5 Reasons Why You Should Have a Will

Creating a will is a crucial consideration that can save your loved ones from many unfavorable situations. It gives an easy time for the people you leave behind when you die. Some people often fail to write a will earlier enough, which leads to many complications. Below are reasons why you should create a will.

Reduced Disputes

The will gives a clear image of what should happen with your money and property. There will be disputes among your loved ones because the will states who should inherit after you. If you don't write a will, some people can move to court, seeking to inherit your property against your wish.

The law can decide how to pass on the estate, and this can be unfair to some of your family or partners who had the right to inherit your property. If you find yourself in a situation where you've been deprived of your right of ownership, you can seek help from a will attorney to handle the case for you in court.

Protects Your Business

A will protects your business against individuals who may have no right over it. It shows who should take over your company when you're gone. It could be your family members, friends, or business partners.




Failure to write a will has been a major contributing factor to the collapse of many family businesses because those who get ownership rights often end up mismanaging it. You can choose the right person to take over your business in the will.

Nominate a Guardian for Your Children

You've been taking care of your children when you're alive, but when you're gone, it may be challenging for your kids to survive if you do not write a will.

A will shows that you've left something for your kids, and whoever becomes your children's guardian has a right to access your property to take care of your children.

Identify a Property Manager

When you leave a will for your kids to inherit your property, it should also indicate a property manager who should be an adult. The person is responsible for ensuring that the property is well-managed to avoid misuse that could lead to your business's collapse.

Decide Who Inherits Your Stuff

A will shows the right person to take over your assets when you die. If you die before creating a will, your state law rules out who to take over your property, or it'll be distributed among your descendants. It could be your spouse, children, parents, friends, or mentors.

Some people may take advantage of the situation and claim your property against your wish. This can be unfair to your close associates who'd have taken over the estate.

Ensure you close all gaps concerning your will when you're still alive. You do not want to leave frustrations to your family, friends, or business partners. It'd be best to work with a professional who understands how a will is written.

When Government Negligence Causes Financial Damages in Accidents

 
When people think about the cause of accidents and who to sue when accidents occur, the common target is other drivers or regular everyday citizens. 

There are, however, instances where agencies such as the government can be found negligent and can be responsible for financial damages in accidents.

This could be the federal, state or local government. Each state has its own laws governing the procedures for filing a lawsuit against government entities. These cases can often be more difficult and need special attention and care. 

Though they may be challenging, if you follow the proper protocols and steps, it is possible to recover damages from the government following an accident.

Case Examples

There are several different examples of cases where government negligence can come into play. These are scenarios that people do not often think of, though they are more common than most might believe. 

For example, if you get into an accident because you hit a major pothole in the road, or perhaps someone else hits the pothole, loses control, and hits you, those responsible for maintaining the road can be found negligent. They are negligent for not fixing the pothole. 

This can also be the case with other hazards that impede traffic on the road. In most situations, the party responsible for maintaining the roads and keeping them free of hazards is the government.

Another example might be any accidents that are caused by road construction issues. Perhaps the traffic was routed incorrectly, or cones or barriers were misplaced. There is a possibility that the government may be found negligent should an accident be caused by these types of issues.

Another, lesser thought of the situation may be if a government employee is driving while in the course and scope of their duties and causes an accident. In this case, the government may also be held liable.

Understanding the Process

Going about an accident or personal injury case when the government is involved can be complicated. These cases run differently and generally have different rules and deadlines than normal personal injury cases. 

Suing the government is no simple task. Let’s say you are suing the government in Utah for negligence that caused your accident. In a normal case, you would have up to four years after the date of the accident to file a lawsuit. 

Due to something called the Governmental Immunity Act of Utah, if your personal injury case is against the government, you only have one year to file your claim.

Get An Attorney

Because of the special circumstances and issues surrounding a lawsuit against the government, it may be advisable to find an attorney to help you through the process. 

With the dates and deadlines being tighter, having an attorney will take some of the burdens and stress off of you.




Further, and possibly most importantly, an attorney will be able to say with more certainty whether or not you have a case against the government. 

Because of how big of an undertaking it can be, you want to be certain you have the correct parties identified before filing a lawsuit. An attorney will be able to help you navigate through the process no matter which path you eventually choose.

It may seem like a daunting and almost impossible feat, but there are ways you can hold governmental agencies financially accountable for their negligence in an accident. 

Knowing where the government may be responsible, understanding the process, and potentially seeking help from an attorney are all ways to maneuver through cases like these with more ease.

Family Law Mediation Can Impact Your Finances

There is nothing good about dealing with a divorce. Divorce is rated as one of the most stressful processes one can face. This is because the divorce process brings much emotional turmoil and financial implications and tears families apart. 

