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Estate planning is a must these days – and it’s the smart thing to do to protect your assets and ease an already difficult time for your loved ones. But starting the process and…
Estate Planning A Checklist for an Organized Estate

Estate planning is a must these days – and it’s the smart thing to do to protect your assets and ease an already difficult time for your loved ones. But starting the process and executing it effectively can be a challenge. Making plans for distributing your money, home and other assets after you’re gone may be uncomfortable, but it’s important to address the topic so you and your loved ones are prepared.
Use this checklist to help you identify important documents and decisions for an organized estate.

  • Write your will. You can draft a simple will using online software if your estate is straightforward and uncomplicated. However, if you have questions about protecting your assets, planning for estate taxes or handling unique concerns related to family dynamics, you may benefit from hiring an estate attorney to draw up your will. If you already have a will in place, review it to make sure it’s still in line with your wishes. Keep one copy of your will at home and one with the executor of your estate.
  • Consider a trust. A trust can help you with more complex estate-planning goals that require additional steps or tax-efficient strategies. Advancial offers revocable family, trusts, living trusts, individual, non-entity grantors or trustees. Learn more about Advancial’s Trust Services designed to help preserve wealth and protect your financial future.
  • Determine key roles. Select a person or people to be the executor of your estate and power of attorney. If you have children that are minors, decide who you want to name as the guardian of your children and custodian to oversee their financial assets.
  • Plan for health care decisions. It can be helpful and ease the mind of loved ones to provide instructions and documentation allowing them to make key decisions if you become incapacitated. For example, you could draw up a living will or advance health care directive and designate a health care proxy. You may be able to obtain these forms from your health care provider or your state department on aging.
  • Review beneficiaries. Make sure the beneficiary designations on all of your financial accounts and insurance policies are up to date. Check your beneficiaries on insurance policies, pensions, 401(k) or 403(b) plans, individual retirement accounts (IRAs) and annuities. Updating beneficiaries is especially important since these designations supersede your will instructions. An advisor at Advancial Investment Services can help review your investment portfolio and beneficiary designations.
  • Create a personal balance sheet. Make a list of your assets (retirement accounts, life insurance, personal property, etc.) and liabilities (mortgage, credit cards and other loans).
  • Organize personal and financial records. Store your important papers and legal documents in a safe place. This includes financial account information, insurance policies, Social Security card and Medicare information, original deed for your home, property tax statements, vehicle titles, tax returns and military discharge papers.
  • Rent a safe deposit box. Protect your valuables in a fireproof safe at home or safe deposit box. Doing so gives you peace of mind knowing that your important documents are protected from fire, theft or loss. Be sure to tell the executor of your estate where you keep your important documents, the contents of your safe deposit box, how to access your safe or safe deposit box and what to do with it.
  • Protect your digital identity. Your digital information lives on even after you pass away. Keep it secure by organizing your passwords and online records for someone you trust. There are secure, digital services that can compile your passwords so that an executor can access them if needed.
  • Make a list of contacts. Include financial advisor, insurance agents, tax and estate-planning lawyers and other important contacts.
  • Provide instructions for valuables. Having a clear plan for passing along family heirlooms and other possessions can be a helpful guide for your loved ones. Draw up an inventory of valuable and meaningful items and who you intend to inherit them.
  • Clarify end-of-life planning. Specify your preferences for cremation, burial, funeral services and other final wishes. If you’ve done preplanning, make sure your family has access to the contract.

 

Start Planning Now

Take some time to focus on your estate plan to avoid surprises later on. The professionals with Advancial Trust Services can work with you to address your concerns, document your decisions and navigate next steps in your estate plan.

There’s a lot to love about owning a car. But if you’ve never owned one before, you might not realize all the expenses and maintenance that comes with car ownership. Let’s…

article preview image The Truth About Owning a Car

There’s a lot to love about owning a car. But if you’ve never owned one before, you might not realize all the expenses and maintenance that comes with car ownership. Let’s look at the basics you need to know before buying your first car and the true cost of car ownership.

