Remember to double-check the Will you’re signing

A Last Will and Testament is a crucial legal document that ensures your final wishes are carried out after your passing. Creating a legally valid Will can provide peace of mind and protect your loved ones during a difficult time. It is assumed that when you go through a lawyer, that he or she would double-check the Last Will and Testament that he or she is signing as a witness. 

The process of signing your Will is critical to its validity. In most jurisdictions, you’ll need to sign the document in the presence of witnesses. Typically, two or more witnesses who are not beneficiaries or spouses of beneficiaries are required to witness your signature. Their presence confirms that you were of sound mind and not under any duress when signing the Will.

A lawyer should obviously know this. 

How was something as basic as signing a Last Will (no doubt in front of witnesses) overlooked by one particular lawyer? 

In 2011, a lawyer made this very mistake when a couple visited him to create their Last Wills. They wanted their children to be taken care of, in the event anything happened to either of them. 

When the mother died in 2022, the Will she had created was declared invalid. The Will was lacking ONE signature from ONE if the witnesses — the lawyer in question who drew up the couple’s Last Wills. The lawyer had his law clerk present, the couple was present, and he was present. How was it that no one took the time to double-check something as important as a Last Will and Testament? 

It would have taken two seconds to double-check the Will in question. 

This caused a bit of chaos for the family in question. The son and daughter were both named as co-executors in the late mother’s (invalid) Last Will and Testament. 

You can read more about this case, here.

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Aretha Franklin’s Last Will was stuffed under a couch

When legendary singer Aretha Franklin passed away in 2018, she left behind a rich musical legacy and an estate worth millions of dollars. One significant aspect of her departure was the unveiling of her last will and testament, offering insight into how she planned to preserve her assets and distribute her wealth. In this article, we take a brief look at Aretha Franklin’s last will and highlight some key details that shed light on her intentions for her estate.

Aretha Franklin left behind an estate that is allegedly worth $6 million dollars. She also left behind a mess for the court system to figure out. The mess  is still brewing in court, because there is more than one Last Will and Testament written by Franklin, and both documents could be perceived as valid. There is a Will written in 2014 (but found stuffed underneath couch cushions in 2018), and another hand-written Will dating back to 2010. The document crammed under the seat of a couch is a great reminder to ensure that your Executor knows where to find your latest, updated Last Will and Testament. 

Two of Franklin’s sons, Kecalf and Edward, believe in the validity of the 2018 Will, while their other brother, Ted White 2, believes in the legality of the 2010 Will. It is worth mentioning that the 2010 Will appoints White’s niece as the executor of Franklin’s estate, while the updated Will appoints Kecalf and Edward as executors of her estate. Judge Jennifer Callaghan (who is presiding over this case) wants a jury to determine the validity of the 2014 Last Will and Testament. 

This is no easy feat, however, given the scribbles, crossed-out-words, and the messy way the 2014 was drawn up. You can read more about the ongoing case, here.

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Figuring out your vital life insurance needs

Life insurance is a vital tool for protecting your family’s financial future. However, determining the appropriate amount of life insurance coverage can be a challenging task. To ensure your loved ones are adequately protected, it is essential to calculate your family’s life insurance needs accurately. In this comprehensive guide, we will walk you through the key factors to consider when determining the optimal amount of life insurance coverage, empowering you to make informed decisions and secure your family’s financial well-being.

1. Start by assessing your family’s current financial obligations. Consider factors such as outstanding debts (mortgage, loans, credit cards), monthly bills, and ongoing living expenses. Calculate the total amount required to pay off debts and provide a financial cushion for your family’s daily needs. 

2.  Anticipate future expenses, such as education costs for your children, retirement savings for your spouse, or any other significant financial milestones. Evaluate the estimated amounts required for these goals and include them in your life insurance coverage calculation.

3. Determine the income replacement needs for your family in the event of your untimely passing. Consider your current income and the number of years your family would need support. A common rule of thumb is to aim for a coverage amount that is 5 to 10 times your annual income.

4. If your spouse or partner generates income, evaluate their earning potential and factor it into the life insurance calculation. Assess the additional financial responsibilities they would have to assume and adjust the coverage amount accordingly.

5. If you have young children, consider the cost of childcare, education, and other household expenses. Determine the amount required to ensure your children receive proper care and education, even in your absence.

