Just as we get rid of clutter in the spring, leaves turning yellow and brown should be a reminder to put your financial house in order before the holidays. For those with piled-up bills like that catchall closet you are afraid to open, get advice from a professional to help you with the heavy lifting.
Wills & Wellness is the Denver initiative by a new mom and estate planning attorney to educate growing families about the importance of digital vault. Wills & Wellness centers on talks and workshops for new parents about how to protect your children by naming a guardian, how to protect yourself when you can’t, and how to protect your nest egg from the uncertainty of probate and estate tax.
If you die and are survived by a spouse and children, the estate will most likely be divided between your spouse and children, as determined by the courts. The split of your estate between your spouse and children can cause problems for your spouse, who may have to sell a family home in order to pay out the shares to the children.
Last week, I prepared a roasted chicken in mom’s slow cooker. I’m not certain of its age, but would venture to say it’s a 1970s model. As I placed the bird in the pot, I remembered this was the same meal I had made for her on Mother’s Day; just a month before she died. She said it was the best chicken she had ever eaten.
If you have kids under the age of 18, one of the first things you need to think about is who will act as their guardian should you be unable to. So many parents fail to think of this, and it can have dire consequences for the child. You don’t want your child to wind up as a ward of the state, moving through foster homes, and experiencing a very unstable life after you’re gone. No one likes the idea of preparing for the worst, but you should do so. Think about who will take care of your kids before meeting with your estate trusts and wills, as this is one decision he’ll be unable to help you with.
Best of all, gift items to your children/heirs while you are still alive. It will help thin out your home, leave little to fight over at the time of your death, and most importantly, you can see the joy on the recipient’s face when you hand it to them. What a great idea!
That’s just one of the ways you can get started investing today – and even get into it when the market appears to be down. When people are looking to sell, it can mean it’s a great time to buy – as long as you know what you’re doing and have the courage to see it through.