Legalities to Consider When Leaving an Inheritance to Minor Children in Your Will

If you are thinking of leaving bequests to minor children in your last will and testament, you should keep several things in mind. If the children receive an inheritance while they are still under the legal age of adulthood, gifts of value like money, investment shares, or anything of significant worth may be held in trust until they become adults. 

Here are considerations that may impact a child’s inheritance.

Child Custody

Children of divorced parents may be experienced with shared parenting, which means both parents oversee the financial interests of their kids. If an inheritance is left under the supervision of one parent or the other, it needs to be designated that way. 

Otherwise, either or both parents may try to gain control of the inheritance and possibly misuse it before the children reach legal adulthood.

Trusteeship

You can designate another relative or someone outside the family to serve as trustee of the children’s inheritance until they are old enough as stipulated in the bequest to receive the gift as an adult. However, the trustee should give consent and understand the terms of the bequest before you add that person to your Will. 

Considerations for any person to serve as trustee include that person’s age, health, and other responsibilities. For example, if the trustee is in the military before the kids reach legal age, could the trustee be serving overseas in a role that would make it difficult to return to the U.S. if needed?

Specific Designations

If you bequeath financial gifts to minor children without strings or guidance, the money can be used for anything when the kids grow up and receive the inheritance. If you want them to use the funds for college, travel, a car, or another specific expense, that should be clearly spelled out in your Will. 

If the gift is to be used for college, will the children receive it as soon as they enroll in college classes, when they successfully earn passing grades for a semester of courses, or when they receive a college degree?

Legal Questions

As you can see, leaving an inheritance for underage children can be challenging. It is important to be sure that your bequest is clearly explained and that the person you want to care for the gift until the children grow up is capable of doing so. Consult a trust attorney for help with arranging this type of inheritance so there will be no problems later.

Plan your bequests ahead of time by considering the details. Consult a legal authority who can help you make adequate arrangements for leaving minor children an inheritance.

4 Reasons to Get Serious About Having a Family Trust

Often many of us are so consumed with day-to-day responsibilities we neglect to properly plan for those whom we care for most.

Presuming that all will work out for the best without taking the necessary steps to assure that wished-for, favorable outcome is not a dependable strategy.

Read over and consider the following four reasons to get more serious about having a family trust. Doing so can put your mind at ease.

Being Proactive Versus Reactive

There are generally two courses of action to take with living life. One is either proactive or reactive with events that occur.

If you are one who lives reactively, you are always responding to the situation after it has happened. You are continuously having to deal with the adverse circumstances brought your way often due to a lack of planning.

If you prefer to live life proactively, you are always looking ahead. That involves planning for those worst case scenarios along your life-journey.




Proactive living invariably requires us to prepare for the time when we are no longer around to provide for and take care of our family members.

The best person to help secure the future of those close to you is a living trust attorney. This type of law practice helps the proactive among us to rest assured our loved ones get what we wish for them in our absence.

They will work with you to find and address key concerns about your final wishes for what and whom you leave behind.

Protects Family Home

One of the most valuable benefits in a person’s life is their home. It is the launching point for most of life’s major decisions like career, mate and where to live out those choices.

Having the blessing of at least a base of operations is an irreplaceable benefit for those who must live after you are no longer there to help and guide.

Assigns Other Assets

Another advantage is that you can assign your hard-earned assets how you best see fit. This can eliminate years of inter-family feuding by specifically stating your wishes.

Preserves Inheritance

A family trust is a legally binding document. It in essence grants the successors mentioned within it specific ownership rights to property left to them. This prevents spurious claims to the estate.

A family trust is a legal, proactive document that secures family assets and protects vulnerable family members in times of loss. 

4 Things You Need to Include When Writing Your Will

No one really wants to contemplate his or her own mortality. At some point, though, any responsible person will decide to create a will so that his or her family will be taken care of after he or she is gone. If you are looking into creating a will, you’ll want to make sure that you take care of the issues below.

Immediate Concerns

Always start with the most immediate concerns. If you have children, make sure that you appoint someone to take care of them. If you have pets, include where you want them to go. 

If you have a business, make sure that someone is appointed to run it in your stead. While these may all sound like very basic decisions, they’re the issues with which your family will first have to grapple when you are gone.

