Death is a difficult time and most people tend to shy away from its potential financial consequences until it becomes too late. Typically people shy away from dealing with estate planning issues as long as they can. Unfortunately, when the time comes, survivors have to make critical financial and legal decisions for which they may not be prepared. Moreover, for a survivor grieving the death of a loved one, the pressures of making haste decisions can be emotionally overwhelming. However, there are steps you can take today to prepare yourself for the death of a loved one.
When someone you love dies, there is a lot of confusion about what happens next for you. Below you will find financial planning considerations that you can prepare for in advance that may help you make important financial decisions when the time comes of a loved one’s death, such as concerns over honoring your spouse’s wishes and caring for yourself and your family.
Settle your spouse’s estate
Dealing with an estate transfer and settlement can be a very complicated process and potentially can drag on for an extended period of time such as a year or more. The estate settlement process includes decisions about the distribution of your spouse’s assets and how to handle liabilities such as those that come about from estate taxes. If you are named the executor of your spouse’s estate in your spouse’s will, you will be responsible for making all the financial and legal decisions related to the estate.
Before you make any decisions, the first step is to obtain a copy of your spouse’s will and death certificate. Generally, you will be able to get a copy of the will from your estate attorney that created the document since they usually retain copies. Also, you can get copies of your spouse’s death certificate through your state’s vital statistics office.
Your spouse’s death certificate is important to gain access to bank account information, transfer ownership of securities such as stocks, bonds, and the like, apply for Social Security benefits, and to collect life insurance proceeds and other benefits.
Expenses related to your estate such as outstanding loans, leases, or taxes lower the total value of your estate. Consider having a separate bank account to handle and monitor all of the incurred estate expenses. Make sure to monitor where the money is going and keep accurate records.
Paying off debt
As the executor for the estate, you are required to settle any outstanding debts that are solely in your spouse’s name such as credit card balances and other debt. You can contact any of the credit bureaus to get copies of your spouse’s outstanding debts. You should also provide the credit bureaus a copy of your spouse’s death certificate so that they remove his name from their files. Also, notify all the creditors of your spouse’s death to close all credit cards listed solely under your spouse’s name and transfer any jointly help cards to your name only.
Every state has a probate process and as the executor you play a critical role in the distribution and sale of estate valuables and properties according to the will and your spouse’s wishes. If the will is lacking certain information, the executor would take the responsibility in distributing the decedent’s property at his/her discretion.
Insurance can be divided into two categories of Life and General Insurance. In Life Insurance you can evaluate Term Insurance, Pension Plans or Retirement policy, Child Plans and Investment policy; both Endowment and Unit Linked Plans. In General Insurance you can evaluate Health Insurance or Med claim Plans, Car Insurance, Term Life Insurance Quotes, Permanent Life Insurance, Universal Life Insurance, Student Insurance, Travel Insurance as well as Home Insurance.
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In today’s fast paced world Insurance is as important as any amenity for leading a good life. We need insurance for a better life. Not only Insurance is necessity for our financial security today but even for the security of our loved ones after our death.
But the question arises: Why? Why do we need insurance? Why does our parent need Insurance? Why does our kids, our household, our cars, and automobiles, house everything needs Insurance?
Well a simple and straight answer to this question is �Uncertainty�. We are not sure if the things we are planning today for ourselves or for our loved ones will fall into right place tomorrow or not. We plan to move into a bigger house, buy a bigger car, send kids to best colleges and Universities and have a lavish retired life. But what if I lose my job or I met any accident that does not allow me to earn to fulfill my dreams. What will be the scenario if I get into any life threatening disease?
Still in uncertainty; don’t worry you can call and chat with consultants on our Toll Free number. They will help you select the plans that best suits your needs.
It is a fact that the country is yet to face another economic recession. Thus, it is expected also that in the coming months the financial security of America will become unstable. Because of this, many Americans are thinking of ways to protect themselves from facing the harsh effect of the economic instability. Other than that, they take all the safety measures to ensure the safety of their financial state by investing in insurance. With the belief that insurance will be the best defensive strategy to secure their financial stability, most of the Americans invest their hard earned money in car insurance.
