We say we want to simplify our finances but do you always find an excuse when it comes to certain financial topics. One topic many of us fail to consider when simplifying our personal finances is estate planning or just the simple step of having a will drafted. This is one subject many of us do not like to discuss. Since we do not like to discuss it, we usually do not plan for it. Having a will not necessary help you simplify your finances but will help simplify your finances for the loved ones you leave behind. Even though we all know having a will in place can make the settlement of your estate large or small much easier on our loved ones the majority of us do not have a will in place. So what is your excuse for not having a will?

Here are 10 reasons many of us have not drafted a will:

1. Attorney fees – Why should I pay to have my will done? All the attorney will do is type my will instead of hand writing where I want my assets to go to. I think I will save a few hundred bucks and type it myself. Also what value will the attorney add for the money that I will end up paying.

2. Not alive why should I care – I will not be around so why should I plan how my assets will be divided. I believe my ex-spouses and children are more than capable of dividing my assets evenly so that everyone is happy and gets their fair share.

3. Like to see family fight - When there is a disagreement they just argue until everyone gets what they want. Its actually entertaining to see who will win. So why make it easy on them by telling they who gets what.

4. I enjoy paying taxes- I believe contributing 50% of my estate to the government is a good use of funds. I will not need it so why not give it to a good cause.  Also my family can live on 50% of my assets any way.

5. My elected officials can handle it better than I can Since I have elected these individuals to represent me, I believe they have my best interest at heart and will implement laws that will benefit me and my family. They will know how my assets should be distributed.

6. My spouse can survive without me – My spouse is more than capable of handling my estate. I am sure a how to handle an estate book can teach them what to do.  Right. Better yet my spouse has a job and can survive on just one salary.

7. I have no assets or money why bother – I have more debt than assets what’s the point. The debt collectors will take my assets any way.

8. My minor children will be in good hands with a state agency I don’t need to name a guardian for my children. The state child care services will be just fine.

9. My spouse and children can handle large sums of money Usually when my family receives money they just spend it so why bother restricting what they can do with it. I don’t want to tell them what to do with it. I want them to enjoy it.

10. I will never die – I am still young and in good health and I don’t plan on dying in the near future. So what is there to plan for.  When I am ready to die I will plan for it.

So which one of these is your excuse for not drafting a will. Yes we don’t like to talk about death but it is something that will occur in our life time. We just hope that you have planned for it. Having an executed will will make life much easier for those who you leave behind.

TAKE ACTION take some time to think how you want your assets distributed and who you want in charge of managing your affairs when you are not around. Make sure you put some thought into it and then find an attorney to draft a will based on your circumstances. Trust me its worth it.

Til next time take one step at a time to simplify your personal finances.

If you would like more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

There are so many personal finance posts each week it is not always easy keeping up with all of them. A great way to find out the best posts of the week is to read a personal finance blogger’s weekly roundup. There were several good roundups this week that I thought you may find valuable as well.

Wisebread offers Best Money Tips – How to Make Green French Fries

Joetaxpayer offers Bubblicious Roundup

Financially Poor offers Friday Night Likes

Green Panda offers What is Cool Around the Web

Unclutterer offersAssorted Links for July 22 2010

The Financial Blogger offers Financial Ramblings

Canadian Finance Blog offers Friday Links

Budgets are Sexy offers Liars, Cheapskates and Millionaires

Budgeting in the Fun Stuff offers Weekly Favorites and Gratitude

Financial Highway offers Weekly Review – The End of History Beer Edition

Wisebread offers Best Money Tips

Onlineinvestingai offers Weekly Wisdom: Endless Personal Finance Advice Summer

Free From Broke offers Indoor Pool Links

Saving Money Today offers Yakezie Update and Link Roundup

Len Penzo offers Black Coffee: My Favorite Blogs, Money News, and Opinions #56 (The Spelling Bee Edition)

Realm of Prosperity offers Weekend Links Backup, Backup and Backup

Darwin’s Finance offers Weekend Reading – Its Earning Season Again

Kiplinger offers Personal Finance Roundup

Simple Dollar offers The Simple Dollar Weekly Roundup: Rainy Days Edition

Frugal Dad offers Weekly Roundup: Support Our Sponsors Edition

Simple Financial Lifestyle offers Simple Weekend Reading – Keep it Simple Edition

Oblivious Investor offers Investing Blog Roundup: Roth Conversions Good and Bad

Debt Hater offers What Tithe Means

If you would like learn more tips to help you simplify your personal finances make sure you subscribe to SIMPLE FINANCIAL LIFESTYLE NEWSLETTER and subscribe to RSS feed for blog updates.

