Gardening Tips That Save You Green

If you’re a gardener, chances are you know how rewarding growing your own food can be. Whether you run an at-home farm, tend to a small patch of blueberry bushes, or have an apartment window herb garden, you know how satisfying that harvest of something you’ve grown is. Gardening has been linked to some serious health benefits, too—even significantly lowering levels of cortisol and feelings of stress.

Turns out, growing your own food at home offers much more than a chance to get outside and get your hands dirty. Growing your food can be an incredibly cost-effective hobby, with a 600 square-foot garden producing about 300 pounds of fresh produce worth around $600 annually. When packs of seeds cost around $3 each, the opportunity to grow your investment, literally and figuratively, is clear.  

Just by planting and tending to tomatoes, lettuce, or potatoes, you could save some serious money as a result. The average American spends close to $6,800 a year on food, which equals 12.6 percent of their total spending. Of that, $760 is spent on fruits and vegetables. By spending under $100 to build up your own plot of fruits and veggies, you could save around $800 a year—money that you could then save or invest in more seeds to save even more at the grocery store!

You don’t need a green thumb to see how that math adds up. If you’re worried about a black thumb ruining your chances of saving some serious green yearly, learn more about gardening tips that will turn even the smallest of garden plots into a bountiful harvest. Plus, read up on the many benefits of gardening on your health and overall happiness—you’ll be grabbing gardening gloves and mulch before you know it!

Sources: Country Living | An Oregon Cottage | Balcony Garden Web | The Penny Hoarder | Earth Easy | PSECU | Good Housekeeping | AARP | Money 

The post Gardening Tips That Save You Green appeared first on MintLife Blog.

Source: mint.intuit.com

How to Find a Home in ID

Idaho has some of the best potatoes in the world, but it has more to offer than just that. It’s also dubbed the Gem State, with over 70 precious and semi-precious stones found within its bedrock and streams. The real gems of Idaho are its national parks, friendly people, and a range of real estate deals for buyers looking to maximize value without breaking the bank.

Finding an amazing home in Idaho is easy if you know what to look for and have the top tools and professionals on your side.

What to Look for in an Idaho Home

In Idaho, you can have your pick of beautiful homes and properties with stunning natural backdrops. To narrow down your list, you may want to keep a few things in mind.

Proximity to Employment

The capital of Idaho, Boise, is a major draw for many homebuyers due to its impressive list of corporate and boutique employment opportunities. If you’ve already landed a job at a powerhouse like Boise’s Micron, Hewlett-Packard, Clearwater, IDACORP, or St. Luke’s you will want to look for a home in or around the Boise area. If you haven’t scored a job yet, being close to the city can only help your search and prospects.

With the Homie app, you can narrow down your search using the city or town of your current or future job. Whether you are looking in Boise’s Bench or North End, Garden City, Meridian, Nampa, Caldwell, Kuna or some other area, you can find what you are looking for. You can then collaborate with a Homie agent to decide which homes you may want to make an offer on in Boise.

The Lot the Home Sits On

Even though much of Idaho’s real estate sits on predictable, easy-to-manage land, in some cases, a property could have hidden issues. Keep an eye out for the following when evaluating where your home sits:

  • Setback regulations that may limit where and if you can put on an addition
  • Easements put in place that may limit what you can do
  • How fences, hedges, trees, and other things at the edges of the property sit in relation to the actual, registered boundaries of the lot

Check the Available Utilities

Particularly in the more rural areas of Idaho, you will want to double-check the utilities at your disposal. In the more urban sections of the state, you may have multiple options for handling sewage, as well as heating your home. However, other parts of the state have far fewer choices. It’s best to decide ahead of time how you will deal with:

  • A septic system instead of a town sewer
  • Limited heating fuel options—and the extra expense that may involve
  • Getting a back-up energy source in case there’s a blackout due to a storm and crews are delayed in fixing it

In most cases, any inconveniences can be overcome with a little planning. The more rural sections of Idaho more than make up for it with their natural beauty.

