Weekly Summary - MoneyMasterClass Week 30
In the realm of personal finance, renowned financial expert Gail Vaz-Oxlade offers valuable insights through her #MoneyMasterClass. The resources, including tweets, a Twitter Archive, and detailed information on the Money Master Class, can be found on her official website.
For those considering joining the Money Master Class, rest assured that it is still open for new participants. The course provides a wealth of resources, including spreadsheets, quizzes, and a special introductory session for newcomers, as well as a Week One Recap for those who need a refresher.
One of the key topics Gail discusses is the importance of making a will. A will is not just about determining what happens to one's assets or children; it also plays a crucial role in deciding the fate of household contents. It's essential to ensure that your will covers all aspects of your estate to avoid any potential disputes or issues in the future.
Being an executor of an estate is a significant responsibility, and it comes with personal liability for any mistakes made during the role. Therefore, executors should wait until all debts and taxes are covered before paying out bequests to avoid any personal financial responsibility. If an executor finds the role too burdensome, they have the option to decline the role as it is stated in the will.
Another important topic Gail addresses is the reality of mortality. She encourages listeners to think about their financial future and the need to plan for it, including setting savings targets, investment horizons, and considering passive strategies for long-term growth. For those who need additional guidance, consulting an independent financial advisor can be a wise decision to develop a comprehensive financial plan.
Gail also discusses the importance of choosing a guardian for children. She emphasises the need for careful consideration, as this decision will have a significant impact on the child's future.
In addition to her work with the Money Master Class, Gail has authored several books, including "Money Rules", "Debt Free Forever", "CEO of Everything", and "Money Smart Kids". These books provide further insights into personal finance, debt management, and financial planning for families.
Lastly, it's worth noting that a special tax return must be filed annually for any income generated by the estate. This is an important aspect of estate management that executors should be aware of.
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