Til next time take it one step at a time to simplify your finances.

This week’s edition of Simple Weekend Reading features some recent articles I have read that will help you simplify your personal finances. Here are this week’s favorite article:

We all want to simplify our lives but it takes time. Bible Money Matters shows us 3 Things You Can Do to Simplify your Life in 24 hours

We always discuss the past and the future but sometimes we forget about the present. Ultimate Money Blog in Living in the Present offers a short simple reminder that we need to live in the present.

You want to invest in the market but not sure when to start. Free From Broke offers Dollar Cost Averaging Helps Eliminate Emotion And Market Risk

Looking to live a simple financial lifestyle. These 7 tips offered by MoneyNing will help you get there. So make sure you read 7 Simple Money Tips Can
Make All Your Dreams ComeTrue.

To simplify your personal finances you must use online banking and bill pay. No Made of Money offers 4 Compelling Reasons To Use Online Bill Pay

If you would like learn more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

With interest rates at their lowest in decades many of us are considering refinancing our mortgages.

Refinancing your mortgage can help you simplify your personal finances since interest rates are so low? Should you refinance now is a good question to ask yourself but it will depend. There are several reasons why you should consider refinancing and low interest rates are only one of the reasons why.  Yes a lower interest rate rate can save you money but make sure you consider these questions before you decide to refinance your mortgage.  It will help simplify the refinancing process.

#1 What is your current interest rate? Before you consider if you should refinance or not you must know what your current interest rate is.  Is your current interest rate a fixed rate or an adjustable rate?  If you currently have a fixed rate, what is the difference in your existing fixed rate and the current market rates.  If you have an adjustable rate it is important to know the difference in your existing rate and current rate but you also want to know when your adjustable rate will adjust.  This can significantly impact when you need to refinance or not.  Also what will the rate adjust to on the adjustment date?

#2 What type of mortgage do you have? Is your existing mortgage a 30 year fixed, 15 year fixed, or 7 year, 10 year, or 5 year adjustable rate mortgage?  Understanding your current terms will help with your decision.

#3 What is the estimated value of your home? You want to know if your home has increased in value or decreased in value.  The reason you want to know this is because a decrease in value can have a impact on the refinancing of your mortgage particularly if you owe more than your home is currently worth.

#4 What will be your estimated closing cost? You want to know how much the refinancing will cost you.  Do you have the funds available?  The closing cost will include title work, appraisal fees, and any leader fees they may charge.  So make sure you ask before you start the refinancing process.  Your lender should be able to give you an estimate of what the closing cost will be.

#5 How much will refinancing save you? Saving over the long term is the reason most people refinance.  So calculate your total monthly and yearly savings.  Also remember to add in the closing cost when calculating your total savings.  You don’t want your closing cost to negate your savings.

#6 What is your lenders underwriting criteria? Due to the current economic conditions many lenders have tightened their underwriting standards.  Be sure you understand their criteria.  For example,what type of credit score is required?, What are their loan to value standards? and What financial documentation will be required?

#7 How long do you plan to stay in your existing home? This helps to understand what terms are best for your situation.  For example, if you know you will be moving or purchasing a new home within 5 years do you want a 30 year fixed mortgage. Maybe or maybe not. If you plan to stay in your current home for the next 10 years do you really want the 5 year adjustable rate mortgage just because the rate is lower rate.

TAKE ACTION by answering these seven simple questions before your begin the process of refinancing of your mortgage. Remember take one step at a time to simplify your personal finances.