Energy Efficiency

Idaho’s temps can dip below zero degrees Fahrenheit in the winter and push the mercury above 100 degrees in the summer months. To keep comfy, whether you want to be cozy or cool, it’s important to try to find a home that’s energy-efficient. Focus on both the insulation and the mechanical system.

If there’s no information available for the insulation used in the home, you can often gauge its efficiency based on the thickness of the walls. Two-by-six construction tends to be better at maintaining inside temps than two-by-four walls. Likewise, single-pane windows allow more heat loss or gain than a modern dual pane window filled with argon. A quick trip to the attic can reveal the kind of insulation between the roof and living spaces below.

The Importance of Using an Agent

Enlisting the assistance of a Homie agent can make the buying process easier and save you thousands of dollars, not to mention peace of mind. Here are some of the top advantages of using a Homie agent instead of trying to DIY your home purchase.

Getting the Best Deal

Making the right offer is a fine art and skill. Often, a homebuyer may have a number they think reflects the value of the home, but even a thoughtful figure may be skewed by a number of subjective factors. With an agent from Homie, you’ll get a dedicated professional that knows the local area, how its prices have fluctuated over the years, and how well homes tend to hold value.

A local agent from Homie also knows how long properties tend to stay on the market in a given area, as well as the infrastructure and municipal projects in the works that may influence the value—present or future—or a home. With this store of data and insights, a Homie agent can help you nail the best offer and earn you a great deal.

Work With Experienced Professionals

When you work with Homie, you not only get to work with some of the top agents, but Homie also helps you find the best providers for all your needs through Homie Marketplace. The Marketplace is a list of partners that we know do amazing work in things like home inspections, warranties, and moving services.

Finding trusted professionals for each part of the home buying process is essential. A good home inspector will tell you what types of repairs your potential home needs. This important information to have so your agent can help you negotiate a fair price.

You’ll also want a good home warranty to protect against any unexpected issues that might come up after you move in. Instead of hunting all over the place to find each of the providers you need, our Homie team will help connect you with the right people.

Familiarity With Legal and Paperwork Requirements

There’s a lot more to buying a home than writing a check and grabbing the keys. The legal landscape can get tricky, particularly when it comes to the paperwork. Even well-meaning sellers can include clauses in the contract that could put you at a disadvantage.

Work With a Homie

If you’re digging for an Idaho real estate gem, a Homie professional can help you as you prospect for your prize. Whether you’re looking for the perfect starter home, an upgrade as your family grows, or a lovely investment property, your Homie agent will help you score a great deal and have a smooth process. Click here to start working with Homie to find your Boise home today!

For more tips on home buying, check out the articles below!

4 Ways to Outsmart the Competition When Buying a Home
5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How To Overcome Them

Want to learn more about buying or selling? Sign up to get more info directly to your inbox!

What are you interested in?

The post How to Find a Home in ID appeared first on Homie Blog.

Source: homie.com

How to Create Your Own Retirement Plan

One of the good things of working for a company is that they create a retirement plan for you. As an employee, you don’t have to do anything else but to participate in the plan. However, when you’re self-employed or a small business owner, you’re responsible of setting up your own retirement plan.

When it comes to operating your own business, time is of the essence. However, even if you’re crazy busy, saving for retirement should be a priority. Indeed, a retirement account allows you to contribute pre-tax money, which lowers your taxable income.

Luckily, a financial advisor can help you save time and help you choose the right plan that is best for you. Below are four retirement saving options you can create as a self-employer individual.

1. Solo 401k

A solo 401k is for small businesses or sole proprietors who don’t have any employees other than a spouse working for the business. The solo 401k mirrors a typical 401k plan that most companies offer. The main difference is that you can contribute as an employee and employer.

In other words, because you’re both the boss and the worker, you get to contribute in each capacity. That in turn allows you to contribute a higher amount each year. However, your total yearly contributions cannot exceed $58,000 or $64,000 for individuals age 50 or older as of 2021. To set up a solo 401k, you have to get in touch with a financial institution.

2. SEP IRA

If you’re an independent contractor, self-employed, or has a small business with 25 employees or less you can set up a SEP (Simplified Employee Pension). It’s very easy to establish and don’t even require you to incorporate your business to qualify.

