“When people are getting engaged and they’re kind of dewy-eyed about it, it’s so difficult to have a real meat-and-potatoes conversation about financial planning,” Sharon Allen said. She encourages people to factor property into prenuptial agreements and consider consulting an attorney. “Most people are going to go through some type of premarital counseling,” she said. “You need to add money questions to that conversation.” Before the wedding, ask things like, “What’s important to you about money?” or “What are your personal financial goals?”
And because sorting our real estate in a separation is so thorny, consider waiting until you are married to purchase that place. “If you are not married, but you are in a long-term relationship, I think in those situations you have to be really cognizant of the overall financial picture,” Allen said. “If you’ve built a home and a life in a particular home, and just one partner owns it, that could get really messy.”

-Sharon Allen, president of Sterling Wealth Management in Champaign.

Send the remains of paper money along with a letter on how it was destroyed to the Bureau of Engraving and Printing at MCD/OFM, BEPA, Room 344A. P.O. Box 37048, Washington, D.C. Make sure it’s packaged in a way to prevent further deterioration and send it via registered mail, return receipt requested.
Generally, the bureau requires that you have more than half of the original bill so there’s no chance that you will be reimburse twice. If your have less, examiners will need to verify that the rest of the bill is truly destroyed. The bureau only redeems destroyed U.S. paper money. Be patient it takes six weeks to 20 months for mutilated currency examiners to process a case.
Bills that are merely worn out, defaced or dirty can be exchanged at your local bank.

If you’re having a hard time saving money for a deadline purpose, do a quick calculation and translate the time line into days. Findings in the journal Psychological Science revealed that people who thought about retiring in 5,400 days socked money away 4 times sooner than those who expressed the same target as 15 years. Using a more finite unit of measurements makes deadlines feel closer, creating a greater sense of urgency.

If I’m married, do I even need a will? Doesn’t everything go to my spouse automatically? The most important reasons for creating a will is to plan for the possibility that you and your spouse will die at the same time; then you will not have control over what happens.

Do I need a lawyer to write a will? You can do a will without a lawyer, but personal situations and state laws can make things complex, for instance if you have children or have many assets, you will probably want a lawyer to help ensure that everything is in order. Also, if you live in a state that has estate or inheritance taxes (some don’t), a lawyer can manage ways to minimize taxes, saving your family a substantially amount of money. Most people should hire one who specializes in estate planning and that charges a flat fee rather than an hourly rate. Flat fees come in various sizes depending on local rates and the complexity of your estate plan. (For instance, if you want to create a trust to save on estate taxes, or so you can implement rules about when your kids can access their inheritance that is more complex and will probably mean a higher flat fee.) This should be for the suite of estate planning documents that you need: living will, powers of attorney, for finances and health care.

Does my will include a guardian for my kids? Yes. And selecting a guardian is very personal and intuitive, obviously. There can be two guardians when it comes to children. One is the estate (the manager of your child’s money); the other is guardian of the person. You can select the same person for both or two different people.

What will a lawyer ask me? How much are you worth, and what does your family tree look like? Specifically, things like: Do you have a good relationship with all your children and want to divide your property evenly? Your bother is great with kids, but is he good at managing money (i.e. should he both be guardian of the children and have power of attorney for your finances? How do you feel about organ donation and life support? (Subject for your living will.) These are heavy questions. Ask for a questionnaire ahead of time (all estate lawyers have them) or download the basic forms from a legal resource. Many of the answers will be simple (“My kids get it all”), and some take thought (“Who is the best person to make end-of-life decisions for me?”). Fill in the blanks over the course of a week, so you are ready for your lawyer with answers and may be questions at your appointment.
The lawyer should also have an idea of what you have in your retirement, bank, investment accounts and insurance policies. Add in the current value of your properties, cars, and list any other high-value items, like artwork, jewelry, Etc. (These are your assets.) Separately total up everything that you owe on your mortgage(s), credit cards, and other loans. (These are your liabilities.) List any heirlooms or sentimental items that you want certain people to have. If you really care that Jack gets the piano, say so. In some families, these things are not specified,
the heirs take care of dividing up the tangible stuff themselves, but it can cause fights.

What if I change my mind? Is it a big deal to change my will? Not at all, in fact it’s expected. But ask your lawyer in advance what the fees are to update it. With any mayor life event, another child, a move to another state, a divorce, a death in the family, you need to update your documents. Depending on the change, you might need to create a whole new will. Writing a new will (which should say in it that it revokes all previous wills) nullifies the old one.

What does an executor actually do? The executor is the guardian of your wishes, He or she is in charge of your property, is responsible for making sure that your debts and taxes are paid, and organizes and keeps track of your stuff so that it goes to the right beneficiaries. If you are married, your spouse is typically the first pick, but you will need to name a backup. Choose wisely: This role can be ripe for abuse. Make sure that it’s someone you trust who is competent and neutral, not someone who favors one side of the family over the other. Choose someone your age or younger (there’s a greater chance this person will be around) and not a family member who has a lot to gain or lose. Your unbiased cousin is a safe bet, or a fiscally responsible
close friend. Ask yourself: who is reliable, is not too emotionally attached, and can get things done? You can also use a professional executor, who can be someone from a local bank or your own lawyer or accountant. Professional executors charge a fee, which varies by state; family members who act as executor are also entitled to the fee, but typically waive it.

If I do a simple will without a lawyer, what make it official? Your signature and witnesses, every state has specific witnessing requirements. I you don’t follow them a court will say that you have died “interstate,” which means without a will. You don’t have to file the will anywhere or even have it notarized. Just keep it in a safe place, ideally in a fireproof lockbox and let your executor know where it is.

What is the danger in not having a will? It’s not as if your children will become wards of the state and your property will be seized. But the state will appoint an administrator to distribute your stuff according to state law (broadly determining, say, that everything you have belongs to the kids and leaving it to them to decide who gets what). If your children are minors, a judge will choose a guardian for them. The real concern is that you’ll have no control over what happens, and your kids could be set up for major financial burdens (such as inheriting debt and serious tax blows). So just do it: Any will at all is better than no will.