July 2019 - Rock, Paper, Scissors |
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Your monthly look at the world of estate administration and professional organizing... plus random thoughts on world travel, craft beer, and local businesses we love. Submit feedback or questions to eileen@legacyestateorganizing.com |
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THE LEARNING CORNER Rock, paper, scissors. In the game of heirship, paper always wins! NAME YOUR BENEFICIARIES. I get it: your life is busy. You have so much going on, all the time, that planning for a far-off death is not exactly at the top of your "to-do" list. But in terms of ROI (return on investment), taking 15 minutes to check the named beneficiaries on your financial assets is time well spent. Here's a brief refresher on who gets what when you pass away. Each of your financial accounts -- checking, savings, IRA, life insurance -- has (or SHOULD have) a named beneficiary on it. I |
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recommend having a primary beneficiary and a secondary beneficiary, just to cover all bases. In the event of your demise, the named beneficiary on the account is the recipient of the assets. Simple. Yes, a will (or trust) is still important, because it covers all assets that might not have a named beneficiary -- say, your home, its contents, your car, utility refunds, overpayments, etc. But the named beneficiary on any single account takes precedence over the provisions of the will. Can't remember whom you've named as the beneficiary on all of your accounts? The slower days of summer are a good time to check. If you have online access to your account, it's usually a simple matter to verify whom you've listed. If not, a phone call to the financial institution can answer the question. So don't delay: make sure your assets go to the person you choose now, not someone you may have selected 20 years ago! |
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SUMMER BOOK SALE! Today through Labor Day, the paperback version of my book "After the Funeral" will be discounted from the $12.99 cover price to just $9.99. So if you were planning to buy a few copies for friends or want to stock up on (admittedly unusual) holiday gifts, now is the time to buy. Visit AftertheFuneral to make your purchase. |
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LOCAL BUSINESS SHOUT-OUT! A networking colleague of mine, Joe Chu, is a Certified Senior Advisor known as the "Assisted Living Answer Man." Check out his YouTube channel at Assisted Living Answer Man. Joe breaks down various topics with short videos on senior care, assisted living, and other matters affecting those in the 60+ demographic. Joe even throws in some exercise videos to help us remain agile and mobile as we age! Like his YouTube videos, Joe's website for Assisted Living Locators is both helpful and free, providing you with a wealth of resources for yourself or a loved one. |
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