In a SEP IRA, the employer alone contributes to the fund, not the employees. You can contribute up to 25% of your annual salary or $58,000 in 2021, whichever is less.

3. Keogh Plan

Keogh plans are available to self-employed people, including sole proprietors who file Schedule C or a partnership whose members file Schedule E. This type of plan is preferable among those who have a high and stable income.

But the main advantage the Keogh has is the high maximum contribution you can make. In 2021, you can contribute up to $58,000. To set up, you will need to work with a financial institution such as Charles Schwab. 

4. Simple IRA

The Simple IRA was created by the Small Business Protection Act to help those who work at small companies to save for retirement. The small business can offer the plan if it has 100 or fewer employees.

Both the employer and the employee can contribute up to $13,000 in 2021, plus an additional catch-up amount of $3,000 if you’re 50 or older. If a company offers a Simple IRA, it must match an employee’s contribution dollar for dollar, up to 3% of each participant’s annual salary or make a nonelective 2% contribution to all employees.

Where to Invest Your Keogh, SEP IRA, Solo 401k, Simple IRA

As a small business owner, there is always an investment program that suits your needs for your IRA, SEP, Keogh and solo 401k. Places such as banks, brokerage firms and mutual funds institutions such as Vanguard, Fidelity, Charles Schwab are great options. But before opening account, make sure you consider how much money you have, your appetite for risks, the annual fee, etc.

The Bottom Line

If you’re a small business owner or self employed, you should take advantage of the tax benefits offered by these plans mentioned above. Creating a retirement plan is important, because not only will you be able to grow your retirement savings faster but also no one is going to do it for you. 

Related:

  • 4 Simple Ways to Accelerate Your Retirement Savings
  • How to Retire at 50:10 Easy Steps to Consider

Tips on Retirement Planning

Retirement planning can be a major challenge, but you don’t have to go in it alone. Speak with a financial advisor who can help you come up with a unique plan based on your circumstances and situations. Use SmartAsset advisor matching tool to get matched with fiduciary financial advisors in just 5 minutes.

 

The post How to Create Your Own Retirement Plan appeared first on GrowthRapidly.

Source: growthrapidly.com

How to Teach Your Teen to Budget Like a Pro

It amazes us how quickly our girls are growing up. Next month when school starts up again, we’ll have a fourth-grader and a kindergartener.

Even though we have some time before they are ready to move out of the house, we want to spend time now prepare them for the big transition. As a parent, you probably feel the same way too. 

One crucial piece of a financial foundation kids and in particular, teens, need to master is learning to budget (and sticking with it),

While they’re home now, you have a fantastic opportunity to get them comfortable with handling their money.

If you’re not sure where to start, here are some tips from fellow parents and experts in the personal finance space to make teaching this life skill a bit easier less stressful for you and your teen!

Teach Your Teen to Budget for Real Life

Teens or not, whenever most people hear the word budget, they also hear the word ‘no’. To them, budgets feel like a strict diet. Just as fad diets fail, an unrealistic or extreme budget will more than likely discourage your teen and they will quit.

The first step before you even talk about the numbers is to discuss exactly what a successful and sustainable budget should be. When done right, a budget is something that helps you move your money towards your goals. Explain to them that at its root, budget is simply a plan about what they’d like to do.

You want a budget that can cover:

  •     Essential bills
  •     Future goals
  •     Discretionary expenses

When your teen’s budget covers those goals, they’re not only putting their finances in a good spot, but they’re moving closer to their specific long term dreams.

Creating a Doable Budget (They’ll Actually Enjoy!)

Once your teen(s) understands how a budget works, it’s important for them to create a budget that they can use in the real world. You can honestly budget however you want, but an easy budget to get your teen started is the 50/20/30.

Quite simplify, the 50/20/30 budget puts money into those three main buckets:

  •     50%  goes towards essentials
  •     20% towards savings (or investing)
  •     30% for fun and discretionary expenses

I appreciate how easy and flexible this budget can be. You can adjust the percentages for your teen’s needs, but it gives them some ballpark idea of how to portion their finances when they are out on their own.

