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Q&A: Stepmom alters terms of dad’s will

September 19, 2016 By Liz Weston

Dear Liz: My father recently passed away and his will named my stepmom’s daughter as executor along with my brother. My stepmother just informed my brother that she removed him from that role, telling him it’s easier to just leave her daughter as the executor as she lives much closer. Is this legal to remove him after my father’s death? The rest of his five children have not been able to see that will.

Answer: Your stepmother doesn’t get to alter the terms of your dad’s will after his death. As mentioned in a previous column, a probate case should be opened in the county where your dad died and the will is among the paperwork that should be included in that case. It would become public record at that point so you would all be able to read it.

Your stepmother’s unwillingness to play by the rules indicates that you may need some legal help to make sure your dad’s wishes are carried out. The five of you should consult a probate attorney.

Filed Under: Estate planning, Q&A Tagged With: Estate Planning, Probate, q&a, will

Friday’s need-to-know money news

September 16, 2016 By Liz Weston

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140814_juris_usps-jpg-crop-promo-mediumlargeToday’s top story: What to do with the extra money from the rise in median income. Also in the news: Post office banking could be the next big thing, household debt is creeping back up to recession levels, and the pros and cons of posting your consumer complaint on social media.

Median Income Is Up: Here’s What to Do With That Extra Money
Using it wisely.

Post Office Banking: An Old Idea Getting New Life
Making banking super convenient.

Household Debt Slowly Creeping Back Up to Recession Levels
What that increase means.

Should You Post Your Consumer Complaint on Twitter or Facebook?
The pros and cons of public shaming.

Filed Under: Liz's Blog Tagged With: consumer complaints, household debt, median income, post office banking, social media

Thursday’s need-to-know money news

September 15, 2016 By Liz Weston

imagesToday’s top story: How to tame your student loans. Also in the news: Why you shouldn’t skimp on insurance, critical personal finance tips for your first years after college, and three bills to pay off before you retire.

How to Tame Your Student Loans (Told in Under 350 Words)
Wrangling your student debt.

Don’t Skimp on Your Insurance
Pay now or pay more later.

4 Critical Personal Finance Tips for Your First Years After College
It’s a whole new world.

3 bills to pay off before you retire
Smoother sailing.

Filed Under: Liz's Blog Tagged With: debt, Insurance, Retirement, Student Loans, tips

Wednesday’s need-to-know money news

September 14, 2016 By Liz Weston

wall_street_zombie_moneyToday’s top story: How to handle “expired” debt. Also in the news: Ways to avoid a disclosure catastrophe after closing on your new home, why your small business should have its own credit score, and why you should skip the extended warranty and save the money instead.

How to Handle Time-Barred Debt
Beware of “zobmie debt.”

5 Ways to Avoid a Disclosure Catastrophe After Closing
Pay close attention to the listing language.

Your Small Business Should Have Its Own Credit Score
Protecting your personal credit.

Skip the Extended Warranty and Save the Money Instead
Build a repair savings account instead.

Filed Under: Liz's Blog Tagged With: closing, Credit Scores, debt, disclosures, expired debt, extended warranties, home sales, small business, zombie debt

Tuesday’s need-to-know money news

September 13, 2016 By Liz Weston

money-under-mattress-istock-630x434Today’s top story: The high cost of being unbanked. Also in the news: What you need to ask when choosing a mortgage broker, how getting a car loan can affect your credit, and how your Facebook account can ruin your finances.

The Cost of Being Unbanked: Hundreds of Dollars a Year, Always One Step Behind
No more stuffing your money under your mattress.

4 Must-Ask Questions When Choosing a Mortgage Broker
Getting the important answers.

How Getting a Car Loan Can Affect Your Credit
For good or for bad.

How your Facebook account can slowly destroy your finances
The modern day Keeping Up with the Joneses.

Filed Under: Liz's Blog Tagged With: banking, car loans, Credit, Credit Score, mortgage brokers, social media, unbanking

Money Lessons That Actually Stick

September 13, 2016 By Liz Weston

Efforts to make us smarter about money don’t seem to be working.

A Harvard Business School study found personal finance classes taught in high school had no effect on “financial outcomes,” such as how much people saved or how likely they were to miss payments on debt. A report for Management Science found that even intensive instruction had “negligible effects” on people’s behavior. That’s led some critics to say financial literacy education doesn’t work.

But other research has found methods that show promise. If you want to improve your relationship with money or teach your children about personal finance, these findings may help you do just that.

In my latest for the Associated Press, how to best improve your relationship with money and pass that knowledge to your children.

Filed Under: Liz's Blog Tagged With: kids and money, money lessons, personal finance

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