Search Results for: life insurance

You Don’t Have to Be Rich to Do Something Meaningful, Start Here

July 29, 2021 By Justin Weinger Leave a Comment

How do you want to be remembered? It is possible that you consider yourself poor and disadvantaged. The harsh reality is you might be right. Further, you might die poor as well. Statistically, your chances of completely breaking free of your socioeconomic status is not good. This varies depending on where you live. But even in the wealthiest country in the world, the majority of people born into poverty never move too far up the ladder. That is unfortunate. But this is a moment for tough love.

It is true that you have as much chance as anyone else of beating the odds. And this site is all about helping you do that. It is most certainly not impossible. But you cannot pin your value as a human being on whether or not you ever achieve a significant amount of wealth. You cannot wait around for your ship to come in or for your luck to turn. You have a life to live right here and now. You have kids to raise and rent to pay.

You are not defined by what you do with your future, but by what you do with your present. It is possible for you to win at life with the hand you were dealt. You can do something meaningful and make the world a better place without becoming a billionaire. Even making minimum wage, these are some meaningful things you can do right now to make the world a better place.

Become a Nurse

You can go back to school even as a busy adult. Millions of people do so successfully every year. If you want to make a lot of money, get an MBA. If you want to do something meaningful that will change the world for the better, look into online MSN programs.

The heroes of the pandemic were not the doctors or the researchers or the journalists who stood up and told the truth. Albeit, they all deserve a round of applause. But the ones who wore the super suit were the nurses who had close contact with the patients who came through the doors every day. They were the most at risk. And often, their super suits didn’t include the proper PPE. They went to work anyway.

Some of them were volunteers. Some were entry-level nurses. Some were just a heartbeat away from being doctors. They all did the job at whatever level they could. They will be remembered as heroes right alongside soldiers who fought in wars. You don’t have to wait for the next pandemic to wear the cape.

Get a Will and Life Insurance

There are plenty of good reasons to have a will, even if you’re broke. Whatever resources you have, you want them to go to the ones you love and not someone else. Further, if you have good life insurance like Bestow, you will have a lot more than nothing to leave the ones you love.

It is all about setting up your family for success. Your family would much rather have you than a life insurance settlement. But you have to think about what is best for them. Right now, your job might be all that is keeping your family afloat. If something should happen to you, they would be ruined. If you make sure there is an ample payout when you die, you will leave at least one family better off because of your forethought. If you have your health today, it could pave the way for your family’s wealth tomorrow.

Go Green

You don’t have to be rich to be green. But it certainly helps. When you are poor, you have fewer opportunities. There is no denying that fact. However, you do not have to worry about the opportunities you don’t have. You can make the little difference that you can make. And that will inspire others to do the same. Many hands lifting make light work of everything. If you can’t recycle, make a conscious decision to purchase products that are responsibly sourced and responsibly packaged. Do the little things you can. It all adds up.

Become a nurse. Set your family up for success. And go green to the extent possible. Even if you don’t see the results, just know that doing these things will make a profound difference. You do not have to be remembered for your wealth to be remembered well.

Can You Make A Will Without Breaking The Bank?

July 19, 2021 By Susan Paige Leave a Comment

More than half of the adult population of America don’t have wills. There are a number of reasons given for this. Some feel they are too young to start thinking about their final affairs. Others believe that they just do not have enough money or possessions to make a will necessary. Many simply don’t want to think about their own mortality.

But regardless of the underlying reason, a lot more people would have wills if they thought they could afford it. After all, the idea of writing a will to allocate your sparse possessions after death becomes absurd if it means you are going to put yourself in debt.

However, every adult should have a last will and testament. The good news is that the cost of a will in the United States is not actually prohibitive – if you know where to look.

Let’s discuss why it is necessary to write a will before going into the average will cost.

Why should you write a will?

If you haven’t lost someone close to you, you probably don’t know about the kind of chaos that can ensue. No matter how much or how little a person has, the time after their death is one of extreme emotion for their loved ones. These emotions can spill over into anger and recrimination as soon as money gets involved.

Having a will telling your loved ones exactly what to do with anything you are leaving behind saves them the potential fights. You can also leave instructions for your funeral and any final arrangements you want carried out.

Again, these troubles are rarely about monetary disputes, but rather are the result of extreme emotions, disorientation, and confusion.

So how much does a will cost?

The average cost of a will written through a lawyer

If you go the traditional route of hiring a lawyer to write your will, you are not going to like the prices. A simple will for a small estate will cost about $300 for a lawyer to write up! If you have a bigger estate, that price only increases.

Of course, there are a number of factors involved. Lawyers charge different rates depending on where you are living. Experienced lawyers will also charge far more than new lawyers who do not yet have big client bases.