Your Funeral

Don’t forget to pay attention to your funeral in your will. If possible, go ahead and specify the funeral home and crematorium that you wish to use. If you have any special wishes, go ahead and include them—while they may not all be honored due to specific laws and regulations, it’s always good for your family to know what you would have wanted.

Special Provisions

You’ll also want to make sure that you get anything special filed away as soon as possible. If you want to leave the bulk of your estate to a charity, you’re going to want to get it in writing early so that no one will challenge your decision. 



If there’s a special item that you want to go to a specific family member, you also need to include that. Remember, there comes a point at which it really is too late to get these special items included.

Special Circumstances

Finally, make sure that you take care of any special circumstances regarding your estate when you make a will. If you have an unusual family situation, make sure that you specify whether an individual is included or if he or she is being purposefully left out.

If you know that your death might lead to specific issues in your business, make sure that you have some method of dealing with those issues included in your will. Do what you can to ensure that confusion isn’t left in your wake.

Always make sure that your will takes care of immediate issues, list your wishes for your funeral planning, and handles any special situations and provisions that might impact your loved ones. The more information you put in the document, the fewer issues with which your family will have to deal.

4 Overlooked Estate Planning Moves

When people think about estate planning, they typically think about drafting a Will and passing on property or money to family or other loved ones. However, preparing for the future may involve other areas you may not have considered.

Increased life spans, new technology and rising costs could mean making plans beyond deciding who will get what. Here are four estate planning steps that are often overlooked, but which can have a big impact on you and your family:

Make a plan for your future medical care

Our health naturally deteriorates as we age, but accidents and sudden illness can also greatly impact one’s quality of life. Planning for future medical care could help you maintain a measure of control during some worst-case scenarios.

One way to plan for future care is through an advance directive. This is a legal document where you can record preferences and instructions for medical care and grant another person power of attorney to make decisions on your behalf if you’re unable to do so for yourself. 

An advance directive can help guide your family and doctors through important decisions that could impact your quality of life.

Think about your digital assets

As our lives increasingly move online, having an end-of-life plan for our digital presence and files is becoming more important. Loved ones may need to access your computer or email to find important information, such as financial statements. They might also want to close certain accounts to help prevent fraud or to aid with the grieving process.




Many sites make it easy for family members to access online information or close accounts, but some do not. Taking steps now could help this process go as smooth as possible when the time comes. This may include things such as keeping a secure record of important usernames or regularly backing up documents saved to your computer and other devices.

Consider burial costs

The price of a funeral can be expensive. In many countries it can even cost in the tens of thousands of dollars. The burden of this expense could be tough for your loved ones to shoulder, especially since families often need to come up with funeral money on short notice.

With this in mind, you may want to familiarise yourself with the costs of funerals in your area. Knowing the average costs of burial fees, coffins and flowers could help you factor the expense of a funeral into your estate planning. 

You might decide to set aside money specifically for the service, or look into other ways to pay, such as taking out a funeral insurance policy.

Share your funeral wishes.

Planning a loved one’s funeral can be difficult for reasons beyond the cost. Often, family members have no idea what the deceased would have wanted. Discussing any funeral wishes you may have with family could help remove some of the guesswork.

If you have any strong preferences or general thoughts about your own funeral, sharing these with your family could help them honour your wishes. This might include things like preferring cremation, wanting an eco-friendly burial or requesting a favourite song be played at the service. You might also consider writing down your funeral wishes and giving a copy to a trusted family member or friend for when the time comes.

Planning for an uncertain future may not be fun, but it could help your family better cope with their loss. Making a plan to address medical issues, digital information and your funeral may be important. The more consideration given to these subjects now, the easier it might be for your family to close out your final business and say goodbye.

4 Ways the Elderly Can Plan Their Estate and Write a Will

No matter your age or your health, it is a good idea to plan what will happen to your assets when you pass away. Doing so will make things easier on your family in the event of your death. Here are four ways the elderly can plan their estate and write a will.

Start Early

When it comes to your will and estate planning, it never hurts to start early, but it can be a problem if you start too late. You do not want to leave this world and leave behind no guidance for your family and other beneficiaries regarding what you wanted. 

Start thinking about your estate planning early. You can always alter your will later if you change your mind.