If you would like more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

Here are posts I have read this week that I believe can help you simplify your personal finances.

Reducing your spending is a key component to simplifying your finances. Wisebread offers 17 Things You Are Missing Out on for Spending Too Much.

We all know we need an emergency fund to help simplify. ChristianPF offers some advice on emergency funds in How To Anticipate And Prepare For A Financial Emergency

You must have the right mindset in order to simplify. Financially Poor offers The Path To Financial Freedom: Get Your Mind In The Game which can help you develop that right mindset.

Have you not simplified your finances because you don’t believe you can do it? Well My Supercharged Life helps you in How We Underestimate Our Financial Strength to find the strength to help you.

Simple Dollar in Putting the Simple Back In offers why you should live a simple life.

OTHER PERSONAL FINANCE ROUNDUPS

There are so many personal finance posts each week it is not always easy keeping up with all of them. A great way to find out the best posts of the week is to read a personal finance blogger’s weekly roundup. There were several good roundups this week that I thought you may find valuable as well.

JoeTaxpayer offers Oil Leak Roundup

Oblivious Investor offers Investing Blog Roundup: ETFs and 72t Payments

Canadian Financial Blog offers Friday Links

Len Penzo offers Black Coffee: My Favorite Blogs, Money News & Opinions #55 (The No More Leaks! Edition)

Rainy Day Saver offers Weekend Link Love: Wedding Edition

Personal Finance by the Book offers House Flip Update / Roundup

Frugal Dad offers Weekly Roundup: Designer Sunglasses Worth It?

Money Smarts offers LinkStuff For a Hot Saturday, July 17 – Kids Driving Me Nuts Edition

Budgeting in the Fun Stuff offers Weekly Favorites and Gratitude!

Money Crashers offers Personal Finance Roundup: 50 Healthy Food Items for Under $1 Per Pound

Million Dollar Journey offers World Cup, BP Oil Spill, Bill Miller and More

Realm of Prosperity offers Weekend Links: Fear of Gym Club Memberships

Financial Highway offers Weekly Review-Boomers, Too much RRSP, Myths, Saving vs Spending and more

If you would like learn more tips to help you simplify your personal finances make sure you subscribe to SIMPLE FINANCIAL LIFESTYLE NEWSLETTER and subscribe to RSS feed for blog updates.

Til next time take it one step at a time to simplify your finances.

Simplify your personal finances by making sure your spouse or loved ones have an understanding of your financial picture. In many households the husband or the wife is the sole chief financial officer in the household. This means that the chosen individual handles all or the majority of the family financial matters without the much involvement from other spouse. This can cause financial stress if the CFO of the household becomes ill and unable to manage the household finances or even worse passes away. This leaves the other spouse the non-CFO trying to figure out what is going on and is left to manage the finances of the household. This can be very challenging task espeically for someone who has never managed the finances before and all of a sudden is forced into that role. To lessen the burden on your spouse and loved ones who must now manage the family finances here are some tips to help simplify your finances:

Make them aware of the location of all financial documents – Whoever will handle your finances should know where to find such documents as the will, account statments, life insurance, retirement statements and banking account statements. Many of us use online banking so make sure that individual has your passwords for all online access. Make a list of all family accounts and account  numbers.  Take the time to update this list whenever you open or close an account.

Know who to contact – This is just as important as knowing the location of the documents. Make sure they know the name and contact information your accountant, attorney, and investment advisor as well as bank representative. Any other person who has knowledge of your finances.  By knowing these individuals your spouse will be able to reach out to them for help if needed.

Know investment objective – How are your assets currently being managed? If something happens to you or your spouse your financial circumstances will change and your investment objective may change as well. You want to make sure your investment objective is in line with your current circumstance. For example, if you have a growth objective and now you will need income from your investments you will have to adjust your investment objective.  So make sure you are aware you how your investment are currently invested.

Know your current financial picture – You want your spouse to know all of your income sources, assets, and debts so they can step in an manage your finances immediately. Knowing this information puts them in a better position. Provide full disclosure. Keep an updated personal financial statement with your financial documents.  Your personal financial statement should show all of your assets and liabilities as well as your income sources.