However, during this hard process, family law mediation can alleviate your stress and give you a slightly simpler time as you make your life decisions after your divorce.

Such decisions include how to share your assets, support payments, and child custody. Family law mediation can impact your finances a great deal. Luckily, the impacts of family law on your finances are mostly positive. Here are some of how family law can impact your finances.

What Family Law Mediation Means

When a couple is involved in a divorce, things can quickly escalate and lead to disagreements, particularly with the more sensitive matters such as financial assets and child support. That is where meditation comes in handy. 

With the help of a professional, impartial mediator, the divorced couple converse and come up with an agreeable solution that will work for them both. Mediations are usually physical meetings and can only take part if both parties are on good terms and cannot harm one another.

How Family Law Mediation Can Impact Your Finances
Cost-Effective

As compared to other settlement measures available for divorced couples, family law mediation is one of the most pocket-friendly costs. 

This is because you only have to pay your mediator as compared to settlements whereby the divorcing parties have to pay both of their lawyers. 

Quicker Pace

Since your sessions with your mediator are personal and private, you can take them at your desired pace. You can slow down your mediator when you feel they are moving too quickly or hasten them up whenever they lag behind. 

You have power over your mediation sessions, and you can ensure you take the most minimum time possible. Therefore, doing this will go a long way in helping you cut costs and save you a lot of money.

Save on Legal Fees

Presenting your divorce case in court is not free. There are several legal fees you may be required to pay before the court decides your settlement case. Using family law mediation services will help you to cut down on these costs as you focus on resolving the contention at hand.

Allows You Time to Work

Since family law mediation moves at your pace, you do not have to put a standstill to your daily duties and routines. Instead, you can continue working and, in turn, get paid while you make plans for mediation with your professional mediator.

Negative Impact

If you are looking for a solution that will not cost you even a dime, mediation is not your go-to option. This is because you will have to pay your family law mediator for the services they have offered to you. But that should not be a big deal if you put this negative side by side with all the positives.

The Best Option

The whole divorce process can be rather confusing. It gets particularly harder when you are not fully equipped with the options you can use to settle all the crucial matters. However, by hiring an attorney for family mediation, you will make matters much easier.

It is the best option that you can employ while dealing with the issues surrounding divorce cases. An attorney for family mediation can be your mediator if they are trained, and if they are not, they may be able to recommend a good mediator to help you with your divorce troubles.

Downsizing to Keep Your Adult Kids Out

At present, having your 21- to 35-year-olds living back at home is becoming normal. As of July 2020, 52 percent of 18- to 29-year-olds were living with their parents based on a September 2020 analysis of data from Pew Research Center.

The majority of parents have good intentions and openly take their adult children back home represents helping them handle a temporary situation to save money, reduce their debt or get a stable well paying job.

But if the returning adult child continues to remain beyond the time limit, the new situation can be much more than just a small inconvenience, health specialists claim. 

Young adults who neglect to establish progress at their job, brush aside multiple opportunities they are presented with can negatively affect Mom and Dad's finances, postponing any arrangements to scale down and decrease retirement savings.

This puts further burdens on parents from the ages of 50s and up. So, you should understand the odds are very high that you're going to have less money when your adult child returns home.

If you're expecting your 20- to 30-something child to return home or you've had enough of them repeatedly returning every few months and want them to become more self-sufficient, here's what you should do.

• Establish expectations early.
• Make it somewhat uncomfortable by not having a spare bedroom.
• Don't allow it to repeat.

Consider downsizing your home

Downsizing is the term for moving from a larger home into a smaller-sized home typically with less maintenance. For some people, this means a home with less land (grass, bushes, trees) to maintain or a home with less square footage and fewer unused rooms.




Downsizing occurs frequently for parents whose children are grown and left home. There is no longer a need for one or two spare bedrooms, being near to schools, or having a large yard. This group of homeowners commonly switches to a home that best suits their new lifestyle and for the rest of their lives.

The process is quite simple, you'll sell your home and move into a smaller home that costs less than your existing home. The proceeds from the sale of your current home can be used for living expenses, or a portion can be put into a money market account and instantly available for any investment opportunities that may arise.

This strategy may give you some flexibility if you buy the new home with all cash. You can also simply refinance your home, get a line of credit or apply for a reverse mortgage to help you. Each of these options sounds like a win-win.

The best thing to do is to figure out how much will be put down on the next home you're buying or the maximum amount you'll pay for rent, and how this will affect your monthly cost. Consult with an expert such as a financial advisor or estate planning specialist.

How Your Finances and Expenses Might Change as You Get Older

If there’s one constant during a modern adult life, it’s the need to stay on top of your finances. Paying bills, filing taxes, and setting a budget is as important at eighty-five as they were in your early twenties. 

