MoneyWisdom Blog

A Financial Guide to Planning Your Funeral

Posted by Hanscom Federal Credit Union on Oct 8, 2019 9:43:24 AM

Planning a funeral is not what most people would envision as a fun way to spend an afternoon, especially if it is your own funeral that you are planning. However, it is a task that should not be neglected. A funeral costs can quickly rise to upwards of $10,000, and without proper planning, loved ones can be stuck with bills they cannot afford to pay.

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Topics: Estate Planning

6 Things to Know About Leaving Money and Assets to Minors

Posted by Dawn Weinberger on Oct 3, 2019 4:23:42 PM

You’ve thought long and hard about who will take on guardianship of your minor children in the event of your death, and you want to make sure that a) this trusted friend or family member has enough money to cover the costs of raising them and b) your kids will have the funds to eventually pay educational costs and/or get their adult lives started.

The truth is, the process knowing how to distribute your assets is overwhelming, so we’re here to help with 6 things you should know about leaving money and assets to minor children.

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Topics: Estate Planning, children, Death

How to Protect Your Digital Identity After Your Death

Posted by Dawn Weinberger on Sep 25, 2019 8:11:00 AM

You’ve invested time — and probably even some money — into an estate plan. And that estate plan covers a lot, like guardianship of your minor children and what should be done with your assets once you are gone.

What it might not cover? Instructions for your next of kin regarding what to do about your “digital identity,” e.g. email addresses, social media accounts, passwords, website login information, and anything else tied to your active digital footprint.

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Topics: Estate Planning, Death

Avoid These 4 Common Estate Planning Mistakes

Posted by Hanscom Federal Credit Union on Sep 23, 2019 8:33:00 AM

An estate plan is not just about giving away assets and possessions. It’s an expression of your hopes and wishes for the future and the people you’re leaving behind.

You want to know not only that your belongings will be transferred successfully, but also that the family unity you spent your entire life creating and nurturing will be preserved as well. Well-drafted estate plan documents are important for achieving those goals and avoiding four common mistakes. 

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Topics: Estate Planning

What Happens When You Die Without a Will

Posted by Hanscom Federal Credit Union on Sep 20, 2019 8:00:00 AM

A 2019 survey from Caring.com reports that nearly 60% of adult Americans don’t have a will. It’s a basic tool for estate planning that everyone should have. A will gives instructions on how you want your assets and affairs handled after your death, which can have much greater implications than it might seem. Even if you have a trust, you should still have a will for any assets the trust does not cover.

If you are in this majority, here are five consequences of dying without a will:

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Topics: Money Management, Estate Planning

Here's The Difference Between An Heir And A Beneficiary

Posted by Diana Burrell on Sep 18, 2019 7:45:00 AM

Many people use the terms "heir" and "beneficiary" interchangeably, but there are important differences between the two designations. Here's how an heir and a beneficiary differ:

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Topics: Estate Planning, Death, Investments

Is Your Estate Plan Keeping Up With You?

Posted by MoneyWisdom Newsletter on Jun 27, 2019 2:43:00 PM

Quickly tally the changes in your life over the past five years. Perhaps you have married or divorced, had a child or increased your wealth. Now, if you haven’t accounted for these changes in your estate plan, your assets could be distributed quite differently than you’d like.

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Topics: Estate Planning

How to Provide for Your Pet After Your Death

Posted by Sandra Quadros Bowles on May 28, 2019 6:53:00 AM

Most animal lovers — a whopping 95% of pet owners according to a recent Harris Poll — consider their pets part of the family.

And they dread losing that pet, so much so that pet sympathy cards and even companion animal funeral homes have become big business.

But what happens when the pet outlives its human owners? 

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Topics: Estate Planning, Death

3 Benefits of Having a Will

Posted by MoneyWisdom Newsletter on Apr 8, 2019 12:53:00 PM

Writing a will probably isn't very high up on your to-do list, especially if you're young and healthy. But a will is very important no matter what stage of life you're in.

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Topics: Estate Planning

What is a Totten trust?

Posted by Diana Burrell on May 2, 2018 10:22:44 AM

A Totten trust is the same thing as a payable-on-death account, a type of informal revocable trust in the form of a deposit account at a financial institution. When you pass away, a Totten trust allows a person you name as beneficiary to claim the money without a probate court proceeding.

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Topics: Money Management, Estate Planning

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