6. Take into account any existing assets and savings that could provide financial support for your family. Subtract these amounts from your life insurance coverage calculation to avoid “overinsuring” and optimizing cost-effectiveness.

7. To ensure accuracy and personalized guidance, consult with a financial advisor or insurance professional. They can help assess your unique situation, consider all relevant factors, and provide expert recommendations tailored to your family’s needs.

8. Life circumstances change over time, and it’s crucial to review your life insurance coverage periodically. Major life events such as marriage, birth of a child, or significant career changes should prompt a reassessment of your coverage needs. Keep your vital life insurance policy up to date to align with your family’s evolving financial requirements.

Determining the right amount of life insurance coverage for your family requires careful consideration of various factors such as financial obligations, future expenses, income replacement needs, and existing assets. By evaluating these elements and consulting with a financial advisor, you can make an informed decision to protect your loved ones’ financial security. Remember to review your coverage periodically and adjust it as needed to ensure your life insurance remains aligned with your family’s evolving needs. With the appropriate amount of life insurance, you can have peace of mind, knowing that your family will be safeguarded during challenging times. This will help you examine your family’s vital life insurance needs. 

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What are the different options of life insurance available to you?

Whole Life Insurance. Variable Life Insurance. You have no doubt heard of these terms before, but may have little idea as to what any of these terms mean, let alone how these options affect your life. It can feel overwhelming. We have written up the different options available below, what they mean, and how you might find each option useful. Here are the following options for life insurance: 

  1. Term life insurance is one of the most popular and straightforward options. It provides coverage for a specific term, typically ranging from 10 to 30 years. If the policyholder passes away during the term, the death benefit is paid to the beneficiaries. This offers a higher coverage amount at an affordable premium, making it ideal for those seeking temporary coverage, such as young families or individuals with outstanding loans.

  2. Whole life insurance provides coverage for the entire lifetime of the policyholder. It combines a death benefit with a cash value component that accumulates over time. The premiums for whole life insurance are typically higher than term life insurance but remain level throughout the policyholder’s life. This type of insurance offers lifelong protection, cash value growth, and potential dividends, making it suitable for individuals seeking long-term financial security and estate planning.

  3.  Universal life insurance offers flexible coverage and a savings component. It allows policyholders to adjust the death benefit and premium payments to suit their changing needs. The policy accumulates cash value, which can be invested and grow over time. This type of insurance provides the flexibility to increase or decrease coverage, modify premium payments, and access the cash value. It suits individuals with changing financial circumstances and those seeking investment options within their policy.

  4.  Variable life insurance combines a death benefit with investment opportunities. Policyholders can allocate their premiums among a variety of investment options such as stocks, bonds, and mutual funds. The cash value and death benefit fluctuate based on the performance of the underlying investments. This offers the potential for higher cash value growth but also carries investment risks. It is suitable for individuals comfortable with market fluctuations and seeking growth potential within their policy.

  5. Indexed universal life insurance provides the opportunity to earn returns based on the performance of a selected stock market index, such as the S&P 500. It offers a minimum guaranteed interest rate while also allowing policyholders to participate in market gains. The cash value growth is tied to the performance of the index, providing potential for higher returns. Indexed insurance offers a balance between flexibility and growth potential, appealing to individuals seeking a mix of security and market-linked growth.

  6. Final Expense Insurance (Word Count: 250) Final expense insurance, also known as burial or funeral insurance, is designed to cover end-of-life expenses. It provides a smaller death benefit, typically ranging from $5,000 to $25,000, to cover funeral costs, medical bills, and outstanding debts. Final expense insurance is relatively easier to qualify for and often does not require a medical exam. It is suitable for individuals who want to ensure their loved ones are not burdened with immediate expenses after their passing.

Choosing the right life insurance policy is a crucial decision that depends on your financial circumstances, goals, and risk tolerance. Term life offers affordable coverage for a specific term, while whole life provides lifelong protection and cash value growth. Universal  offers flexibility and investment opportunities, while variable insurance combines a death benefit with market-linked investments. Indexed universal balances growth potential with security, and final expense insurance caters specifically to end-of-life expenses. Consider your needs and consult with a financial advisor to determine the most suitable insurance option that provides the desired financial security for you and your loved ones.

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