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The pandemic has changed people’s thinking on many things, not the least of which is estate planning and making a will. According to one study, over 68% of Americans do not have a will. But that is changing. In 2021, young adults are 63% more likely to have a will than they were pre-pandemic. Making a will is not the most exciting topic, and it forces you to face your mortality. But whether there’s a pandemic or not, it’s highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst were to happen. Before you sit down to plan your estate, here are ten things you need to know that you might not have considered. 1. What Happens if You Pass Away Without a Will? If you pass away without a will, you and your loved ones will not be in charge of how your assets get distributed. Dying intestate (i.e., without a will) means the state courts will decide who gets your belongings and who will become guardians of your children. If you have a family member you are helping to support or an unmarried partner, you may not be able to pass your assets on to them. The laws in each state are different, but for the most part, your assets will be passed on to your closest blood relative, regardless of who you would have chosen. Having a will in place makes sure that you are in control of your assets and can distribute them as you see fit. So if you want to donate to a school or charity, you can – without the state getting in the way. 2. Some Assets Are Distributed Regardless of What Your Will Says This isn’t quite as scary as it sounds, but you do need to be aware that some assets are passed on outside of the will, regardless of what you put in writing. Some examples include: 401(k) plans Individual retirement accounts (IRAs) Life insurance policies The person named as the beneficiary on these types of accounts will generally receive the asset regardless of what your will states. It’s a good idea to check the beneficiary on your accounts every few years, especially during significant life changes such as getting married or divorced, having children, or buying a house. If you keep these up to date, you can ensure your money is going to the right place. Another area where this comes into play is with defined benefit pensions. For example, one of my family members is a federal employee. As I was helping her with her FERS retirement calculations, we also discussed the various annuity elections for a surviving spouse and how that would affect her retirement plan. This pension is a large part of her estate, but how it gets transferred is entirely outside the scope of her written will. 3. You Can Set up a Will for Free, but Beware of the Limitations If you search
Two hot dogs are topped with traditional condiments. With ground beef prices hitting sustained highs due to tight domestic cattle inventories, classic alternatives like pork or beef hot dogs offer a much more pocket-friendly way to feed a crowd for the holiday weekend. pexels. Planning the perfect Independence Day backyard gathering is a cherished tradition for families across the nation. However, filling your cooler and firing up the patio grill will feel notably more expensive […]
Fruit trees provide fresh homegrown food, seasonal beauty, and long-term value, making them an increasingly popular alternative to traditional lawns. Many homeowners now view backyard orchards as both a practical investment and an attractive landscaping feature – Shutterstock For years, perfectly trimmed lawns ruled suburban neighborhoods. A neat patch of grass became the standard symbol of a well-kept home. Today, however, many homeowners are swapping parts of those lawns for something far more rewarding: fruit […]
Shoppers move past the entrance of a Costco Wholesale warehouse during afternoon hours. Navigating the warehouse club strategically means balancing the deep discounts on signature private-label goods against high-volume perishable items that might spoil before a smaller household can consume them. shutterstock Paying an upfront annual fee to shop at Costco requires a highly strategic approach to your family’s warehouse trips. It is incredibly easy to walk down the cavernous aisles and overspend on items […]
Dollar Tree is packed with hidden gems that make saving money feel effortless. When you know which products offer real quality for just a buck and change, stocking up becomes a smart strategy instead of a compromise. By choosing the items that deliver the most value, you can keep your household running smoothly while staying … Read more
Strategic lighting, fresh mulch, cozy seating areas, and large planters can make a backyard look significantly more expensive without a major investment. Small design upgrades often deliver the biggest visual impact – Shutterstock A beautiful backyard often looks like it came with a hefty price tag, but that is not always the case. Many of the outdoor spaces featured in magazines and social media posts rely on simple design tricks rather than expensive renovations. The […]
A display tray features premium, thick-cut raw steaks ready for preparation. Preparing and trimming your own steaks and roasts at home bypasses the added labor fees tacked onto pre-packaged supermarket meats, keeping your weekly grocery budget secure. pexels Purchasing meat at the traditional neighborhood grocery store is becoming an increasingly expensive part of the weekly routine. Prepackaged cuts of beef and chicken carry a heavy retail markup to cover the cost of store labor and […]
Fritz here, sending this from a library in Northern Ohio as we enter the final week of our month-long RV trip through the Midwest. It’s been a great trip, and we’re enjoying the break from our retirement routine. While I’m traveling, I wanted to share my favorite article from last month. It was written by Jordan Grumet, who is one of the more interesting people I’ve met in the retirement planning space. After years as […]
Amazon’s “Prime Day” is back June 23rd through June 26th (end of day). I’m not a year-long Prime member, however, I do usually sign up for a free 30-Day Amazon Prime Trial around Prime Days and pay close attention to Prime Day deals in order to share the best deals that I see with readers. A lot of the “deals” that you’ll find on Prime Days aren’t spectacular, but there are usually a few that I deem to be worthy of sharing with readers. Below, you’ll find the best of what I’m seeing so far (I’ll update if I see The post Amazon Prime Day Deals that are Actually Good (Ends June 26) appeared first on 20somethingfinance.com.
Standing water in flowerpot trays, gutters, buckets, and other everyday backyard items can create ideal mosquito breeding sites. Regular inspections and water removal help keep mosquito populations under control – Shutterstock Mosquito season has a way of turning a relaxing evening outdoors into an irritating battle. One minute the grill is heating up, and the next, everyone starts swatting, scratching, and looking for a quick escape indoors. Many homeowners assume mosquitoes appear simply because the […]
Some people are surprisingly candid about the lengths they’ve gone to in pursuit of success. Their stories reveal just how easily ambition can blur the line between clever and questionable. From padding résumés to slipping through loopholes, these admissions pull back the curtain on the bold, rule‑bending tactics individuals have used to gain an edge. … Read more
Modern vehicles rely on sensors and cameras that improve safety but significantly increase repair complexity and insurance costs after even minor accidents – Shutterstock Modern cars look sleek, smart, and safer than ever, but that high-tech shine comes with a hidden price tag that keeps showing up in insurance bills. Drivers often notice premiums climbing even when they drive safely and avoid accidents, which creates frustration at renewal time. A major reason behind these rising […]
I’ve been in medicine for over twenty years, which means I’ve had a front-row seat to a remarkable amount of change. When I was in medical school, smartphones were still… The post Physicians Are Not Ready for What’s Coming appeared first on The Darwinian Doctor.