Estate Planning: What Should I do? – 8 Tips: Estate Planning Basics

Published on May 24, 2021

Popular Opinions Top Searched Fha Loans, Mortgage Payments, Mortgage Renewals, Interest Rates and Glendale Warehouse Mortgage Lenders, Estate Planning: What Should I do? – 8 Tips: Estate Planning Basics.

Estate planning is a task that people tend to put off since we don’t like thinking about our own death. However, dying without having your financial affairs in good order risks leaving your heirs with some significant problems. Here are 8 things you can start doing now.

Estate planning is a task that people tend to put off since we don’t like thinking about our own death. However, dying without having your financial affairs in good order risks leaving your heirs with some significant problems. Here are 8 things you can start doing now

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Video Notes:
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TIP #1: Create a will if you don’t have one
Many people never get around to creating a will, not even buying a will-in-a-box at a stationery store or setting one up online. A solid will drafted with the guidance of an estate planning attorney may cost you more than a will-in-a-box, but it may prove to be some of the best money you have ever spent. A valid will may save your heirs from some expensive headaches linked to probate and ambiguity.

TIP #2: Complement your will with related documents
Depending on your estate planning needs, this could include a trust (or multiple trusts), durable financial and medical powers of attorney, a living will, and other items. You should know that a living will is not the same thing as a durable medical power of attorney. A living will makes your wishes known when it comes to life-prolonging medical treatments, and it takes the form of a directive. A durable medical power of attorney authorizes another party to make medical decisions for you (including end-of-life decisions) if you become incapacitated or otherwise unable to make these decisions.

TIP #3: Review your beneficiary designations

TIP #4: Create asset and debt lists

TIP #5: Think about consolidating your “stray” IRAs and bank accounts

TIP #6: Let your heirs know the causes and charities that mean the most to you

TIP #7: Select a reliable executor

TIP #8: Talk to the professionals

Sources:
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1. thebalance.com/why-beneficiary-designations-override-your-will-2388824
2. fool.com/retirement/2017/03/03/3-ways-to-keep-your-estate-out-of-probate.aspx
3. his material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Disclosure:
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Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals.

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Estate Planning: What Should I do? - 8 Tips: Estate Planning Basics, Glendale Warehouse Mortgage Lenders

Glendale Warehouse Mortgage Lenders, Estate Planning: What Should I do? – 8 Tips: Estate Planning Basics.

Estate Planning: What Should I do? – 8 Tips: Estate Planning Basics. More Opinions Similar Bad Credit Second Mortgage Loan, 20 Year Mortgage,
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How Does A Home Loan Broker Earn Money?

A lender might be a bank, a credit union, or a quasi-government business like FNMA or “Fannie Mae”. Talk with a professional about your alternatives for reducing rates, so that you can pay less monthly.

get the facts

If you are a home owner, suggesting you do not owe any thing on your home loan, you have the option of securing a reverse home loan on your house. A reverse home loan is a type of home loan that you can take a loan on the quantity of the worth of that house that you own. So if you just recently took and purchased a home out a loan for the overall cost of the house, and still owe all of the cash on that loan, a reverse home loan may not be the best loan for you.

While the rates were decreasing for these Mortgage loans, the application for the mortgage loan went up by 1.1% according to some house mortgage lenders. On the other hand, those who have actually borrowed home loan decided to re-finance them so they can maximize this chance. For this factor, the portion of refinancing activities on visit this site right here was increased from 66.7% to 66.8% just recently. While the application for house acquiring was increased by 1.5%.

Refinance-Interest rates still at all time low!-that’s best, rate of interest on house visit url stay as low as they have actually remained in a long time. Lower rates suggest lower payments for your home loan. Lower home loan payments means more non reusable earnings. Which means more capital for you. How low are rate of interest today? As of July 27th,2011 a 30yr set rate was available at 4.68%APR. A 5yr ARM was available at a rate of 3.058%APR.

Securitization – This is when a lending institution packages loans as a group, FHA, Traditional, B or C grade loans and offers them on the securities market. A great example is an FHA loan. These groups of loans have a set, if you will, default rate. We understand as loan providers that xxx quantity of these loans will enter into default. We likewise know that xxx quantity of these loans will go to term and pay all the interest on the loan set up to be paid. These loans as a group represent a dollar total up to other loan providers who need to meet “cash line” quotas. For that reason they can be sold at a premium above the stated value of the loans they incorporate.

Some smart service people have actually found out that there is much less competitors for little loans than for the big ones that everybody seems to battle over. Look for out little balance professionals. Sort through all the advertisements and all the search engine results and you will ultimately find a lending institution searching for you just like you are searching for them.

With a reasonable credit history, you can find rates just a number of points higher than the average conventional rate. You can likewise purchase points to decrease your rates. ARMs are another method to keep rates low, at least in the start.

A lot of planning needs to go into securing a home mortgage. It is not something that a debtor can just hurry into. Closing costs, a deposit and the possible rates further reading interest on the loan have actually to be researched thoroughly before choosing to work with a lending institution. Customers need to get the very best possible deal because purchasing a home is a major commitment. For that reason, you must use a calculator to find out where you can get the very best home loan and conserve cash on your next home mortgage.

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You may have fantastic credit or make lots of cash. Yet there are methods to prove to loan providers that the loan is a sound service choice on their part. Your genuine estate specialist can advise an inspector.

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