Consider Everyone’s Wishes

When planning what will happen to your estate upon your death, you need to consider who will get your assets and how they will be distributed. This also includes charities as well as certain items you want to go to specific people. 



You should not discount your own wishes, of course. If you want to be cremated, for example, you should make that clear. You should also plan to leave enough to cover funeral costs and a headstone and burial plot if you wish to be buried.

Meet with an Estate Planning Attorney

An estate planning attorney is your best option for crafting a will. Although you can draft your will yourself and it will still hold legal weight, a professional estate planning attorney can ensure your will conveys the exact meaning you intend in addition to holding up in court. 

They will inform you of all relevant inheritance laws and take your desires into account so your wishes will be carried out.

Consider a Living Will and Power of Attorney

A living will takes effect while you are still alive. It outlines what care you do or do not want to receive at the end of life. Power of attorney designates someone close to you whom you trust to make medical decisions on your behalf in the event you are incapacitated. 

In some states, the living will and power of attorney are combined into the same document. You should also consider a living trust, which ensures your beneficiaries won’t have to go through probate court to claim what you left them.

Planning your estate and writing your will are not what you likely want to think about. However, it’s very important so you get the end of life care you desire and your beneficiaries get exactly what you want to give them. You can rest in peace knowing your affairs are in order.

Financial Planning: The 5 Best Practices of Taking Care of Your Family's Estate

Many people are uncomfortable thinking about death and aging. This discomfort, however, is not an excuse to avoid making the decisions needed to take care of your family when you are no longer able to provide for them. 

ortunately, legal and financial professionals can assist you in developing a solid estate plan. Below are some tips for ensuring that your funds are used in the way you want them to be after you die. 

Plan While Healthy

Begin the estate planning process before you have significant concerns about your well-being and ability to make critical decisions. 

The last thing you want to do is get to a point in your life where you are no longer mentally or physically capable of making decisions when it comes to the future of your estate. 

You need your wits about you. You don’t want someone outside of your family or even other family member making decisions about your estate that you never intended. If you haven't already, contact a lawyer to discuss estate planning options.

Address Estate Planning Comprehensively

While a will is the foundation of your estate plan, it is not the only document you'll need to have drawn up. 

Depending on your situation, you will also need to name guardians for your children, develop an advance care plan that directs your medical care at the end of your life, and to name beneficiaries your insurance policies and retirement benefits.

Consider Trusts

During the estate planning process, some people become concerned about whether their heirs will be able to responsibly manage the money left to them. 

Trusts can be used to protect funds while also ensuring that your heirs are able to accomplish their goals with the money left to them.

Talking to an experienced banker is one way to learn about and establish trust funds. In some cases, there may also be tax benefits for both you and the beneficiary. 

Companies like Home State Bank will understand your concerns and be willing and able to help you with these aspects of estate planning.

Open Communication with Beneficiaries

Serious illness and death can sometimes trigger conflict within families. Communicating with heirs about your estate plan while you are still alive can minimize the likelihood of this happening. 

It will also ensure that your estate is divided up fairly between your family, and everything be taken care of the way you intended it. 

Review and Update Your Estate Plan Regularly

You want to make sure you are keeping track of your estate, making updates, and planning for the future of it as needed. 

You may have one plan, but life will likely throw some curve balls your way and you will likely have to make some changes in your estate planning. If you experience important life changes, such as a divorce, death of a spouse or ex-spouse, or the birth of a child, update your estate plan immediately. 

If a former spouse dies, be sure to talk to your lawyer about changing your qualified domestic relations order (QDRO), which divided your retirement funds with your ex-spouse.

Addressing financial planning issues now can save you, and your family, a great deal of stress later. It gives you a lot less to have to worry about down the road knowing that everything will work out as it needs to when you are gone. 

Don't be afraid to ask questions of the professionals who you work with, and allow yourself the time to think about your plan so that you can feel confident about your family's future.

Estate Planning: How to Tackle This Vital Part of Your Personal Finances

Estate planning should be part of everyone's financial goals for a secure future. No matter a person's income level, outstanding debt, or family status, an estate plan will determine the disposition of a person's assets at the time of their death. Here are some key points to keep in mind.

