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Posts with tag EstatePlanning

Ask the Dolans: Should I re-address my estate planning documents when I move?

Filed under: Insurance, Retire, The Dolans

Dear Ken and Daria,

Do I need to re-address my estate planning documents when I move?

-Robert

Everyone -- and we mean everyone -- should have an estate plan that dictates how your assets will be handled after you're gone. We know it's not fun to think about, but without one your loved ones won't be cared for the way you'd like.

Of course, once you draw up your estate plan, it's important to re-visit it during big life events -- including a move out of state. Let's take a look at what your estate plan should include, and how to update it.



Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.

Click here to ask Ken and Daria your question.

Take the estate planning bull by the horns with Ken and Daria's guide to drafting your will the right way, only on Dolans.com.

Ask the Dolans: Can I write my will myself?

Filed under: Banks, Insurance, Retire, Saving, The Dolans

Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.

Dear Ken and Daria ,

I want to bypass my husband in my will (with his permission!) to leave everything to my three children. Can I write a will myself? Can I change it?

Darlene

Ken and Daria Dolan offer advice on all of your estate planning questions and concerns at Dolans.com.

Click here to ask Ken and Daria your question.

A trust fund for your pet

Filed under: Insurance

Most of us will have the urge, as we age, to put our affairs in order so that when we die, our estate is apportioned as we direct. However, what is to become of your beloved pet? More and more people, unwilling to depend on sympathetic friends or family to properly take care of their cats or dogs, are choosing to set up pet trusts.

Why not, you may wonder, simply leave some money in the will for Pookey's care? Two reasons; the money could be held up in probate for months or years, and Pookey would get very hungry waiting for his Alpo. Secondly, the will may not contractually bind the person to whom you will Pookey's care. Can you count on their cooperation?

A pet trust can be set up with an organization such as the New York not-for-profit Bideawee animal welfare organization. For $15,000, they promise to look after Pookey for the rest of his life, providing the atmosphere and care that will help him recover from the loss of his master. There are even attorneys that specialize in setting up pet trusts. Since the trusts are not recognized in all states, checking with one might be worth the money.

So if you fear that your deadbeat son-in-law can't wait to squander your estate on the blackjack tables of Las Vegas, a pet trust might bring peace of mind to both you and your favorite lap warmer.

ItsMyLife.com shows that estate planning doesn't have to be morbid

Filed under: Home, Health

Roughly 2.4 million Americans die each year. Yet, many are not prepared for the legal complications. Keep in mind that at least 55% of adults do not have a valid will and testament.

But with the ubiquity of the Internet, there are many options for planning your estate (which are affordable). Then again, these offerings can be quite legalistic and foreboding.

Well, that's what ItsMyLife.com tries not to be. "We have the common documents like wills, livings wills, and living trusts," said Liz Sayers. "But we try to make it a positive experience and 'death blind.' We also have a jargon buster and make it easy to set things up through our online wizards."

For example, the site has lots of color and nice designs. You can even customize your documents, adding 6 fonts and 30 borders.

Another creative feature is Private Letters. Basically, this allows you to save messages for your heirs -- such as prayers or even family recipes and instructions for pets.

"Our service is also focused on those who can't afford high-priced attorneys," said Sayers. So, for one year, you have access to the ItsMyLife for $19.95.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.