Author: Max Potter

Every adult should have an estate plan (last will, Power of Attorney) to be prepared. If you become incompetent or pass away, an estate plan offers security and care for your property, your children, or your care. Because we all require an estate plan, the availability of do-it-yourself estate planning is growing in popularity.

But be cautious! Making your estate plan without the help of an experienced estate planning attorney might lead to future issues or, worse, future expenditures for you and your family. These are some top reasons to hire a San Antonio Estate Planning Lawyer–

An attorney is fluent in legal jargon.

Your documents must use the language you need to explain your goals effectively. When reading your paperwork, the law will most likely make a default determination that may not be in your best interests if you are unsure about something. Hiring an attorney to draught these vital documents ensures that the lawyer will express your objectives clearly and that the law’s default conclusion does not interfere.

A lawyer will be able to tell you precisely what you possess.

When it comes to the property of married couples, this becomes a serious concern. It might be challenging to determine if the property is your separate property (you own 100%) or communal property (you and your spouse share 50%). The counsel of an attorney can assist you in classifying your property and determining what you truly possess in the eyes of the law. 

An estate planning attorney may be a valued counsel for your family.

It might be helpful to have trusted counsel to help your family manage the probate procedure at a difficult time. Nevertheless, it is good to use a lawyer you have known for a long time. 

An attorney can construct backup plans.

So, you’ve decided who you’d like to inherit your property with after you die? What if that person or those people die before you, or if they decline your gift? An estate planning attorney can assist you in drafting good options to ensure that your property has protection in the case of a disaster.

Conclusion

You can make an estate plan for yourself, but expert advice is always advisable. So figure out things on your own, but if you have doubts, don’t hesitate to contact a lawyer as it is indeed an important decision of your life.

The aftermath of an auto collision in Houston can be overwhelming. The sheer impact of the crash can cause unexpected trauma, but as one of the drivers involved in the accident, you have to take a few essential steps. Although not mandatory, you should consider hiring a Houston car accident attorney to know your rights and interests. Here’s what you need to do after a car accident in Texas. 

1. Pullover and check if someone needs help. Don’t be tempted to run away from the accident scene, or you may have to deal with charges later. Pullover to a safe place. If you are physically okay and, in your senses, check if other passengers, pedestrians, and drivers are in need of medical assistance. Call 911 without delay. 
2. Inform the police. Texas laws require drivers to report a car crash if there was death or injury involved. You should also report the accident if any of the vehicles were damaged to the point of immobilization. You can call the local police or the nearest sheriff’s office. Wait at the accident scene for the investigating officer to arrive. 
3. Exchange information with other drivers but limit communication. It is very common for people to admit fault or blame the other driver after an accident. While you need contact details and insurance info of all drivers involved in the crash, don’t communicate a lot. You don’t have to give a recorded statement to their insurance company until you speak to an attorney. 
4. Promptly call your insurer. Once you feel okay after the accident, consider calling your insurance company without delay. While the statute of limitations in Texas gives you two years to file an injury lawsuit in civil court, the deadline doesn’t apply to insurance claims. You need to file your claim without delay. 
5. Call an attorney. Texas is a fault state. If the other driver’s disregard for safety caused the accident, you should contact a lawyer to know about your injury claim. A skilled attorney can evaluate the merits and facts of your case and share a fair overview of what to expect in a settlement. Accident lawyers in Houston don’t charge an upfront fee, and you have to pay the lawyer only if they win a financial settlement for you. 

Finally, ensure that you have all your medical records handy. If you had a share in fault in causing the accident, this could impact what you can recover from the other driver.

Setting financial goals can be an empowering and challenging task. However, there are several ways you can achieve your financial goals, which include financial freedom and financial security. First, you need to start with a financial plan, which is a road map that will help you fulfil your dreams.

In this article, we will discuss six powerful tips, that can help you set and achieve your financial goals.

Get an Advanced Degree

Many financial planners will tell you the first step in achieving your financial goals is your capacity to earn more money which is an important part of meeting your goals.

Study shows that people with advance degrees have greater earning potential than those without a degree. They tend to have greater opportunities for advancement and more discretionary income for investments. Learning about wealth management, passive and residual income, and investment can help you increase your income by learning about ways your money can work for you.

Create a Financial Plan

Starting with a solid financial plan can help you achieve your goals. Your financial road map will start out vague, but as you work your plan things will become more apparent.

The first step includes making a monthly budget, which can help you organize your finances, and help you keep track of your spending. A budget is an accounting your income and your expenses. Your budget should be realistic, and it should include take-home pay, utilities, mortgage or rent, food, transportation, entertainment and loans. The money that is left over after you subtract your expenses from your take-home income is called discretionary income. Many people even allocate the tax refund they get after filing taxes online which is an easy first step to take.

Using spreadsheets like Google docs and excel can help you track your progress. Budgeting apps that can be sync with your financial institution can make budgeting easier.

Building an emergency fund is vital to your financial well-being. It can help you meet unforeseen expenses such as layoffs, emergency repairs, loss of income, and other major expenses. To build an emergency fund, you must set a goal for the amount of protection you need for living expenses which experts recommend as three months of living expenses.