Consult An Attorney

An estate planning attorney, or one that specializes in wills and trusts, can help you go over your financial affairs and plan for the future once you are gone. Whatever you own at the time of your death must be disposed of in some manner. Normally the assets will go to the family members or friends who are named heirs, but that is up to you to decide. It is better for an individual to make this decision beforehand than to let the court make decisions after the person passes away.

Appointing an attorney to act as executor of your will is an excellent way to ensure your intent for the division of your estate is carried out in an impartial, accurate manner. Doing this removes a lot of potential stress from your family members down the road and can spare a lot of hurt feelings, misunderstandings and even legal disputes. 

Take Stock of Your Assets

In preparation for writing your will and making an estate plan, it is a good idea to make a comprehensive list of all your current and anticipated assets, or belongings. These include property, bank accounts, furnishings, personal effects, vehicles, stocks and investments, and cash, among other things. The list should include the current or future holder's or institution's name. For example, indicate that your father has promised to give you an antique vehicle if he predeceases you—it’s always better to put anything you want to be legally binding in writing. 

Summarize Your Debts

Similar to listing assets, review your current and probable future debts, such as the balance on a home mortgage or the kids' college tuition, if you expect these to be long-term obligations. Include projected expenses like funeral costs and bequests to loved ones, if assets are available for this purpose. During this step, start forming plans to tackle these and existing debts. Make sure your debts will be paid off or settled, as this will make the handling of your estate much easier for others, when the time comes. In most cases, the debt of the deceased cannot be inherited by their survivors, though in some cases collectors can legally try to collect from your beneficiaries. 

Consider Your Beneficiaries

In addition to your spouse and any biological or step-children, you may want to include adopted kids, foster children, or close friends. Extended family members can be added, as well. Some people designate funds for churches, charities, or universities. Much like making a will, this part of your estate plan will help you organize who will get what. It’s best to go about this over the course of a few years, so you’ll have time to really think about who your beneficiaries are and in what capacity you’d prefer them to inherit from your estate.

Your estate planning attorney can advise you about death taxes and other fiscal responsibilities or costs that may apply when you pass away. Having everything prearranged with a living will, a will, a funeral plan, and an estate plan can make it easier for your loved ones to carry out your final wishes and transfer property and assets to those who should get them, while paying any outstanding expenses.

Informational Credit to Rutter and Sleeth Law Offices

Estate Planning Is the Most Important Financial Planning You Will Ever Do

A lot of individuals assume estate planning is simply about minimizing the estate tax. There actually are many other critical parts to estate planning. Regardless of whether your estate is going to owe tax or not, for the majority of people, estate planning is still  essential and ought to be planned and maintained. 

A Few Reasons to Create an Estate Plan

• Select a guardianship for dependents
• Have monetary security for your loved ones
• Reduce estate and income taxes
• Pass on real estate to specified beneficiaries
• Streamline management of your estate
• Keep the details confidential and avoid probate

What Resources are Required?

Estate planning may be easy or complicated, being dependent on your circumstance and wishes. For many people a simple estate plan is the only thing that's needed and can deliver considerable benefits. A visit to your estate planner usually involves reviewing the following information and discussing your plan specifics.

• Go over existing wills or trust instruments
• Catalog of all possessions, investments, financial obligations, etc.
• Be aware of how each property is titled
• Establish who will be left your estate
• Outline any special requirements of the beneficiaries
• Select the individual to handle your affairs
• Consider giving to specific charities
• The amount of health-related treatment you desire
• Precisely what memorial arrangements you desire

Process Involved

There are primarily 3 steps associated with setting up your estate plan: planning, documents, and execution. Every phase consists of different tasks that may necessitate the services of a CPA, legal professional, fiduciary, insurance professional, and investment specialist.

Design includes speaking with experts to detail your wishes and objectives and to obtain an understanding of the level of planning required. Documentation needed requires a legal practitioner to prepare legal instruments including a will, trust, durable power of attorney, and medical power of attorney. 

Execution entails entitling property and inheritor designations to correctly fund your plan of action, keeping track of changes, implementing your instructions, satisfying requirements, and compliance.

Professional Estate Administration

Managing an estate must commence before you pass away by detailing what you wish to take place following death or incapacitation. The following individuals are normally involved with the administering of an estate to execute your directions.

