.4 Experts Share Their Secrets to Recession-Proofing Your Finances

Heather Taylor Mon, June 27, 2022

Is the United States heading toward a recession?

Amid a high inflation period, many Americans are concerned about the risk and what this might mean for their personal finances. Fortunately, there are certain steps everyone can take now that will enable them to better navigate an uncertain time.

Follow these steps to prepare and recession-proof your finances.

.4 Financial Experts Reveal How They Spent Their First Big Paycheck

Bob Haegele Mon, June 27, 2022

When you think about financial experts, you might imagine someone who is extremely savvy with their money, meticulously planning and optimizing their every penny for maximum wealth generation. While that can be true in some cases, it’s not as though there is some law or wealth accumulation creed to which every financial expert is beholden.

Sometimes, financial experts spend their money in ways that may seem consistent with how most people spend money. In other words, they spend money on things they want, or even on surprises for their loved ones. Sometimes, they spend their money on nothing more than paying down debt and shoring up their savings accounts.

.What to Do When You're Left out of a Will

By ANDREW BEATTIE Updated May 24, 2022

Reviewed By Andy Smith Fact Checked By Kirsten Rohrs Schmitt

Being left out of a will is not a situation most people want to be in. But sometimes when a person dies and their will comes to light, its contents throw survivors for a loop. The will can exclude people who had assumed they would be included, or in some cases, who were told that they would be included. If you are left out of a will, there are some time-sensitive steps you should take to at least clarify what has happened—and perhaps contest it. In most cases, you must prove coercion, diminished mental capacity, or outright fraud to have a will's terms dismissed.

.5 Things to Consider Before Becoming an Estate Executor

By Andrew Beattie Updated February 25, 2021

Agreeing to be the executor of an estate is a bigger decision than most people realize. It is important to consider the responsibility of the position before agreeing to take on the role.

Below are five things you should know before signing on.

KEY TAKEAWAYS

While it is an honor to be selected as an executor, executing a will takes a lot of time and work.

Make sure you can handle all that is involved before accepting the responsibility.

.What's the Average Cost of a Making a Will?

By David Dierking Updated February 04, 2022

Let's face it. The last thing people want to do is plan for their death. There are a lot of important decisions you need to make—decisions you shouldn't leave to your loved ones. These include saving for and planning your funeral, appointing a power of attorney, designating beneficiaries for all your accounts, setting up your kids—especially if they're fairly young, planning your estate, and setting up your last will and testament.

This last one is probably one of the most important things you'll have to do. Below, we've outlined some important things you'll need to consider when you're putting together this important document.

.Power of Attorney: When You Need One

By Kimberly Rotter Updated May 18, 2022

Reviewed By Khadija Khartit Fact Checked By Ryan Eichler

A power of attorney (POA) is a legal document in which the principal (you) designates another person (called the agent or attorney-in-fact) to act on your behalf. The document authorizes the agent to make either a limited or broader set of decisions. The term "power of attorney" can also refer to the individual designated to act in this way.

KEY TAKEAWAYS

A power of attorney (POA) is a legal document that gives an individual, called the agent or attorney-in-fact, the authority to take action on behalf of someone else, called the principal.

The agent can have either extensive or limited authority to make legal decisions about the principal's property, finances, or healthcare, depending on the terms of the POA.

.6 Estate Planning Must-Haves

By GLENN CURTIS Updated February 27, 2022

Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs upon your death. There are specific estate planning documents, like healthcare power of attorney and will or trust.

A successful estate plan also includes provisions allowing your family members to access or control your assets, should you become unable to do so yourself.

.Will vs. Trust: What’s the Difference?

Both transfer an estate to heirs, but only a trust can skip probate court

By Matthew Jarrell Updated May 17, 2022

Wills vs. Trusts: An Overview

Trusts are legal arrangements that protect assets and direct their use and disposition in accordance with their owners’ intentions. While wills take effect upon death, trusts may be used both during the life and after the death of their creators. Separately or together, wills and trusts can serve effective estate planning.1

This article will examine how these estate-planning tools can provide for your heirs, including:

The need for a will, a trust, or both

The different types of trusts

The advantages and disadvantages of wills and trusts