Estate Planning
The Importance of Reviewing your Beneficiary Designations in Estate Planning
Naming specific beneficiaries for your assets is a great way to direct wealth to specific persons, trusts or organizations without going through the potentially, long and costly
probate process. Assets of this nature are often referred to as “controlled assets” because upon death these assets are automatically directed to the named beneficiary before the probate process begins. It is important to mention that drafted Wills of Last Testament are first reviewed by the court system during the probate process. Thus, assets with a beneficiary designation are excluded from any bequests in the will. Worded differently, these assets will not make up the property available to distribute according to the wishes stated in the Will of Last Testament. Problem? For some people; Yes.
If you are making very specific bequests in your wills pay close attention to Read the rest of this entry »
The Frugal Guide to Building Wealth
So you want to build up some savings and family wealth? There’s nothing wrong with that. It’s only the love of money that’s the root of all evil. The often misquoted verse is located in 1 Timothy 6:10.
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. 1 Tim 6:10
The Contemporary English Version puts it this way:
The love of money causes all kinds of trouble. Some people want money so much that they have given up their faith and caused themselves a lot of pain.
This is actually the theme of many modern movies. As the star chases wealth it results in his own destruction.
But the Bible also admonishes us to provide for our own families and take care of them and God blesses those who use their money wisely.
In this short guide you will get tips for gradually increasing your wealth while living up to your convictions. This is not a get-rich-quick guide, but a method of using wisdom and dedication to create the savings you need to provide for your family.
What’s Your Goal?
First of all, you need a plan for what you will do with the money. Perhaps you are saving to get your first home. Some people save for weddings, college funds for the kids, a retirement account or even a long-postponed family trip. It doesn’t really matter why you want to save, but it’s helpful to have goals in mind as you follow these steps. Read the rest of this entry »
A Step-By-Step Guide to Managing a Deceased Loved One’s Estate
The death of a loved one is a trying time. There are a lot of things that need to be done once the funeral arrangements have been made and the guests have paid their respects. Here is a list of items that will help you get started in knowing what lies ahead in order to get the estate in order. Tim McMahon~ editor
1. Is a Will Available?
The first step in the management of the estate that has been left by a deceased love is to ascertain whether a last will and testament has been left detailing the wishes of the individual. The last will and testament may have been left in a safe place within the home of the individual such as in a safe or in a document folder. If the will is not readily available the family may consult with the individual’s solicitor as to whether they are aware of the creation of a will.
2. Designate an Executor or Administrator
An executor or administrator is the person legally responsible for distributing the estate of the deceased individual. An executor should do so according to the wishes expressed by the individual within the last will and testament. An administrator is designed when a last will and testament is not available. The executor or administrator should be a close family member who is responsible and fit to manage the responsibility of complying with the wishes of the deceased individual. Read the rest of this entry »