It’s important to look beyond the purchase price to understand how much you’ll pay for ongoing car expenses. According to Experian, the average cost of owning a used car is $391 a month, or $4,692 per year.1 When budgeting for a car, don’t forget these additional costs:

  • Registration and license fees. Your vehicle must be licensed and registered before you can hit the road. These fees vary based on the state you live in, and it’s important build these costs into your budget.
  • Insurance. Auto insurance premiums are expensive for young drivers. If you’re living under your parents’ roof, they may add you to their policy. Check out the cost together and be prepared to pay for your portion of the policy.
  • Gas. Fuel prices go up and down, but it can cost $20, $40, even $60 just to fill the tank on some vehicles. Buying a car that gets good gas mileage can help you save money in the long run.
  • Maintenance and repairs. Car maintenance includes regular oil changes and unexpected fixes that may cost hundreds of dollars at a time.
  • Parking and tolls. Depending on where you live, you may need to pay to park and pay tolls for certain roadways.
Start saving now

As you can see, owning a car is a big financial responsibility. It pays to do your homework and make a budget before buying a car. Start saving now for your first set of wheels in your Dinero Teens savings account at Advancial.

1Source: Experian.com.

As you gain your independence and prepare to enter the world of adulting, do you have the financial know-how you need? Will you be able to effectively manage your money? Do you understand…
article preview image Money Management Tips for Success


As you gain your independence and prepare to enter the world of adulting, do you have the financial know-how you need? Will you be able to effectively manage your money? Do you understand financial topics such as loans, credit cards, savings or budgeting? Wherever you stand, you can improve your personal finance habits with these basic steps:

Create financial goals and a budget.

Planning for your college education or your first car? Or are you hoping to travel abroad or take a summer road trip? A budget can help you manage your spending and achieve your small and large savings goals.

Set up financial accounts.

As a Dinero Teens member, you already have a savings account, so it may be time to open a Dinero Teens checking account. As your money grows, you’ll gain more financial independence. It’s never too late to develop better saving habits. Save a little from each paycheck, allowance or money you receive as a gift, and you’ll reach your financial goals before you know it.

Secure and establish credit.

Your credit history is like a report card. Having a good credit history can affect your ability to buy a car, rent an apartment or get a loan. You may be able to establish credit if your parent adds you as an authorized user to their credit card. Opening a secured credit card is another option. A secured credit card is backed by a cash deposit you make when opening the account. Your deposit will always be equal to your credit limit. That way if you forget to pay your bill, the issuer can take the amount from your deposit. Building good credit doesn’t happen overnight, but you can improve your credit by paying bills on time. The best first credit card is Advancial’s Dinero Teens Visa®  which will help teach you how to handle credit cards responsibly. Plus, you’ll earn reward points on all purchases!

The more money management skills you have, the better prepared you will be for financial independence and success in life. Plus, you’ll feel a great sense of comfort and pride in knowing you can take care of your own needs. Advancial has the resources and tools to help.

You want to spend time with your friends. Yet, social distancing has created an environment where there are fewer opportunities for you to do what you’re wired to do — just hang…

article preview image Five Ways to Beat Virtual Boredeom

You want to spend time with your friends. Yet, social distancing has created an environment where there are fewer opportunities for you to do what you’re wired to do — just hang out. You can end up feeling bored, cut off and unhappy.

So, what can you do? Here are a few fun ways to beat virtual boredom and stay safely connected:

1. Host a virtual gathering

Use a video chat platform like Zoom to plan a dinner, costume or dance party with friends. You can even host your own book club, closet exchange or karaoke night.

2. Organize a game night

Enjoy some friendly (or maybe serious) competition playing virtual group games on your computer or phone, like Among Us, Quiplash or Words with Friends. They are fun, interactive and most are free. You can find everyone’s favorite, classic and new.

3. Watch movies, videos, TV shows and listen to music virtually

Watch with your friends on platforms like Teleparty (formerly Netflix Party), and stream from Netflix®, HBO Max, Hulu and Disney+ . You can watch in complete sync and live chat.

4. Become a virtual volunteer and connect with the community

With a quick search online, you can find many causes where you can offer your time and talent, including education, animal advocacy, homelessness, human rights and the environment. If you’re not sure how or where to contribute, sites like dosomething.org/us or volunteermatch.org/ can help you discover what matters to you most.

5. Connect with new ideas and culture

It’s an ideal time to learn a new skill or improve a current one. There are endless options to explore on social media platforms like YouTube and Instagram, such as music, dance, photography, crafts, memory skills, exercise or mindfulness and meditation.

The list of ideas to beat stuck-at-home boredom is endless. So, when it comes to staying positively connected, just add your own inspiration and ingenuity and see what amazing and fun things can happen.