• A personal agent to prepare memorial service plans and execute your will.
• A fiduciary(s) to administer any trusts and take care of associated assets.
• A legal professional to help the personal rep with the probate procedure.
• A Certified Public Accountant(CPA), like the ones at Padgett Business Services, to put together estate and tax returns and offer financial guidance.

Income Taxes Involved

There are 5 different taxes that could directly affect your estate: income tax, gift tax, estate tax, generation skipping tax, and state inheritance tax.

• Income tax involves earnings, regardless if it is obtained by an individual, a trust, or an estate. Recognizing when a trust or estate needs to disperse income may substantially minimize taxes. 
• Gift tax relates to the value of an estate, or rights to this kind of asset, or rights to such asset, transferred while you are alive. Figuring out the best ways to use annual and lifetime exemption amounts and appraisal discounts may substantially decrease the gift and estate taxes. 
• Inheritance tax applies to the worth of every property in your taxable estate at the time of your passing. Also simple preparation can save considerable amounts of Federal and State taxes. 
• Generation skipping taxation relates to the value of all property passed on to more than 1 generation below you. This obligation is in addition to the estate tax. 
• State estate or estate tax concerns the citizens of those states that tax the assets of the beneficiaries on the value of the asset passed on at death. Family mechanics and inheritance tax statutes are constantly fluctuating, we can help you keep pace.

Preparation is the secret to managing your affairs, managing resources, and reaching financial security. A visit to your estate planner should result in an education on what the process is and what it will do for you and your surviving family. The following is a check list that you should keep with you when you visit your estate planner. It's your responsibility to make sure you are being taken care of and all your planning is complete.

• Minimize estate, gift, and income taxes 
• Offer an orderly transference of assets.
• Designate guardianships for children
• Find out ways to make use of life insurance.
• Comprehend complex probate laws
• Discharge your desires and wants.
• Recognize how titles impact estate transference
• Assist with management of your estate.
• Know the best ways to make the most of a will, trust, POA, etc.
• Help shield family from creditors.
• Retain more of your resources for your family
• Provide for unique needs of dependents.
• Handle the continuing needs of your Family.

• 
  

Six Things Everyone Forgets to Include in Their Will

Making a will is one of the most important things to do, but many people never bother to do so. A living will is a legal instrument designed to provide protection and support for those that will be negatively affected by your death. Even worse, those who have wills often forget some very basic considerations. Make sure your will includes provisions for these important aspects.

Review Your Will

A will is a living document and needs to be reviewed at least every other year for changes in the inheritance laws. Through the years, people become adults, they marry, have children, and become involved in schemes or business you may want to restrict. In short, everything changes and your will should change with it. In nothing else, updating your will shows that you are aware of its provisions and desire to continue with the exceptions of changes that you make.

Get Your Ducks All in a Row

Some items of personal property are not superseded by the will. This includes designated beneficiaries of life insurance, survivor’s benefits, and other items. For example, if you work life insurance lists your mother as the beneficiary she will get the proceeds even if your will says these should go to your wife and children. It is a good idea to simply re-designate beneficiaries every three to five years and to keep a list of who receives what with your will.

Owning Your Life Insurance

You might want to pay for the premiums on your life insurance, but designate the ownership to a trust or someone else besides you. The reason for this is while beneficiaries don’t pay income tax on these proceeds, if you own it, the payout will become part of your estate for tax purposes, regardless of what the will states. Don’t let the value of these items cost your family a bunch of estate taxes. 

Not Designating Personal Property in Your Will

Do you really want the people in your family fighting over your clothes, or a carefully preserved collection of baseball cards? It is far easier on everyone if you designate what you want to happen to your personal property, and this includes pets. If possible, provide several options in order of precedence. Let’s say you want your son Tom to take your cat. However, Tom can’t take your cat; his wife is allergic. So, include a couple of options so kitty doesn’t end up at the pound, or your collection in the trash.

Using an Online Kit to Do Your Will

Take the time to find a lawyer in Newmarket who is an expert in estate law to assist you with your will. If you can’t afford this now, a kit may be better than no will at all. But, as soon as you can, get that SBMB Law expert involved. They are worth the cost. Remember, each states has separate laws regarding inheritance, and of course, there are federal statues as well.