How do you start them out on this budget?

With teens, you may have expenses like clothing or their cellphone bill count as essentials, or you may want to give your child the experience of being responsible for a small, shared family bill while they are still at home.

For older teens, you could even charge them a nominal ‘rent’ to offset their portion of the bills. In some cases, parents give that money back to their child as a gift to help with moving expenses (like for their security deposit) or use as additional savings. 

However you decide, talk it over so your teen understands why you’re doing it this way.

Share Your Family Budget

Creating a budget isn’t complicated, but it can difficult if your teen has no idea what to expect. Knowledge can be empowering.

While we may take it for granted since have to deal with the numbers, but your teen may not be aware of how much it takes to keep the lights on and roof over their heads. If you haven’t already shared your own budget already, now is the time.

Not knowing also puts them at a disadvantage when they start searching for a place or are comparing prices on expenses. Being armed with the numbers makes your teenager a more informed consumer.

When Your Teen Breaks Their Budget

Will there be times where your teenager will mess up with their budget? Probably so. However, that’s not necessarily a bad thing. As parents, we tend to want to protect our kids, but we also have to prepare them for the real world. As Ron Lieber, author of The Opposite of Spoiled, pointed out we should let our kids make financial mistakes. 

Wouldn’t it be better for your child to break the clothing budget while they’re still at home allowing you to help guide them through rather than having break their monthly budget while they are on their own and have bills to pay?

Mistakes will happen, they’re a part of life so giving your teen time to work those them and adjust their budget is a blessing for their future selves.

Essential Accounts for Your Teen  to Have

Since we’re talking about budgets, we should also mention some essential accounts you’d want your kid to have so they can practice managing their money.

Opening up student checking and savings accounts (usually free low on fees as well as not having minimum balance requirements) are good foundational accounts for your teen. They can deal with real-world situations pending charges, automatic transfers, and direct deposits.

As Family Balance Sheet founder Kristia Ludwick pointed out, teens should have the skill of balancing a checkbook even if they decide to go all-digital with their banking.

If they work, talk it over together and see if they can open up an IRA and start contributing. It doesn’t have to be much. The idea is to get them familiar and comfortable with the basics of investing.

Even if they put in $25 a paycheck, having them practice setting aside money in their budget for both long and short term goals is an invaluable lesson. You can also encourage them to contribute by offering a match for what they put in.

How Teens Can Easily Stay on Top of Their Money

With several accounts to keep tabs on, your teen is going to need an easy system to track their budget and goals.

With Mint, they can link up their accounts in one secure spot. They can also add their budget along with any savings goals they want to hit and make sure they stick with them.

Hopefully, these ideas and tips will make it easier to help your teen transition into a self-sufficient adult.

The post How to Teach Your Teen to Budget Like a Pro appeared first on MintLife Blog.

Source: mint.intuit.com

7 Myths About Work From Home Jobs & What It’s Really Like

I have been working from home or while traveling full-time since around 2013, and since then I have heard so many myths about work from home jobs.I have been working from home or while traveling full-time since around 2013, and since then I have heard so many myths about work from home jobs.

Some of the things that I’ve heard over the years include:

“Working from home must be boring.”

“You must have so much free time to get chores done!”

“Aren’t all work from home jobs scams?”

“Working from home isn’t a real job”

Whether you work for yourself and your office is in your home, or if you telecommute and work for someone else, I’m sure you’ve heard some of these myths about work from home jobs as well.

Truth is, so many people think that working from home is something different, until they get to experience it.

And, this is something that many people are learning in 2020 due to current events!

Now, I want to say that I absolutely love and enjoy working from home.

I would not change a single thing about working from home.

However, some people have said certain things to me that really make me laugh. I think part of that is because they’ve never worked from home before, and the reality is that working from home is still work.

Working from home can be different for everyone because we all have different jobs. Also, what your work from home situation is like makes a big difference too. 

Working from home with kids can make things more challenging. Some jobs keep you tied to your laptop, some require extreme concentration, some are more flexible, etc.

Still, it’s all work!