In signing the insurance policy, these Americans have transferred the risk of some financial losses that they might encounter to the insurance company, and in return, they pay the regular monthly payment, in which the number of years depends on the premium that they choose.
Cars are among the most expensive investments that an individual could venture into. Although they are dead investments, still most of the people insured their cars in order to protect them from financial and civil damages.
Buying insurance for your car will be beneficial for you. For instance, you get involved in a road accident which is not your fault, who would cover for damages to you, your car and the third party? Of course, it is your insurance company that will settle all the financial damages that are incurred during the road mishap including legal matters if the third party will sue you. Indeed, car insurance can help you a lot especially during these trying times.
On the other hand, when you plan to buy an insurance policy for your automobiles, you should take into consideration factors like auto insurance quotes and the stability of the insurance company.
Obtaining the best auto insurance quote necessitates you to do some advanced research for insurance quotes online. Doing so will allow you to gather many insurance quotes and make a comparison of each quote so that you can find the best deal for you. However, before you can get the best deal for you, you need to determine what you want covered in your car insurance in order that each quote includes similar coverage; hence, allowing you to make a fair auto insurance quote comparison.
Stability of the Insurance Company
Another important factor that you need to consider is the stability of the insurance company. Do not forget that vehicle insurance companies are business. Hence, the possibility of being affected by the economic meltdown which can lead to bankruptcy is inevitable. Find those insurance companies whose reputation is proven by the number of years of their service to the people and the company’s ratings.
Putting these factors in consideration before you make the final decision on getting car insurance will help you find the best deals on car insurance.
If you are concerned about the financial security or term return of premium, you can get the best financial products and services from some of the most trusted financial services providing company. They have tie-ups with some of the leading cheap term life insurance and lic term insurance service providers. Even if you are looking for term insurance policy or term insurance life comparison you can get it done at cheap term life insurance rates.
These term insurance policies providing companies not only take care of your financial needs and financial security but they also offer comparison chart between the rates of leading You will get several plans like child plans, investment plans, pension plans and you have the freedom to choose from range of multiple life insurance plans. According to your current age, health condition and financial position, you can get the free quote with estimated life insurance figure. If you are seeking term insurance india and best life term insurance, you have the flexibility to choose from range of term insurance products and services. There are various categories of plans such as iTerm plan, Protection, eProtection plan and compare which plans suits your needs best.insurance policy service providers. In order to get a free life insurance quote online, you can visit their website and search for the best term insurance and cheap life term insurance suitable for your needs. To get the best term insurance India and term insurance premium, search for the best possible options and explore which policy suits your needs most.
Moreover, these lic term insurance providing companies have no hidden charges, no complicated terms and conditions and apart from providing wide range of products, they also provide free comparison and flexible options. If you want to protect your business, your family and yourself from any financial hassles, make sure you choose best lic term insurance after adequate term life insurance comparison. You can assess the best term insurance policies and choose most preferred term policy according to your needs.
You will get several plans like child plans, investment plans, pension plans and you have the freedom to choose from range of multiple life insurance plans. According to your current age, health condition and financial position, you can get the free quote with estimated life insurance figure. If you are seeking term insurance india and best life term insurance, you have the flexibility to choose from range of term insurance products and services. There are various categories of plans such as iTerm plan, Protection, eProtection plan and compare which plans suits your needs best.
You will have to pay the lowest premium on term insurance policies and since you are opting for best term insurance, you will get all the benefits and features you are looking for. If you are opting for cheap term life insurance then make sure it is flexible and hassle free since it is not mandatory what term insurance companies offer they provide those features too. Therefore, it is highly recommended to do the prior research before going for any term insurance and carefully read the term policy. If you reside in India and seeking insurance policy in India, you will get more benefits and advantages in comparison to NRIs and others opting for life insurance policy.
Deciding on how much life insurance you need to take out and the type of policy that you need is hard enough as it is, after all you are facing the fact that this would be paid out should you die. Recently the Financial Services Authority has been looking into the financial sector and life insurance is just one of them.
