Estate Planning Do's & Dont's

Money Jokes

A company, feeling it was time for a shakeup, hires a new CEO. This new boss is determined to rid the company of all slackers.On a tour of the facilities, the CEO notices a guy leaning on a wall. The room is full of workers and he wants to let them know he means business!The CEO walks up to the guy and asks, "And how much money do you make a week?" Undaunted, the young fellow looks at him and replies, "I make $300.00 a week. Why?"The CEO then hands the guy $300 in cash and screams, "Here's a week's pay, now GET OUT and don't come back!"Feeling pretty good about his first firing, the CEO looks around the room and asks "Does anyone want to tell me what that goof-off did here?"With a sheepish grin, one of the other workers mutters, "Pizza delivery guy from Domino's."

Financial Pitfalls : Part II

26. Not knowing yourself well enough to know you spending weaknesses
27. Not comparison shopping
28. Not understanding vehicle’s trade-in-values or depreciation schedules
29. Not setting aside money for maintenance of a vehicle
30. Not taking advantage of an employer contribution to a retirement plan
31. Buying too expensive of a car
32. Procrastinating on making important financial decisions like saving
33. Piling on the credit card debt
34. Not reading a lease thoroughly
35. Signing up for an extended car payment schedule. > 5 years
36. Giving out your Social Security number on the internet
37. Trusting the perception of establishment on the internet or an e-mail
38. Giving out your bank account number
39. Answering a solicited request over the telephone or e-mail
40. Answering chain letters to make money
41. Not getting business promises in writing
42. Not understanding technology enough to know deception
43. File sharing
44. Not archiving or backing up data
45. Buying without considering the service element on big-ticket purchases
46. Entering into service contracts (extended warranties)
47. Not having adequate health insurance coverage
48. Not realizing that if the deal is too good, then it probably is!
49. Being afraid to ask for advice
50. Falling victim to telephone scams

The World's Richest People

Financial Pitfalls - Part I

1. Not understanding the negative impact of compound interest

2. Being more concerned about the monthly payment rather than the

interest rate
3. Using payday loans
4. Not saving or paying yourself first
5. Buying too soon—when you want something not when you can afford it
6. Not having an emergency savings
7. Forgetting the peripheral costs of insurance, gas, & car maintenance
8. Signing up for cell phone monthly payments and getting stuck in a contract
9. Financing an education on credit cards instead of student loans
10. Becoming addicted to gambling
11. Trying at-home business scams with high startup fees
12. Not saving early enough in life for retirement
13. No understanding of how insurance works or what it covers
14. Not securing any insurance
15. Not factoring in late fees, extra charges, and taxes to a cell-phone plan
16. Having a “get rich quick” philosophy rather than a “get rich slow” strategy
17. Lack of budgeting
18. Bouncing checks and paying for overdraft fees
19. Paying for ATM fees when withdrawing cash
20. Following bad investment advice
21. Not knowing how to read credit card applications
22. Rushing into a buying decision without considering all options
23. Not knowing the financial consequences of DUIs, drunk driving, speeding, etc.
24. Making minimum payments on a credit card.
25. Having addictive and expensive habits or hobbies

Tips Buying on eBay

Will

A will is a written document which gives instructions how and to whom the will maker (testator) wants to bequeath his/her property after death. An oral will can be made only by members of military and merchant navy in active service when they don’t have time to execute a written will due to exceptional conditions like war.

Any person above 18 with sound mental health can make a will. It must be dated and signed by the testator and certain number of witnesses, depending on the laws of the state. A hand written will, called ‘holographic will’, valid in 25 states, does not require witnesses.
Though preparing a basic will is very simple many people neglect to prepare one thinking that the end is far away. Should a catastrophe strike a court will decide how the property will be distributed.

The right time to prepare a will is when you are in full control of all your mental faculties. Though wills made on the death-bed are perfectly valid, there’s a greater possibility of it being contested by a disgruntled beneficiary on the grounds of your mental inconsistency.
You can modify the will through a codicil that adds/removes certain provisions from the original will. You can also replace the original will by preparing and executing a new will. Change in your marital status, birth of a child, death of a beneficiary, substantial alterations to property, change of law or your desire to change the beneficiaries may require altering of will.

It is not necessary to notarize the will or to file it in court. Just keeping the document in a secure place and making it accessible to your executor will do. However, signing of an affidavit before a notary public by you and your witnesses will simplify the court procedure should the validity of the will be challenged.

If the value of your property is below the estate tax exemption limits ($1.5m), a basic will is all you need. It should give details of the persons/organizations to whom/which you want to bequeath your property; guardian(s) to manage the property in case you have minor children, and the executor of will.