Today, I want to talk about some of the most common work from home facts and myths. I’m going to explain the misconceptions of working remotely and what’s really happening when people work from home.

Now, I hope today’s article doesn’t come across as a big complaint. Instead, I simply want to shed some light on the topic and explain the truth about working from home.

Content related to myths about work from home jobs:

  • 12 Work From Home Jobs That Can Earn You $1,000+ Each Month
  • Ways To Make An Extra $1,000 A Month
  • 9 Work From Home and Travel Careers
  • 15 Outdoor Jobs For People Who Love Being Outside

Here are common 7 myths about work from home jobs.

 

Myth: You can run errands for everyone during the day

“You must have so much free time to get chores done!”

When I first started working from home, I received so many phone calls from people asking me to do favors, and almost every single time it started with “since you have nothing else to do during the day…”

While I don’t mind helping others around me, I know I’m not alone – this is something that many, many people who work from home have an issue with.

It can be so hard saying no.

Many people think that if you work from home, you don’t actually do anything all day. This sometimes leads to friends and family members asking for favors from those who work from home.

I know friends who work from home who have been asked to babysit, pick things up from the store, grab dry cleaning, bring a pet to the groomer, and more. 

If you have the time and you want to, by all means say yes to every favor. It does feel good to help others.

But, don’t feel like you have to jump on every request just because you work from home.

 

Truth: People who work from home still have to stick to a schedule

One of the reasons people believe that last myth is because working from home is so flexible, and they’ve probably heard that before.

The truth is, while it’s flexible, many people who work from home still try and stick to a normal-ish schedule. 

That’s because if you have other people in your life that keep regular 9-5 hours or have kids in school, working during “normal” hours makes the most sense. It’s probably the only time you have to get any work accomplished. 

Be honest with the people around you and explain the situation. More importantly, be realistic with yourself. It feels nice to help other people out, but running errands all day for others can prevent you from completing work, force you to work late in the evening or weekends, and it can also cost you money.

It also helps to set some boundaries with those around you. Tell the people in your life if there are certain times they shouldn’t bother you, that you might not pick up the phone right away, etc.

Not everyone will understand, some people will get it, and some people probably aren’t sure what working from home means.

But, most people will happily respect your boundaries once you tell them what they are.

 

Myth: Working from home is boring

“I could never work from home, I would be too bored.”

I hear this all the time, ever since I first started working from home.

This is one of the myths about work from home jobs that people believe because they think they would miss working with other people. I understand that – I remember having lots of fun with some of the people I used to work with.

Many people believe this myth because it might sound boring to stay in your house all of the time. It can be, that’s not always the case.

 

Truth: Working from home can be both exciting and boring

Some people would probably think that blogging is boring whether they did it in an office or from home. That’s probably true for lots of jobs.

Your job can be exciting, boring, stressful, calm, easy, difficult, etc. And, it can feel like all of those things over the course of the day. 

Another thing is that while working from home might sound boring to some people, I look at what it allows me to do. Don’t get me wrong, I love my job, and I don’t find it boring, at all. 

But, I also love that working from home allows me to travel full time. I have gotten to visit so many amazing places. And, I can choose when I work.

Still, there are some days when I’d rather be doing something other than working, but that doesn’t make working from home boring.

If you’re struggling with this, think about what your situation allows you to do. Focus on the positives.

Some people love what they do, and others love what their job allows them to do.

 

Myth: All work from home jobs are scams

When I tell people what I do, they usually don’t believe it. Many people think that home businesses are scams.

While this myth has eased a little bit over the years, a LOT of people thought working from home was a scam just about a decade ago.

Things have changed a lot in the last several years!

According to Stanford, 42% of the U.S. labor force currently works from home full-time in 2020.

Not all work at home jobs are scams. I have a legitimate business! Just like anyone else who has a business, mine is a business as well.

There are many, many work from home jobs that exist and are legitimate.

 

Truth: There are work from home scams

Unfortunately, there are still some scams out there. 

There are scams that say a company will pay you $10 for every envelope you stuff. There are some scams where a person says they’ll send you a big check up front, but you have to forward part of that check back to the business.

Work from home scams do exist, but that’s not at all the case with the majority of them.