Leaving Bequests That Don’t Exist

If you leave bequests that cannot be realized by the value of your estate after the debts are paid, then decisions must be made. This could land your estate in probate, or other types of court as your heirs sue for their share. Don’t do this. Keep your debts and your bequests reasoned out and review them frequently. Remember, your funeral costs will come out of the estate as well.

As you can see, there are a great many details to include when looking at putting together a will. This is not a procedure that should be rushed, but attended to carefully by each of us.

5 Tips to Creating a Will that Will Benefit the Whole Family

Image Source: http://www.pallspera.com/

No matter how much your assets are worth, writing a will is an important part of ensuring your family’s future. Here are five tips to make your will benefit your family as much as possible.

1. Take Inventory

Because your will “is the document which will record who is awarded your belongings and how to allocate your finances after death,” it is essential that you take an accurate inventory of your belongings (Donnell Law Group). Whether you have several cars and a summer house to take into account, or only a few family heirlooms to consider, it is important that you take an inventory of your assets.

This step can be done under the guidance of an estate planning lawyer or before you meet with one. Make a written list of all your assets. These can include physical things like a house or vehicle, and intangible things like investments. Make sure you do your research, though, as some things, such as retirement accounts, may not pass via your will. A licensed estate planning attorney will be able to answer any questions you may have.

2. Consider a Trust

Think trusts are only for the wealthy? Think again. According to Suze Orman, “A revocable living trust allows your heirs to avoid probate entirely and keeps you in complete control of your finances while you're alive.”

One of the best things about a revocable living trust is you will be able to make changes regarding the management of your assets as needed. After your death, your elected trustee will follow your directions for care and distribution of the trust.

3. Be Specific

As with your inventory, the best way to make your will effective is to avoid generalizations. Don’t hesitate to give brief descriptions of items or add stipulations to the distribution of your assets.

Being specific is most important when you are establishing the care of your children in the event of your death. This is where you outline exactly who should have custody and care of your children.

4. Look into Life Insurance

If you do not already have a life insurance policy, there is no time like the present to investigate your options. Life insurance is one of the easiest ways to provide for your dependents. Life insurance also can be used for settlement of your “debts, funeral expenses, and income or estate taxes” (Nolo).

5. Take this Chance to Discuss Life Planning with Your Children

Whether you have small children or your kids are all grown, the best time to talk to them about the contents of your will is when you’re writing it.

For young children, this can be a chance to introduce and explain concepts like death and funerals. This may seem intimidating, but it is better that your children have a construct of death before they are asked to deal with a death in their family.

For teenaged and adult children, this is a great time to feel out how you would like to divide your estate. Have personal, one-on-one conversations with your children about what property they would like to have pass to them. Having a specific, written will can prevent disputes later on.

Don’t wait to handle your estate planning. Writing a will is fairly simple, but it offers invaluable protection. Having a written will and other legal measures, like a revocable living trust, will provide financial and legal security for your family.

Creating a Will: What Everyone Tends to Overlook

Creating a will is something everyone should do at some point, regardless of the level of financial assets involved. Money, property, and real estate are the common primary considerations when deciding how items should be divided upon an individual's death, but there may be a few other considerations most people do not evaluate. Death can create legal confusion for those left behind, and those who die intestate will have all personal property divided according to the laws of the particular state. A will is a legal method of circumventing that mandated division.

FINANCIAL ASSETS

In most states, all personal property is automatically transferred to the surviving spouse at the time of death. Families that include duly entitled children from previous marriages may need to update personal wills regularly to avoid legal contention after an unexpected death. Financial asset transfer can be assigned by the primary individual during the will process, instead of leaving the courts to make the decision later. A will can be contested in court, but overturning a will is different from suing for entitled assets, and usually more difficult. Savings and investment growth should be considered when making the will, as these financial instruments tend to fluctuate in value. The same is true for real estate property. An intestate court transfer order for financially valued articles can mean a much larger settlement for the plaintiff without a valid will.

EARLY PROPERTY TRANSFER

Transferring property before death is a good way to avoid taxes and ensure your personal property is divided according to your wishes. This can be a crucial financial decision, regardless of financial asset level. The concept of the death tax is real, and normally applies when not addressed in a valid will. This can also include practically any type of property. Wills should be done with careful prior evaluation, and early transfer often gets left out of the equation. It is always important to allow for all options, especially when it means the inheritor maintains as much total value as possible.

