Wednesday, September 27, 2017

Wow, what an exciting day!

I would have never guessed to have said that about life insurance, but I just did.

20 years ago my mother, Lise Andreana, basically forced me to buy a life insurance policy because it would be good for my future.  All I remember is asking myself, how am I going to afford this when I can’t even buy food? Why does someone at my age need life insurance?  Maybe she is just trying to reach a sales goal and using her kids to get her there? (Just kidding about that last one)

In my early twenties, $50 a month was, to me, a whole lot of money that I could have been spending on the necessities of life.  But I was a good girl and did what my mother asked me to do (well, in this case, lol).  As the years went by, the payments became easier and easier to make especially since it was on automatic banking.  Then about 10 years ago, it occurred to me that my premiums would be 0.9% less if I paid annually instead of monthly, so I then made that change to save some money, and again the premiums became easier to afford each year.

Fast forward to today… I received my annual policy statement and guess what it says?

I now have over $71K in death benefit and over $13K in cash values that are just going to keep on growing.  The best part of all? The single line that reads; PREMIUM: Your policy is now paid-up. There are no more premiums payable.  This is the exciting part!  The 20 pay policy my mother sold me when I was in university is now paid off in full, but I have coverage for life that will continue to grow!

So now, I sit here thinking to myself what will I do with my “new found” money?  I can tell you that purchasing another whole life insurance policy has surely crossed my mind.

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Tuesday, September 26, 2017

Have you been asked to be an executor?

Has someone close to you asked you to be the executor of their will?  

To a friend or loved one, you might seem like the perfect person to be their executor. And while it may appear to be an honour, it is a huge responsibility. Before you agree to the job, here's what you need to know.

Estates big or small-it will be a lot of work.
- Any estate may have multiple properties, numerous possessions, extensive wealth or many beneficiaries.
- There may be numerous steps to get through before you can distribute any assets, including being responsible for taxes.

Be aware of potential conflicts
- If you are being asked to be an executor by a friend, you might want to consider why? In some circumstances, it could be to prevent family conflicts, in which case you could be on the hook to mediate some explosive discussions as to who gets what.

Are you ready for litigation? 
- If the beneficiaries don't like the decisions you've made, you might find yourself the subject of a lawsuit.

- There are no rules about how much an executor should be compensated, although the rule of thumb is typically 5%.
- Be sure to note that if the beneficiaries file a lawsuit, and it is found that you haven't used the estate funds the way they were intended, you could be liable to to repay the funds from your own pocket.
- Ultimately, you have to awknowledge that all your hard work could be for pennies.

The bottom line is that being an executor is a lot of work, before you take on the job be sure to consider all of the possibilities.
Talk to your Continuum II advisor today, we can help guide you in the right direction.