If saving three months of living expenses is difficult, then you should decrease your current spending or increase your income or both. These changes will help you meet your short and long term goals.

There are several ways you can decrease your spending and stay within your budget. Look for discounts whenever possible, whether it deeply discounted, store brands or second-hand brands. Purchase what your family need only. Being wise can help your family and can help you meet your financial goals.

Purchase Insurance (Life, Car and Health)

Insurance can help you in many ways to meet your financial goals. Life insurance can be a vehicle for your future family needs, and it can use to pay off debts. You can purchase insurance through work at little or no cost, or you can get insurance quotes from your local insurance agent or from an online verified website.

Having car and health insurance can ensure that a severe illness or accident will not cause you financial hardship, such as loss of income. With life and health insurance, you are prepared for the what-ifs in your life.

Establish Good Credit

Having a good credit score can be a financial benefit to your financial planning. Managing credit card is one of the biggest financial issue people face with their finances. To save money, you should avoid your credit use. The only exception is for emergencies.

The average credit card interest rate on unpaid balances is 17 per cent. Credit cards are a huge roadblock to financial security, so they should not be used to make purchases unless you can pay off the card in the short term.

Short term repayments can help your credit score, which can increase your chances of getting low-interest credit cards. Some credit cards offer no interest for up to a year, allowing you to pay off your balance before interest accumulates thereby saving you money.

Start a Business

Starting a business is a common method of making money. Today, there are more ways to generate income through businesses. Many brick and mortar stores have ceded to online stores. Online stores offer convenience and accessibility, with less cash and constraints.

Plan Retirement

Start planning your long term goal for retirement now. It might seem far away goal, but it should become a part of your everyday life. The sooner it becomes a habit, and you can put away money each month for retirement.

There are no set saving guidelines for retirement, but a dependable approach includes multiple amounts of your salary at different ages. A good rule of thumb, you should have the following:

1. Two times your salary by 35
2. Six times your salary by 50
3. Ten times your salary by 60

The above tip can help you reach your financial goal, ensure financial security and financial freedom.

The insurance market is vast. After all, it is one of the most required investments that one must have for their loved ones. Today, there are many options to choose from for a term plan; we have limited pay plans, appreciating cover plans, staggered payout plans, return of premium plans, and many more. The collection is enormous, and almost all of them offer huge benefits. Since the nature of a term plan is to help the nominee in the most challenging times, the process to claim the death benefit is simple. However, it is important to go through all the technical details of a term plan before you settle for one.

1. Do your research

As you choose to purchase a term protection plan, do an intensive search on the plans accessible. You can look for the term insurance premium plans and the provisions across the diverse insurance agencies to pick the one that is best for your necessities. Another angle you should weigh in is understanding the insurer and their history.

2. Look for Add-ons

Term plans offer riders at a sensible expense which ought to be surely considered by you regardless of probably not fitting in your prerequisites. Additional riders, for example, waiver of premium on disability and waiver of premium on sickness come at a low premium, while waiver for critical illness cover is the costliest. Subsequently, you should examine whether the extra advantages coordinate with the term insurance premiumcharged. Furthermore, read the fine print of all the additional riders as they will in general be diverse for various insurance agencies.

3. Consider Tenure Carefully

Consider picking the longest-term plan. This is because in case you choose a shorter plan; you are locked during that time and cannot broaden the same later. Then again, when you pick a longer plan, the term insurance premiumremains the same throughout. In case you wish to stop at a later stage, you can do that with no extra charges.

A term protection plan is an agreement between you and your backup plan, and it will help your family when you are not there. It is to your greatest advantage to pick the right arrangement for your family by considering each one of the variables mentioned above.

It is important to analyse the death benefit considering your age, income, liabilities, and present health conditions using a term plan calculator and determine the premium you will be paying for different plans.

Here’s how you can start the Term Insurance Claim Process:

Purchasing a term protection plan is a difficult choice. All’s fine when you purchase the plan. But, when you need it the most, you might feel like you should have understood the process earlier and better. To make sure your family does not have to go through this, here is what you need to know!

The insured, relatives, or the nominee can send a claim application to the insurance agency at the earliest opportunity. In spite of the fact that your family might be in distress, they should not postpone making the case. This is to keep away from any complexities simultaneously!

There are different advances associated with documenting a term insurance claim process on a term protection plan. If the insured dies an untimely death, the recipient must inform the insurance agency right away.

In addition, keep every one of the necessary documents ready. Other than this, prior to informing the insurance agency, this is what you must make sure of:

• All the charges are paid on time.

• The recipient of the plan remembers the exclusions.

Documents required:

For any death that happens following three years of owning the plan:

•         Claim application structure (given by the insurance agency)

•         Certificate of death

•         Policy report

•         Deeds of assignments, if any

•         Legal proof of title if the plan isn’t nominated

•         Form of release executed and experienced

•         Last clinical specialist’s authentication

Like any other application, clinic authentication, employer’s testament, or police examination report might be needed to be produced. A postmortem report is required for death within three years of taking the plan, besides all the documents mentioned above. This gives the insurer some more opportunity to explore the case before settling your claim.