Last Monday I lost my step brother in a tragic and fatal car accident, he was only 34 years old. It was my step brother’s turn to go out and pick up lunch for his co workers; he was killed in a car accident on his way back to work from his lunch break. I am sure that when my step brother ate breakfast on Monday morning, he never thought that it would be his last meal. When … [Read more...] about The Financial Loss of a Life
Wills - Estate Planning
Marrying into DINKS
My father is getting re-married next year. Although I am less than thrilled about his decision, at the end of the day it is his choice. This past week I had a conversation with my Dad about our joint finances and his new family. I politely reminded him not to forget about his original family while he is busy planning his new family. My soon to be step mother has a lot of … [Read more...] about Marrying into DINKS
Our Parents Estate
As you may know, my parents are divorced. As we grow older and our parents reach their retirements, we must start to plan our estates as well as our parents’ estates. If your parents are divorced, how has their separation affect the way you have planned your estate? Estates will need to be allocated differently once our Mom and Dad’s aren’t together anymore. The estate may … [Read more...] about Our Parents Estate
Insurance in the Afterlife
Many of us wish to leave a financial legacy behind for our loved ones after we pass away. Providing for our loved ones may come natural for most of us, and it usually doesn’t end upon death. If someone has not accumulated enough wealth throughout their lifetime to cover all final expenses, then life insurance is an alternative option to cover the costs. Purchasing a Life … [Read more...] about Insurance in the Afterlife
Drafting a Will and Keeping It Up to Date
This was not a topic that I had planned to write about this week but I felt the need to address the situation. As you know I work in a bank branch as a Personal Financial Planner. This past week I had two different clients come and see me with their children to get their estate affairs in order. My own Dad offered to send me a copy of his latest investment statements because … [Read more...] about Drafting a Will and Keeping It Up to Date
Wills – Continued Importance
Thanks for all of your great comments on the last posting about wills! Given the number, and breadth, of comments I thought it would be best to follow up with another post. Living Trust Yes, given the circumstances in Afghanistan we have certainly considered the question of "when to pull the plug." The issue that I have is that I think this takes judgement beyond any … [Read more...] about Wills – Continued Importance
Wills – Supporting your Spouse
Part of marriage is supporting each other in sickness and in health. As little as anyone would like to think about it, this also should mean in death. The emotional and financial support that you provide for your spouse now should also extend beyond your life. Taking time to define this is part of sharing a healthy and supportive relationship. Of course, this is the … [Read more...] about Wills – Supporting your Spouse
The Basics of Getting Around Probate
Today's posting is on a more esoteric part of personal finance: probate.Probate is the legal process of settling the estate of a deceased person. The word probate stems from the latin root probatus, meaning "a thing proved"(1). If there is a substantial sum of money or property to be transferred to ones heirs, the probate process is necessary to facilitate the messy logistical … [Read more...] about The Basics of Getting Around Probate