GUARDIANSHIP and CHILD CUSTODY

There is more to making a will than merely assigning financial assets. Minor or disabled children are a family asset as well and proper instructions should be left indicating the guardian decedent's wishes on custody. This can include disabled adult children who live at home or with a guardian individual. Do not leave this important issue out when it applies, as the decedent has the legal right to recommend a living situation for either minor children or disabled legal dependents. In addition, this can also apply to the primary will maker with respect to predesignated power of attorney and health care before a health condition could render the primary incompetent. Property is not the only component to a valid will. These dispositions could even include custody of a pet.

SEPARATE WILLS

Married couples should always have independent wills because it leaves clear designation for property that may be later contested, especially when ex-spouses and step-children are involved. Many married couples have there own personal property, as well as community married property, so it is easy to have a complicated situation. Procrastination is not a good idea either, as the most complicated will cases come when the decedent was not prepared and no acceptable personal will can be located. Accidents happen all of the time, so being prepared is always best.

It is not necessary to retain an attorney to prepare a valid will. Even in simple situations, a will can be prepared with one of the many available do-it-yourself will kits, including instructions on notarization of the document. As long as it is properly notarized, it can even be written on scratch paper when acceptable. It may be a good idea to check into purchasing a fire proof safe before or shortly after making the will. If there is only one document, a SafeWorld a division of Dial locksmith may be the safest protection device and it always at the individual's disposal. Fire proof safes from Edmonton are also excellent for protecting other legal instruments and significant amounts of cash, deeds, and ownership documents. Wills should be re-evaluated each year at tax time, and potentially each quarter for those individuals with significant wealth who monitor growth on a daily basis.

Reducing Your Spending On Loss: 5 Tips For Protecting Your Assets

We grow up accustomed to the fact that we're going to deal with some loss along the way. We've all dropped a great dessert, or maybe even had someone steal something we liked. But when it comes to our financial standing, there are some things we can do to protect ourselves from loss. Whatever your financial status may be, you can use some of the following five tips to protect your assets.

Invest in proper insurance

If you are the proud owner of a business, it is imperative that you have liability insurance to shield your pockets. A sudden accident on the work site or another unfortunate incident could leave an unprotected business owner stripped of their assets in a lawsuit. Homeowner’s insurance is a great advantage in case of a natural disaster, and auto insurance is a must-have for your vehicle.

Keep an eye on your bank accounts

Monitor your bank account on a regular basis, and be sure to report any suspicious activity as soon as your recognize it. If you are in a business partnership, make sure to formalize the union to protect your assets in case of disaster. Remember that anything that your business partner does, you are considered responsible for as well. Simplify joint accounts wherever possible to ensure that anyone with open access to your financial assets does not abuse the privilege.

Use a quality home security system

Your home is a place where your valuable property should be safe. However, many homes are vulnerable. With a system from a company such as Vivint Home Security or others, you can shield your possessions from unscrupulous burglars who seek valuables of all kinds. A Peoria AZ specialist in home security suggested that in the United States a burglary occurs almost every 14 seconds. So, an investment into a decent system can be a great protection against loss of assets in your future.

Minimize online transactions

In this high-paced technological age, the desire to conduct business online for convenience is high. However, millions of people find themselves the victim of identity theft and other online capers where cyber-criminals can drain assets. Keep your online transactions to a minimum, and invest in the best virus protection possible. Keep your bank information safe, and never enter personal information in an unsecured site. Aim to do transactions over the phone, by certified mail, or in person, wherever possible to offer yourself an extra edge of security.

Protect your assets after you are gone

Designate a responsible power of attorney to manage your finances in case you are unable to for any reason. If you plan to leave some of your assets to children or other relatives, remember to place them in a legacy trust. An estate planner can help you set up a trust in your state so you can comfortably leave wealth to your heirs.

No matter the type of assets that you have, it is important to protect them from harm. A financial planner can help you place your assets in an ideal arrangement where they will not be depleted. Seek wise investment advice before placing any of your finances in the stock market or other money account. Using this information can help keep your assets secure at all times.