The Law Firm Of Myrna Serrano Setty, P.A
The Law Firm Of Myrna Serrano Setty, P.A

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Insurance

Estate Planning Tips During COVID-19

When it comes to COVID-19, there is so much that feels beyond our control. With estate planning (wills or trusts and more), there are things that you CAN control. Here is a list of things you can do (from an estate planning perspective) that may help you feel a little more in control: #1 During this COVID-19 crisis, who are your emergency health care decision makers?  Talk to your loved ones about your wishes regarding your medical care. First, who would you want to step up to advocate for you during a health care crisis? The two parts of Health Care Directives are the Designation of Health Care Surrogate and Living Will. With the Designation of Health Care Surrogate, you nominate someone you trust to make health care decisions for you in the…Read More

What Should You Know About Naming Beneficiaries?

Do You Have A Beneficiaries In Your Last Will And Testament, Life Insurance And Retirement Accounts? Here Are Some Important Things You Need To Know Beneficiaries Of A Last Will And Testament Have To Wait First, you use a Will (Last Will and Testament) to give assets to your beneficiaries, your beneficiaries don’t inherit automatically. Those beneficiaries will need to wait until the probate court process is over before they can inherit. In some cases, this can take many months or even years. If the estate is complex, the legal fees can deplete that inheritance. If avoiding probate is a top priority, consider a Revocable Living Trust as part of your estate plan. Go here to learn more about wills and trusts. Go here to learn more about avoiding probate. Your Last Will…Read More

How Can You Protect Your Finances This Year?

Start with reviewing the following documents at least once this year. 1. Estate Planning Documents  To help ensure that your property and money ends up where you want it, look over your will, trusts, and other estate planning documents at least once a year to see if there is anything you’d like changed. For example, you may want to make a change if you’re recently married or divorced, added a new child to the family, received an inheritance, or experienced any number of other major life events. Or you may simply want to make a change because you’ve changed your mind about some part of your estate plan. Review your choices for who would manage your finances and health care if you ever become incapacitated. Are you still satisfied with your choices? We…Read More

Will These Life Insurance Mistakes Hurt You?

Life insurance is an important part of estate planning and taking care of the people you love after you pass away. Here are some common mistakes that you should avoid. 1. Not Naming A Beneficiary Too many people forget to name a beneficiary or backup beneficiaries. Those mistakes can result in your life insurance proceeds having to go through the probate court process. That can tie up your money for months and even open up the life insurance proceeds to your creditors. And that can wipe out your funds. 2. Naming An Individual As Beneficiary To Take Care Of That Money For Someone Else You might be tempted to list someone you know and trust as beneficiary of your life insurance, with the understanding that he or she would use that money to…Read More

Part 1: How Do You Choose Life Insurance Beneficiaries?

Choosing a beneficiary for your life insurance policy isn’t as easy as you might think. That’s because naming someone as your life insurance beneficiary really has nothing to do with you. Why? Because you should consider how that money will affect your beneficiary’s life once you’re gone. If you’re not careful, you might create problems for your loved ones. Here are a few important questions you should ask yourself when choosing your life insurance beneficiary: 1. What Are Your Goals? Ask yourself: what do you ultimately intend to accomplish with your life insurance? For example, are you trying to replace income for your spouse and kids? Are you just trying to cover your funeral costs? The real reason you’re investing in life insurance is something only you can answer. And that answer will…Read More

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