08/11/2022
Two Recommendations for All:
#1: Buy and Read Napkin Finance: Build Your Wealth in 30 Seconds or Less. My father bought my siblings and me this book, and although short and concise, it contains invaluable knowledge that the average person doesn't come across every day. I buy one for all of my close friends. Knowledge is one of the greatest gifts to give.
#2: Sit down and think about your assets and future planning. For those of you that don’t have your affairs in order, here are some tips for making the process easier (and cheaper).
- TODD = Transfer On Death Deed if you own a home. Completing this document & filing it with your county saves your heirs' THOUSANDS. It lets you transfer ownership of your home to your designee. All they must do is take their ID & your death certificate to the county building & the deed is signed over. Doing this will avoid the home having to go through probate.
-TODA = Transfer on Death Affidavit is the same but for vehicles.
- PODD = Payable on Death Designation for your bank accounts. List an individual to whom the funds will automatically be distributed upon your death.
- Joint Ownership on Property: Holding title jointly allows the property to be passed to the survivor upon your death.
- Advance Directive: Allows you to make bodily healthcare decisions regarding organ donation.
- Durable Power of Attorney: Allows one to designate a person to make legal decisions if no longer competent.
- Power of Attorney for Healthcare: Allows one to designate someone to make healthcare decisions for their person.
- Last Will & Testament: Designates to whom personal belongings will go too.
- Revocable Living Trust: In my opinion, the BEST way to avoid probate. Like a will but with much wider discretion.
- If the above documents are done correctly, you can AVOID probate. If all the above is not done, you need an attorney to open the estate and publicize your passing to allow entitled individuals to make a claim on your property. - It’s a PAIN.
*CONTINUED IN COMMENTS*