A will for a big estate written up by a well-respected attorney can cost you in the thousands of dollars. On average, you can expect to pay around $1,500 for these kinds of wills.

A simple estate, on the other hand, can be taken care of by an inexperienced attorney for as little as $200 if you are lucky.

None of these prices are particularly attractive, especially if you do not have much to spare. Fortunately, there are now options that are far cheaper – or even free.

The cost of an online will

A will is essentially a very simple document. Technically, you could write your wishes on a napkin and sign it in front of witnesses and that suffices. The reason we get professional assistance is to ensure we don’t miss anything and to help with the legalese. A will that you did yourself might leave loopholes and unresolved conflicts.

However, there is no real legal expertise required for the average American’s will. For this reason, online wills have become a viable and increasingly popular alternative.

An online will maker uses an algorithm to take your input and weave it into a foolproof document. You are basically using a template that asks very specific questions so as to cover everything you need it to. Many online will makers have legal experts who look over the final document for potential weak links.

With the pandemic, more people started using online will makers, as mortality became a very real possibility for people who had avoided thinking about it for so long.

Unless you have a particularly complicated estate, an online will maker should do the job perfectly well. But what do you need to know about the pricing and costs of online wills?

How much does an online will cost?

Technically, you can write an online will for free. There are a number of free will makers available from reputable sources. However, these services are generally offered by life insurance companies trying to draw you in to sell you their insurance. They can be used in only the simplest scenarios.

However, paid online wills do not cost an arm and a leg. The average cost of an online will is $50, which is already far less than the $300 you would pay an attorney. Some will makers offer the service at just $20 per document.

Alternatively, you can subscribe to one of these sites at an average cost of $33 per month, and you will have the option to write as many documents as you want. These are not limited to last will and testaments. Rather, you can write documents granting power of attorney, a living will, medical proxy, and more.

When should I use an online will maker?

You should use an online will maker to write an affordable will unless you have a complicated estate. While online will makers do offer estate planning services, big estates with intricate details are better written by an actual attorney.

But any will is better than not having a will. Online will makers get the job done and have already helped many Americans who would otherwise not have known where to begin.

There is no reason to spend hundreds of dollars to write a document that you could technically write yourself. Online will makers are affordable, with some free options, and make the process easy and accessible to all Americans. In these uncertain times, a will is a document that every adult American should have, no matter what their age or economic circumstances.

Reasons Why You Need a Will Even When You’re Broke

June 7, 2021 By MelissaB Leave a Comment

You may think that only senior citizens need wills, but that’s not true. People need wills as soon as they have assets they’ll leave behind or when they have a spouse or children. Even the broke need a will if they are leaving dependents behind.

When You Don’t Need a Will

There’s one time in life when you don’t need a will—when you’re single, without children, and in debt without assets. Because there are no assets to divide, you don’t need a will. This would be likely if you’re in college or just out of college, living in an apartment, and have student loan or credit card debt.

Why You Need a Will Even When You’re Broke

There are several reasons why the broke need a will.

Designate Who Will Raise Your Children

If you have children, you can dictate through a will who you want to raise your children in the event that you and your spouse die at the same time (or if your spouse is deceased). If you don’t have a will in place, the state will decide who will become your children’s legal guardian. I’m sure you would rather choose than have the state decide.

Why the Broke Need a Will — Photo by Peter Idowu on Unsplash

You May Not Be as Broke as You Think

Another reason why you need a will is that you may think you’re broke, but you’re not. Take the time to consider all of the assets that you do have.

Potential Assets

For instance, do you have a life insurance policy? Even if you haven’t bought one yourself, often your employer supplies you with some life insurance.

Do you own a home? If so, how much equity do you have in the home?

What about your belongings? Do you own anything of value?

Do you have a retirement account? Again, even if you haven’t set one up independently, do you have one through your employer? If so, how much is the balance?

Most people, when they consider all of these sources, realize that they do indeed have assets. A will helps you designate who will get those assets when you die.

If you have children, you’ll likely want the assets to go to those individuals you’ve asked to raise your children in the event of your death.

How to Create a Will

Now that you’ve decided you likely need a will, you probably think you don’t have enough money to pay for the creation of a will. While hiring a lawyer can be expensive, you can create a will fairly cheaply by using a website service.

My husband and I created our will seven years ago using LegalZoom.com. We answered questions, filled out the form, and then paid $250. When we were done, lawyers looked over the document, and within a week we had our will.

Once you create a will, remember to update it as you have more children or accumulate more debts.

Final Thoughts

If you’re anything but single with no kids, then you need to create a will. No one likes to think about dying, but we’re all going to do so one day. It’s better to take the time now to designate who gets your assets and who will raise your children should you have an untimely death.

Remember, creating a will doesn’t have to be expensive, and your family will be glad you took the time to create one.

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