A summer job is a great way to make money and save for a car, college tuition or a special summer vacation. Finding a job when you are young and may have less experience can be challenging.…

article preview image Summer Job Search Playbook

A summer job is a great way to make money and save for a car, college tuition or a special summer vacation. Finding a job when you are young and may have less experience can be challenging. Use this playbook to help guide your search and give you the greatest chance of scoring that sweet summer job.

Job search checklist

Before you start searching, prepare by gathering references, creating a resume and identifying skills that are valuable to potential employers.

Resume: A resume is a document that you create to highlight your achievements, education, work experience and skills. If this is your first job, look for other experiences, such as volunteering, babysitting or participating in school activities to beef up your resume. While many jobs might only require a job application, a well-crafted resume can set you apart from other job applicants in a tight job market.

References: References are people you identify to vouch for you. Think of people outside your family, such as teachers, ministers, coaches or neighbors who would recommend you to a potential employer. Make sure you ask them for permission before you add them to a resume or job application.

Skills: Employers look for transferable skills — so-called “soft skills” — that apply to many jobs. For instance, if you played a team sport, your ability to think fast and work with a team can translate to working in a fast-paced environment like a restaurant or a fast food kitchen. Identify your skills so when you go after a particular job you can list the ones that apply.

Finding a job

When the job market is tight, you may have to get creative about finding a job. Here are some tips to help you search:

Check out seasonal work. Local parks and pools are great places for students because their work ramps up during the summer. You may be able to find work on golf courses, doing landscaping, being a lifeguard or as a summer camp counselor.

Work where you shop. Look for jobs where you shop or at stores that cater to your interests, like a skate shop or cosmetic store. A retail job can provide great experience and a discount on things you like to buy — just don’t forget to save some of that paycheck!

It’s who you know. Having a connection to a current employee is one of the best ways to find a job. Ask your family and friends if they know of any jobs where they work. If they do, give them a copy of your resume to share with the appropriate person.

Work from home. Virtual jobs expand your job search to anywhere on the internet. Opportunities include becoming a virtual tutor, getting an online internship or setting up an online store to sell handmade goods or used items.

Finding a job is one of the toughest jobs there is, so don’t get discouraged. Once you do score that summer gig, set up a Dinero Teens checking account at Advancial to make the most of your hard-earned cash.

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Displaying results 1-5 (of 115)
A Checklist for an Organized Estate
Estate planning is a must these days – and it’s the smart thing to do to protect your assets and ease an already difficult time for your loved ones. But starting the process and executing it effectively can be a challenge. Making plans for d…
The Truth About Owning a Car
There’s a lot to love about owning a car. But if you’ve never owned one before, you might not realize all the expenses and maintenance that comes with car ownership. Let’s look at the basics you need to know before buying your first car and …
Money Management Tips for Success
As you gain your independence and prepare to enter the world of adulting, do you have the financial know-how you need? Will you be able to effectively manage your money? Do you understand financial topics such as loans, credit cards, savi…
Five Ways to Beat Virtual Boredeom
You want to spend time with your friends. Yet, social distancing has created an environment where there are fewer opportunities for you to do what you’re wired to do — just hang out. You can end up feeling bored, cut off and unhappy. So, wh…
Summer Job Search Playbook
A summer job is a great way to make money and save for a car, college tuition or a special summer vacation. Finding a job when you are young and may have less experience can be challenging. Use this playbook to help guide your search and giv…
Encouraging workplace financial wellness during National Financial Literacy Month
In the United States, April is recognized as National Financial Literacy Month. Every year, this is an opportunity for businesses, consumers, and educators to come together to shed light on many aspects of financial health and wellness. As…
Young accumulators in the workplace
Proactive steps to protect the financial wellbeing of tomorrow's worker Understanding your employee population helps you target and assist varying degrees of financial life-stages, personality types, behavioral influencers and current need…
Beware of COVID-19 Vaccine Fraud Schemes
Due to the ongoing COVID-19 pandemic, fraudsters are preying on consumer vulnerability and trying to take advantage of people like you. Recently, consumers have reported new fraud schemes related to scheduling and paying for the COVID-19 v…
Mobile Wallets Provide a Contactless Way to Pay
Tired of carrying around a wallet stuffed with cards? Don’t like waiting for a chip card to process? Worried about the germs on the payment terminal? Try using a mobile wallet! What’s a Mobile Wallet? Your smart device can do more than ma…
Get Fit, Financially
You would never run a marathon without building up the strength, endurance and mental stamina needed to cross the finish line. Reaching fitness goals requires training and dedication. The same is true for financial fitness. If you have finan…
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Displaying results 1-10 (of 115)

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