Know what funds are available – If something happens to you will your loved ones have sufficient funds to take care of you as well as funds to support them. Discuss what life insurance is in place if any and if there is disability insurance in place to replace your lost income.   Review to make sure its enough if you are not there.

TAKE ACTION by making sure the non CFO in your household is aware of all five tips in case something happens to you. Its always better to be prepared then unprepared. By knowing this your spouse will have a much easier time handling the finances if you are not around. They will have enough to deal with if your not around so simplify it for them while you can.

Remember in order to simplify your personal finances you must take one step at a time.

This post was featured in Carnival of Personal Finance – Its Getting Hot in Here Edition

If you would like more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

This week’s edition of Simple Sunday features some recent articles I have read that will help you simplify your personal finances. Here are some of the best from this week:

To live a simple financial lifestyle you can not live paycheck to paycheck. Studenomics helps you with this in Live Within My Means? How?

Simplify your next major purchase with these tips from No Credit Needed Creating A Financial Timeline

To simplify your finances you need to reduce your debt. Far Beyond the Stars shows you steps to help you in minimize your finances in 7 Simple Strategies to Liberate Your Finances.

De-cluttering can help you simplify your finances. This post Warning: Are Any of These 5 Things Keeping You From Being Frugal? will give you some tips on de-cluttering.

We all want to save money but sometimes saving money may end up costing us more money. Liz Weston offers 3 money-saving strategies that can backfire to help avoid this from occurring.

OTHER WEEKLY PERSONAL FINANCE ROUNDUPS

There are so many personal finance posts each week it is not always easy keeping up with all of them. A great way to find out the best posts of the week is to read a personal finance blogger’s weekly roundup. There were several good roundups this week that I thought you may find valuable as well.

Financial Highway offers Weekly Round Up World Cup Finals

Len Penzo Dot Com offers Black Coffee: My Favorite Blogs, Money News & Opinions #54 (The LeBron Who? Edition)

Oblivious Investor offers Investing Blog Roundup: Target Date Funds and Wrongness

JoeTaxpayer offers A Bastille Day Roundup

Darwin’s Money offers Weekend Reading: Return of the Russian Cold War Spy Game Edition

Mrs. MoneySaver offers Frugal Friday- Link Up and Blog Hop!

Canadian Financial Blog offers Friday Links

Personal Finance by the Book offers GRABBBR Giveaway Deadline is This Week! / Weekly roundup

Frugal Dad offers Weekly Roundup – Smarty Pig Edition

Budgeting in the Fun Stuff Weekly Favorites and Gratitude!

If you would like learn more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

Til next time take it one step at a time to simplify your finances.

Here are some additional tips help you prepare and simplify your finances in case of a hurricane.

1. Review your homeowner’s insurance policy – Make sure you are properly covered and amount of coverage.
2. Review your flood policy – Understand what is covered
3. Review your wind policy – Understand your deductibles
4. Know who to contact if you incur damages.
5. Take inventory of your personal property
6. Have a plan in place if you need to evacuate.  Know where your going ahead of time.  Less stress if you have a plan in place.
7. Create file of all important documents to take with you.
8. Is your emergency fund properly funded to cover your insurance deductible

These 8 steps will help you simplify your hurricane preparedness. Remember take one step at a time to simplify your personal finances.

If you would like learn more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

Sunday Roundup offers links to this week’s personal finance blogger’s roundups. Its great way to find the best personal finance posts of the week. There were several good roundups this week that I thought you may find valuable.

Here are this week’s Personal Finance Roundups:

Fiscal Geek offers Delayed Friday Round-Up

Earn.Give.Save offers Weekend LinkLove: Saturday, February 20, 2010

PF Journey offers Along the Journey Weekly Roundup #3 Pay Off Debt Edition

Suburban Dollar offers Friday Finance Followers – Finding Your Focus Edition

Being Frugal offers Friday Financially Savvy Links: Sunshine Edition

Len Penzo offers Black Coffee: My Favorite Blogs, Money News, and Opinions #34

One Money Design offers Friday Round Up: Save Money on Tax Preparation Fees Edition

Joe Tax Payer offers An Olympian Finance Roundup

Canadian Finance Blog offers Friday Links

Redeeming Riches offers This Week in Personal Finance – February 19, 2010

The Oblivious Investor offers Weekend Reading 2/19/2010

Moneavator offers Weekend reading: Fidelity or infidelity?