But while the importance of personal finance is always the same, the exact way to handle your money changes as you age. There are certain things a retiree has to think about that would never cross a younger person’s mind. Here are four ways that your finances and expenses will evolve as you grow older.

Planning for a Limited Income

When you’re in the prime of your career, you might always sense that there’s more money out there to be made. Whatever happens in the long run, you can always pick up extra shifts or get involved with a side gig in order to make ends meet. 

When you’re older, you no longer have these possibilities. A person’s retirement income is relatively fixed, and you’ll have to make sure you are living within your means. That’s why budgeting is absolutely essential.

Increase in Medical Expenses

Older bodies aren’t as resilient as their younger counterparts, meaning you’ll likely spend a decent portion of your later years at a doctor’s office. You need to take this into account as you think about your finances. 

Eschewing insurance is risky when you’re young, but it’s downright foolish when you’re getting on in years. Make sure you’re properly insured, then set aside some extra funds for copays and medications.

Medicare Comes Into Play

Once you’ve turned sixty-five, you’ll have access to health insurance through Medicare. The system can be frustratingly complex, but you need to navigate it if you want to receive the health care you deserve. You can make the process more manageable by investing in Medicare advantage solution software.

Receiving Benefits From the Government

As you get older, it becomes more likely that you’ll be eligible for a number of government benefits. In addition to Social Security, you could also qualify for disability or survival benefits. 

Familiarize yourself with the law so you know exactly what you’re entitled to. After a life of hard work, you owe it to yourself to claim the payments you deserve.

Getting older changes the personal finance playbook. Keep these tips in mind as you steer your finances through your retirement years.

Socially Distanced Work And Commute in 2021

The year 2021 is going to be about the same as 2020. At least for a while, that is. Offices will continue to maintain a hybrid schedule and social distancing. Meanwhile, the commute to the office should be similar to the one that started in the summer of 2020.

By the end of 2021, it's estimated that approximately 25% of the workforce will move to remote occupations. What does this mean for you? Probably a bit of confusion while you and your company figure out the best way to maintain efficiency.

For more information, here's what you might expect from socially distanced work and commutes in 2021.

Shifting Insurance Costs

Many auto insurance companies froze rates during 2020 as fewer drivers were on the road. On top of this, they halted the cancelation of policies for many due to lack of payment. All of this could mean an increase in premiums for car insurance in Montreal and other Canadian cities.

If you're one of the people who encountered financial loss due to the pandemic, you may need to look at another insurer with lower premiums. Be proactive and reach out to companies like KBD Insurance for a sample of quotes you can examine.

Office Configurations

There's a good chance the reconfigurations made to your office will stay the same for the future. Therefore, you could feel more isolated at your desk, especially when a portion of your team is permanently placed on a remote status.




Don't let this get you down. There are still ways to maintain a positive work experience with social distancing. As long as you wear a mask and maintain a safe distance, don't be afraid to talk to others in the office. If that can't be done, then schedule video chats with one or multiple people to keep engaged with other workers’ goings-on.

Moving to a Digital Workspace

Even when vaccines begin to lessen the danger of coronavirus, your company might consider closing down its physical office. You'll need to work in an all-digital format. Here, it's even more critical to stay in touch with everyone.

If not established yet, ask your management to invest in a chat application. Seeing others on your team might not be an option. However, you can chat with them for advice or to see how they're doing. Additionally, ask your management to establish a regular meeting to fill everyone in about the latest issues and achievements.

A Commute for a Digital Office

Though you were based at an office desk for eight hours a day, you had the opportunity to move around. This included commuting to and from work via your car or public transportation. Should your office go digital, you want to avoid sitting at the kitchen table or your home office all day.

Once restrictions loosen, consider working at a coffee shop. This is exceedingly feasible if your position doesn't require continuous customer service. If you want to take public transportation, make sure you follow their protocols as well. Maintain space between you and the other riders if you possibly can. Before and after the trip, wash and sanitize your hands.

Remain Calm

Granted, 2020 was a stressful year that put you on edge. If it wasn't coronavirus, it turned out to be something else that disrupted the normal flow of your days. Until a large portion of the population is vaccinated, you could still feel on the fringes of panic.

If this is how you feel, then try to find a way to relax. Feeling anxiety each day is not healthy. It makes you jittery without caffeine, and that's not good for socially distanced work or your commute. Because you're constantly distracted, you can't concentrate on the tasks at hand.

Find a way to relax. Meditation and deep breathing are known ways to reduce anxiety and lower your blood pressure. If that doesn't help, then step away from your work environment. Take a walk to clear your head. Or simply sit on a bench, close your eyes, and listen to the environment around you.

In the end, know that 2021 will not be a repeat of 2020. Things will get better for your, your friends, and the city.