Estate Planning - DR News - News, Retirement, Finance

The One Document Your Family Can’t Live Without

According to a recent YouGov for Caring.com’s 2024 Wills and Estate Planning Study survey, a significant majority of Americans, specifically two out of three, have not yet put any estate planning documents in order. If you find yourself among this group, it’s important to understand that failing to create an estate plan can lead to your assets becoming entangled in legal proceedings and distributed in ways that may not align with your intentions. It’s never …

Alarming Realities Retirees Need to Face Regarding Cohabitation and Estate Planning

The relationship landscape has significantly changed over the past several decades. According to a study by the National Center for Family & Marriage Research, the marriage rate in 1970 was 76.5%; today, it stands at 31%. These days, an increasing number of couples at all stages of life are choosing the path of cohabitation over the legal binds of marriage. However, with that flexibility comes challenges, especially regarding estate planning. Long-term cohabitation without the bounds …

Should You Trust an Online Service to Draft Your Will? Here’s What You Need to Know

Many Americans overlook the importance of writing a will when it comes to estate planning. According to a survey conducted by Caring.com, two out of three adults in the United States do not have an estate plan. However, the COVID-19 pandemic and inflation may have prompted some individuals to consider creating a will. According to the survey, the number of younger Americans in 2024 are 63% more likely to have a will. The creation of …

What Your Family MUST Know About Mortgages When You Pass Away!

Navigating the intricacies of mortgage responsibilities after a borrower’s demise is crucial, especially for retirees planning their estates. A mortgage doesn’t automatically dissolve upon death; it remains active, and the handling of the debt can take various paths depending on existing arrangements and state laws. Co-Signer and Family Implications If there’s a co-signer on the mortgage, their obligation to repay the loan persists. In cases where a family member inherits the property, they usually acquire …

The Secret Roles That Guard Your Legacy Post-Retirement

As retirees, understanding the nuances of estate management is crucial for oneself and the legacy one leaves behind. This guide sheds light on two pivotal roles in estate management: Personal Representatives and Executors. Knowing the differences and responsibilities can significantly smoothen the transition process during challenging times. Understanding Personal Representatives A Personal Representative is a linchpin in managing estates after the demise of an individual. Their role kicks in whether there’s a will in place …

Are Your Assets Safe? Discover the Power of Revocable Trusts

A revocable trust, often called a living trust, is a versatile legal arrangement designed to manage and distribute assets during a person’s lifetime and after their passing. Once created, a revocable trust takes effect immediately, unlike a will, which only becomes operational upon death. Revocable trusts allow grantors (individuals who establish trusts) to maintain control over their assets while simplifying wealth transfers to beneficiaries. This legal tool offers numerous benefits, but it’s essential to understand …

Why Your Parents’ Spending Habits Could Ruin Your Retirement Dreams

It’s alarming that many older adults must set better financial examples for their younger counterparts. Here’s a breakdown: The Impending Financial Crisis for Seniors The past decade has witnessed a sharp rise in debt among households led by individuals aged 75 and above. For those between 65-74, the average debt, inclusive of credit cards, is approximately $105,250. This increasing debt trend among seniors is alarming, especially considering many face financial insecurity. Many older adults live …

Why Paying Off Your Mortgage Before Retirement Offers Numerous Benefits

As retirement approaches, financial planning becomes crucial for individuals looking to ensure a comfortable and stress-free post-work life. Among the many factors to address, whether to pay off your mortgage before retiring emerges as a significant consideration. Below are some key points to consider. Financial Freedom and Reduced Monthly Obligations One of the primary benefits of paying off your mortgage before retiring is the sense of financial freedom it provides. As you eliminate your monthly …

The Rise of ESG: Retiring with Values and Profit

As the world grapples with social, environmental, and governance issues, an increasing number of investors are looking to make a positive impact with their portfolios. In retirement planning, sustainable investing, also known as Environmental, Social, and Governance (ESG), has been gaining popularity. This investment strategy offers potential financial returns and allows retirees to align their investments with their values. What is ESG Investing? When selecting investments, ESG investing considers environmental, social, and governance factors alongside …

Estate Battles? Not on Our Watch: Retirement Planning for the Modern Family

In an era where blended families are becoming increasingly common, addressing the financial challenges tied to retirement and estate planning is more crucial than ever. As per the U.S. Census Bureau, nearly 16% of children in America are part of a blended family, spotlighting the unique financial considerations these families face. These challenges can seem daunting, from differing financial resources and obligations to potential disagreements on asset distribution. However, with thoughtful planning and guidance, you …