Budgets are Sexy offers Who Wants an iPod Shuffle?

Financial Highway offers Weekly Round Up – Olympics Edition

Personal Finance By the Book offers Weekly Roundup

Wise Bread offers Best of Personal Finance Roundup: How to Turn Cheap “Choice” Steak into Gucci “Prime” Steak

Simple Dollar offers The Simple Dollar Weekly Roundup: Headset Edition

Gather Little by Little offers Friday Gathering: Post-Valentine’s Day Edition

Let me know if you like this Sunday Edition recap of the personal finance bloggers weekly roundups which offer the best personal finance posts from the prior week. Leave me a comment to let me know your thoughts if you find it valuable. If you would like to be included in the Sunday Roundup of Roundups sent me a DM or @ me your link on Twitter BSimple .

If you would like learn more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.

This week’s simple financial tip was knowing your credit score. It discussed how having a high credit score can help you simplify your personal finances. Here are some additional articles from this week that I believe can help you simplify your personal finances so you can live a simple financial lifestyle.

You always hear that you need a credit card to establish credit. Well Suburban Dollar explains how you Can Build a Credit History Without Getting a Credit Card.

To live a simple financial lifestyle you must be financial proactive. Free From Broke What Will The Next Ten Years Be For You Financially?

One way to improve your credit score is to reduce the number of credit cards you have outstanding. This post How to Cancel a Credit Card offers some tips to help you close those unneeded credit cards.

Personal Dividends offers a great February’s Financial Checklist to keep you on track with reaching your personal financial goals you set for yourself.

Still looking for more personal financial articles to help you simplify your finances. Check out this collection of Personal Finance Roundups from this week:

Fiscal Geek offers Perma Friday Round-up

PF Journey offers Along the Journey Weekly Roundup #1 “New” Edition

Suburban Dollar offers Friday Finance Followers – Snow Bunny Edition

Being Frugal offers Friday Financially Savvy Links – Happy Birthday Stargirl Edition

Len Penzo offers Black Coffee: My Favorite Blogs, Money News & Opinions #32

Canadian Finance Blog offers Friday Links – Anniversary Edition

Redeeming Riches offers This Week in Personal Finance – February 5, 2010

Joe Taxpayer offers Superbowl Sunday Roundup

Downturn Living offers Weekend Round-Up: Personal Finance Favorites

Studenomics offers Book Giveaway Link Roundup

The Oblivious Investor offers Weekend Reading, Buying Life Insurance Edition

Budgets are Sexy offers Weekly Roundup: Another $50 giveaway + Fave articles

Financial Highway offers Weekly Round Up-Stock Myths, Valentines, Con Artist and More

Mighty Bargain Hunter offers Friday Fiscals: Blizzard Edition

Rainy Day Saver offers Saturday Link Love – No Snow Edition

Frugal Dad offers Weekly Roundup: Unexpected Unemployment Results

Wise Bread offers Best of Personal Finance Roundup: 50+ Cheap and Healthy Party Foods for the Super Bowl

Simple Dollar offers The Simple Dollar Weekly Roundup: Resolution Updates Edition

Darwin’s Finance offers Weekend Reading – “There Will Be Blood” Edition

Generation X Finance offers Friday Finance Findings for February 5th

Gather Little by Little offers Friday Gathering: Signing Day Edition

Let me know if you like this Sunday Edition recap of the personal finance bloggers weekly roundups which offer the best personal finance posts from the prior week. Leave me a comment to let me know your thoughts if you find it valuable. If you would like to be included in the Sunday Roundup of Roundups sent me a DM or @ me your link on Twitter BSimple .

If you would like learn more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.