How to Create a Will And Why You Need One

Eldercare, Funeral Pre-Planning, Wills

Steps on How to Create a Will

A will is an important component to your life if you are reaching a certain age or if you are starting a family.

With the use of a will, a document will be able to outline who will receive your belongings after you die.

Your belongings may include property and determining the guardians of any children under the age of 18.

Also, a will describes who will carry out your final wishes (also known as an executor).

Why Do I Need a Will?

There are dozens of reasons as to why you will want to consider drafting a will.

The main reason is to minimize the amount of stress and family discord during your passing.

It can be incredibly difficult for family members to determine who receives what portion of an estate or your belongings if you are not around to delegate.

Your will is written in your own words to ensure that the appropriate parties receive their portion of your property once you have passed.

Another important reason as to why you will want to draft a will is to ensure the safety and security of your children.

If you were to die without having a will, the legal courts would determine who receives custody of your child and it may not be the person that you would want to raise them.

With the help of a will you can detail which family member or friend will receive the right to become you’re the legal guardian of your children.

How Does a Will Work?

Once you have died, your executor will then bring the will to a probate court in order to partake in a probate proceeding.

This process is used so that the court can verify whether the will is legal and to confirm the legality of your executor.

It is important to note that your will won’t come into effect until after the probate proceeding has concluded.

This can take a varied amount of time, generally between 3 months and 3 years.

The time frame depends on your local laws and how complex your estate is. Before and during the proceeding, your property and estate will remain untouched.

Dividing the Estate without a Will

If you are unable to draft a will prior to your death, your estate will be divided by the court according to the laws of succession.

This generally means that your closest relative that is still alive will receive all of your estate and your children.

Even without a will, the probate proceedings are still required.

Learn how to make a Will in 3 easy steps…

How Does Life Insurance Work

Eldercare, Funeral Pre-Planning, Insurance

The main reason as to why anyone would consider purchasing life insurance is to have peace of mind.

In the event of a disastrous accident or if you unexpectedly pass away, your life insurance will provide your beneficiaries with a sufficient amount of money to cover costs associated with your passing.

Also, many families are able to financially survive off of a family member’s life insurance policy. So, how does Life Insurance work?

The Basics of Life Insurance

Life insurance is basically an agreement between a policy holder and a life insurance company that states when the policy holder dies, their beneficiaries receive benefits in the form of monetary value.

The policy holder (you) will pay the insurance company a premium on a monthly or yearly basis that ensures that your family and/or beneficiaries will receive a payout once you have passed away.

The majority of financial assistance received from life insurance companies are either paid out in a lump sum or over a specific amount of time, also known as installments.

This money is paid completely tax-free, meaning the beneficiary keeps the entire benefit amount.

What are the Types of Life Insurance?

Different insurance companies will offer different types of life insurance, therefore it is important that you choose the correct insurer for your needs.

The two main types of life insurance are Permanent and Term Insurance.

  • Permanent life insurance is generally the most popular as it will protect you for the entirety of your life.
  • Term life insurance will expire within a certain amount of time.

Where Can I Buy Life Insurance?

As previously mentioned, it is important that you find the right company for your life insurance needs.

There are hundreds of different life insurance companies that offer different policies to individuals looking to acquire their own piece of mind. You may want to consider using the internet for find a life insurance company.

With the use of the internet you can read customer reviews and gather an idea of what the company will be able to offer to you.

Also, the majority of companies offer their employees the opportunity to buy into a life insurance policy, therefore you may want to speak with your employer for more information.

Beware: A detriment associated with a life insurance policy with an employer is that once you lose the job, you also lose your benefits.

If you have a health condition, it may be more difficult, cost more money, or you may not be able to qualify for life insurance.

That’s why it’s important to make sure you have your own policy versus relying on a policy with an employer.

Life insurance is a great way to ensure that your family is sufficiently covered after your passing.

With the ability to rest assured that they have financial assistance, life insurance is quite beneficial.

Understanding An Accelerated Death Benefit Rider

Eldercare, Funeral Pre-Planning, Insurance

An accelerated death benefit rider can be a great way to ensure that you receive financial assistance from your insurance company in the event of a detrimental diagnosis.

If you find that you are in a medical situation where you have a terminal illness, you may want to consider the benefits of adding an accelerated death benefit rider to your life insurance policy.

How Does it Work?

An accelerated death benefit rider is a component of your life insurance plan that can assist you in the event of a terminal diagnosis.

If you become terminally ill, a significant portion of your death benefit can be used to cover media expenses and treatments.

The majority of life insurance companies also allow you to use your death benefit for long-term care.

Depending on the amount of money that you withdraw from your life insurance policy, this will determine how much money your beneficiaries receive once you die.

As an example, if you have a $100,000.00 policy and you withdraw $75,000.00 for medical expenses, your beneficiaries will receive $25,000.00.

