries, called trustees, that can retain control of the asset in the event of your death.

Know About POAs

One document that is often discussed during the estate planning process is the power of attorney, or POA. This document comes in two forms, which include financial and medical. In a financial POA, you’re giving the right to give control of your assets to a specific person in the event you become physically or mentally unable to do so. 

With a medical POA, you’re specifying a person who will have control over your medical preferences in the event you become physically incapacitated.

Estate planning is something that everyone should consider doing. Retirement may be the perfect time to sit down and take your individual wishes and assets into consideration. Hopefully, you now have a better idea of how estate planning works and are more confident about contacting your lawyer to discuss starting your own planning.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan

Handling Finances: How to Plan For Your Estate

You don't need to own a lot of property or have a great deal of money to need an estate plan. In fact, if your possessions are limited but those you want to give to are in serious need, you'll want a plan that will disperse your assets quickly. Making a list of what you want to accomplish, what you have, and how you want things parsed out is critical.

What's Your End Goal?

Do you have a charity or family member that holds your heart? Then you have a reason to create an estate plan. Carefully consider the people to whom you want to leave your hard-earned possessions and ready cash. 

While making this list, pay special attention to your remaining dependents, including pets. You want to know that if something happens to you, others are covered.

Define Your Assets

To start, make a list of all your bank accounts. What funds do they have, and where will this money go? Then, make a list of your possessions of value. This can be a home, a car, art, or jewelry.

If you own any of these things jointly, sit down with your spouse or partner, and define how you want these possessions to track. If you're married, generally your surviving spouse and offspring will immediately receive the assets. 

If you're divorced, there will likely be legal limitations to be overcome before your asset dispersion can be securely defined.

Stay aware of the laws in your state. Consider a conversation with a Los Angeles estate law firm to protect your California home and assets, for example, from probate or other asset-draining stages in dispersal.

Proper Valuation

Bank balances, retirement accounts, and other monies, stocks, and bonds are fairly straightforward as far as determining their value. However, real estate values change over time. 

Additionally, if you own art that you purchased early in the career of an artist, it may be worth much more as that artist builds a following.




Proper valuation of your assets is particularly important if you're splitting your estate between heirs upon your death. Hire a professional to give you a valuation on anything that may be of fluid value in the future, and get it reappraised in the event of a sizable market change.

Covering Your Assets

If you know that you're leaving behind someone who will need what you intend to give them, it's critical that you invest in the insurance you need to avoid end of life costs. 

A basic long-term care policy, taken out while you're hearty and healthy, can be of manageable cost as you age and make it possible to pass on your legacy.

Additionally, it's important to remember that it's not only age that can lead to needing long-term care. If you have children, it's crucial that you have a plan in place in case you are incapacitated by illness or injury.

Speeding Up the Process

Create vehicles in which to place your assets for long term needs. If the person you want to give to has special needs, consider setting up a special needs trust. Work with an attorney so you can be sure that your assets go in the right vehicle.

For example, if you have a dependent child who will always need support, the right trust will allow them to receive disability insurance as well as your contribution. 

The wrong trust will block them from receiving any disability until the trust has been completely wound down. Each state is different, so do this right the first time to protect your loved one.

Avoiding Probate

If you only have a will, chances are extremely good that your goods and monies will have to go through probate. Depending on the state you live in, avoiding probate will take multiple steps unless you have a surviving spouse. If you are divorced or your spouse has passed on, probate is likely the next step.

Probate is time-consuming, frustrating, and sometimes costly. Don't rely on your will to protect your loved ones from this process, especially if they need those assets to thrive. Address this while you have the ability to make good decisions.

Nobody likes to think about estate planning, but it's an important part of your legacy that needs to be addressed. Do the right thing now to protect the people and causes you want to support in the future.

Ways to Make Sure Your Finances Are Organized As You Age

As you age, you need to ensure you are protecting yourself from financial errors. A great way to do this is to ensure you are taking care of your finances at a younger age. Many financial scams focus on reaching out to older people, which makes it extra important to keep your finances in check.

Follow these steps to remain organized financially:

Keep Your Estate Planning Documents Updated

It is important to make sure you have all of your estate documents organized and updated as you start getting older. You will want to ensure your will, power of attorney, health care directives, living trust, and even funeral home preferences are all up to date. This will ensure your business continues once you’ve passed on.

Organize Papers and Make Sure Someone Knows Where They Are

Make sure your important documents, passwords, and lists of assets are in a secure location. These important papers should be kept in a waterproof box or safe within the home. Make sure the children, spouse, or confidante know where these papers are located if you become incapacitated.

Keep Your Accounts Simple

When you consolidate your bank accounts and brokerage, you will have less to manage. Keeping fewer accounts makes it easier to stay organized and will give you less to manage.

Have an Emergency Fund

It is important to have an emergency fund because there are big expenses that can pop up without any warning. Expensive home repairs, emergency health issues, or other emergencies can cause a lot of stress if you do not have an emergency fund. Having an emergency fund is a top priority at any age, but it is especially important during your golden years. 

There is more you could lose if a big bill came along that you struggled to take care of. There should be enough to cover at least six months of living expenses, but having a financial cushion that can provide a year’s worth of living expenses is ideal.

Life Insurance

Most will already have health insurance for the family, but it is important to have life insurance as well. Life insurance creates a death benefit for the beneficiaries that can take care of education, household expenses, mortgage, and funeral expenses.

Disability Insurance

Disability insurance will give you a little wiggle room if there is an event that causes injury or illness. Most companies have a policy that will provide disability, but it is important to increase your coverage or get your own disability insurance if you’re self employed.

With age, your finances may become more complicated. Make sure you are always organized and prepared by following the above tips.