The Financial Services Authority is the regulator for all financial service providers in the UK and looks out for the consumer when it comes to buying products. Recent findings have shown that when it comes to life insurance consumers don’t get enough information about this type of cover and can’t always make the best choice when it comes to buying their policy.
One of the main problems when it comes to buying insurance is that the consumer doesn’t understand what a policy involves and what it covers. The with-profits policy can be particularly confusing; this type of policy is a combination of cover and investment, in this case the holder of the policy benefits and so does the insurance company. This type of insurance is particularly attractive to the younger people as you gain benefits over the years.
However while it is a very popular policy there are many holding them that have to rely on the information that came with the policy they bought many years ago which leads them unable to make informed decisions regarding their policy.
As a result of this the Financial Services Authority are now asking insurance providers to start making changes when it comes to the selling practices of life insurance policies. They are asking that insurers ensure that the consumer understands the policy that they are buying and what is involved in it and to give advice when needed.
When it comes to buying life insurance then the best way to do so is by using a specialist broker. They can give you a vast amount of information concerning life insurance polices and are also able to get quotes which you can compare to make sure that you get the cheapest deal when it comes to you life insurance policy.
As with any type of insurance, life insurance policies have many hidden exclusions in the small print, it is essential that you understand this and read them. This is where you will find what you are and are not covered for in your policy.
Financial planning is not limited to asset allocation, mutual funds, and fixed-income investments – planning should include every aspect of your life.
Should you apply for that credit card? What type of car insurance should you buy? Should we save for our child’s college or put money in our IRA’s instead? These and many more questions are all part of financial planning.
The Larry Rule – A Little Known Financial Planning Fact
Larry Lindsey is not a famous name, even in financial circles. Currently, Mr. Lindsey is the chief economic advisor to the Bush Administration. In 1996, he was a Federal Reserve Board Governor – and he was denied for a Toys ‘R Us credit card!
To apply or not to apply, that is the planning question. Larry Lindsey, who had excellent credit and a high-income level, set out to demonstrate a flaw in credit scoring algorithms.
He simply applied for every retail store credit card he was offered, and in no time he had “too many inquiries.” Never mind the fact that he had millions in assets and nary a late payment in his 30-year credit history.
Knowing the Larry Rule is key to your financial planning. If you apply for retail store credit cards every time you are asked to do so, it will have negative effects on your credit.
You may then be asked to pay a higher interest rate on your mortgage or home equity loan, which could cost you tens of thousands of dollars. Sacrificing $10,000 for a 10 percent discount at Fashion Bug is not smart planning!
Auto Insurance and Financial Planning
Most people think of insurance as a legal necessity, but in reality, it is a financial product, and that’s important to keep in mind. Don’t ever buy insurance just because it’s legally required or in order to give yourself peace of mind. Insurance must serve a financial planning purpose!
You need to have a planning strategy in mind when you purchase auto insurance. The insurance company’s goal is to get you to pay more in premiums than you take out in claims – thus, they profit.
Your goal should to pay as little in premiums as possible in order to be adequately covered. You don’t want to have to use your auto insurance, but at the same time, you don’t want to be subsidizing the bad drivers who take out more in claims than they pay in.
In order to develop a financial planning strategy for auto insurance, it’s important that you become as educated as possible on the subject. Luckily, there are dozens of great sites on the internet that provide free information on the various types of auto insurance plans, and the particular laws of your state.
Everyone has to own some form of auto insurance, and thus it should be the cornerstone of any intelligent planning strategy.
The Financial Planning Dilemma – College vs. Retirement
American parents love their children and will do almost anything to ensure they have every possible advantage. As a result, many parents save for their children’s college instead of saving for their own retirement. This act of selflessness is usually not a good planning strategy.
In order to avoid this mistake, one must have a decent understanding of financial planning tax implications. Most college savings accounts are taxed on some level, whereas financial planning products for retirement purposes generally are not. What’s more, saving for your child’s college can prevent him or her from receiving the maximum financial aid available.
In other words, by foregoing your retirement in favor of your child’s college, you are actually subsidizing the children of less responsible parents – or smarter parents who chose to save for their own retirement, in light of these facts.
College savings plans normally make financial planning sense only for parents with such high incomes that their children would not qualify for financial aid.