Should I Buy an Accelerated Death Benefit Rider?

There may be a variety of reasons as to why you will want to consider adding an accelerated death benefit rider to your life insurance plan.

The main reason could be due to a family history of illness.

This can help to protect you in the event of being affected by an ailment. It is important to remember that if you are already sick, it may be difficult (or impossible) to purchase an accelerated death benefit rider.

You should consult a licensed life insurance agent to determine if there are any alternative options available to you.

The Cost of an Accelerated Death Benefit Rider

When looking into life insurance plans, it is imperative that you consider the amount of money that you will be putting into your coverage.

Depending on the type of life insurance policy that you purchase, an accelerated death benefit rider may or may not be included. If it is not included, consult your life insurance company to determine how much it will cost.

The majority of companies add it at no additional cost, but depending on the company you’re look at, adding the rider to your policy may result in a higher premium. This option can only be added when the application is being submitted; it can’t be added later on-

If you have a family history of medical ailments and fear that you may become sick in the future, it is important to consider an accelerated death benefit rider.

With the ability to cover your medical expenses and still provide your beneficiaries with a sum of money once your death, you can acquire peace of mind from your policy.

Look Into Long-Term Care Insurance (LTC) Before It’s Too Late

Eldercare, Funeral Pre-Planning, Insurance

When your physical or mental state begins to deteriorate as you age, it is important to have access to long-term care insurance.

This type of insurance will offer you the care and services that you need most due to any type of condition.

There are many different types of care services that can be covered by a long-term care insurance policy.

It is always suggested that you find out about long-term care insurance before it is too late.

Why Choose Long-Term Care Insurance?

This specific type of insurance is designed to cover the costs associated with your care once you are unable to do so.

This means that your stay in facilities including nursing homes, adult day care, long-term care facilities and specialized centers may be covered by a long-term policy.

Getting the insurance before it is too late will ensure that you are not a burden to your family as your health deteriorates.

Getting the services that you need is as simple as getting the long-term care insurance that leaves you fully covered.

What Do The Statistics Show?

Almost 70% of individuals over the age of 65 have to spend some time in a long-term care facility.

This results in the majority of seniors requiring a stay in a care facility at some point during their lifetime.

Long-term care insurance will help keeps costs manageable.

If you do not have long-term care insurance, you will be required to pay the full amount without any type of assistance.

This will definitely lead to the draining of your savings even in just a short amount of time.

Help Covering Costs

Since the statistics clearly show that most people will require a stay in a long-term car facility at some point, it is vital to look into long-term care insurance before you need it.

Help covering the costs of long-term care is the main benefit of this type of insurance policy.

You can keep yourself from going broke and make sure that you are not a burden to your family members as you age.

Act Now

You can’t get this type of insurance once you are in need of long-term care, which means that you have to be proactive and think ahead.

Long-term care insurance offers peace of mind and allows you to know that you will be able to cover your medical care costs as you age.

Learn more about long term care insurance and how inexpensive it can be…

Is An Assisted Living Facility The Right Choice

Eldercare, Funeral Pre-Planning

Trying to determine if an assisted living facility is ideal for you is dependent on many different factors.

This type of facility is normally designated for individuals that do not need extensive medical care, but require minimal assistance from time to time.

The activities that require assisting include cooking, cleaning and medication management.

The staff at an assisted living facility is similar to a nursing home and is comprised of both doctors and nurses.

This means that assistance is always on hand when an emergency arises.

What To Expect

When determining if an assisted living facility is right for you it is important to know what most assisted living facilities consist of.

You can maintain your privacy and independence at an assisted living facility much easier than in a nursing home.

Most assisted living facilities are filled with separate apartments that include a bathroom, kitchen and bedroom. However, it is possible to find residence in an assisted living facility that offers only a shared bedroom and bath.

Every room or apartment is equipped with an emergency system that can be used for notification purposes in the event of an emergency.

Many assisted living facilities have a dining room, library, gym and other recreational spaces for all residents to enjoy and socialize.

What Services Can You Expect

At an assisted living facility you are still given a care plan that is designed around your needs. Once your needs change, your care plan is changed based on what you require.

The services that you can expect include housekeeping, transportation, medication management, medical assistance and other general services.

How Much Does an Assisted Living Facility Cost

The price of an assisted living facility depends on the location and size of the facility in question.

This means that the cost varies greatly and can range from $1,000.00 to $5,000.00 each month.

Medicare does not cover the cost of assisted living, but it is possible for some facilities to take Medicare.

This is why you should look into long-term care insurance (LTC) before it’s too late.

Is It For You

It is important to not only understand the costs involved with an assisted living facility, but you also have to be aware of the care that you need.

An assisted living facility is not designed for individuals that require the highest level of medical care.

If you are looking to maintain your independence, it is possible to find an assisted living facility that meets all of your needs.

Learn more about long term care insurance and how inexpensive it can be…