Please head to How To Spot Work From Home Job Scams And Avoid Them At All Costs to learn more.

 

Myth: It’s easy to separate work and life

When you work from home or have your own business, it can be very difficult to completely stop working.

Whenever we go on a trip, I almost always continue working the same amount that I do when I am at home. When you are a business owner, especially in the beginning, you want to bust your butt off to make your business successful. 

It can go the other way too. If you are working from home and see dirty dishes in the sink or unfolded laundry, you can easily get distracted from what you’re doing and stop working. 

It’s also easy to get distracted by personal emails, phone calls, social media, etc. 

This is something I still struggle with.

 

Truth: You can make a better work from home environment

One of the things that may help you separate work from the rest of your life is making sure you set boundaries and create a good physical and mental space to work.

I recommend setting work hours for yourself, making time for vacations, taking breaks throughout the workday, and so on.

Even though you are working from home and you probably don’t have anyone looking over your shoulder to see what you are doing all day long, I still recommend having clear work hours. This will help you manage your time, complete your work, and “leave” work for the day.

If you get distracted by what else is happening in your house, try to make some space that is only for working. You don’t need an office – it can be as simple as a clean dining room table. Or, do the dishes and fold the laundry before you start working.

 

Myth: You’re not actually working when you’re at home

Working from home is still working!

You still have a job and tasks still need to be completed.

This is one of the myths about work from home jobs that gets me the most.

For some reason, many people associate working from home with not doing any work at all. Boy, are they wrong!

I have even had people not believe me and then ask for a full schedule of what I do each day to prove myself.

If me and the millions of other people weren’t actually working when they were home, how would we be holding jobs and getting paid?

 

Truth: People successfully work from home every day

The reality is that the only real thing that changes when you work from home is that the location is different.

People run multi-million dollar businesses from their home. Some hold side hustles, freelance, run Etsy shops, dog sit in their home, work jobs in the corporate world, and much more.

Sure, there are distractions and you may find more time to spend on non-work tasks, but working from home is still working.

 

Myth: You will be lonely when working from home

I’m often asked if I get lonely working from home, and this is one of the most common myths about work from home jobs.

People think that when you work from home that you have absolutely no contact with anyone else. But when I worked in an office, I hardly ever had human contact, except during meetings. That honestly felt more lonely than working from home.

Now, I talk to people all day long. I talk with other bloggers, I answer emails from my readers, and I interact with people on social media. I probably talk with more people now than I did when I worked in an office.

 

Truth: It can be lonely to work from home, but there are ways to make it less lonely

If you do start feeling lonely when you work from home, I have a couple of suggestions to beat the lonely feeling.

You can start a Slack chat with those that you work with or hop on a video call. There are also meetups you can attend that relate to work or your hobbies. There are also lots of online groups, like Facebook groups or subreddits, where you can network with others in your field.

Working from home doesn’t have to feel lonely all of the time.

 

Myth: You will spend all of your time in pajamas

When I first started working from home, I spent a lot of time in my pajamas.

However, that’s not the case anymore.

Now that we live on a boat and have to walk the dogs regularly, I have to go outside often and I’d prefer if everyone around me didn’t have to see me in my pajamas all the time, haha.

 

Truth: It’s okay to work in your pajamas

Some people get completely dressed up for work every day, even though they work from home full-time. It helps get them in the mood for work, and I completely get that.

Some put on a nice top, but still wear athletic shorts or pajama pants.

You will have to find what works best for you.

But, if you want to work in your pajamas, do it. That’s one of the perks of working from home. Don’t let anyone make you feel bad about wearing pajamas if that’s what you want.

 

What are the pros and cons of working from home?

I am a big fan of working from home. You can probably tell that now, haha!

The reasons these myths about work from home jobs bother me is because I love what I do and I love helping other people realize that they can work from home too.

Being able to work from home is one of the best things I’ve been able to do. Some of the pros are:

  • It allows me to spend more time with my family
  • I can travel full-time
  • My schedule is flexible
  • I can make a great income from home, and more

Now, what are the negatives of working from home?

Some of the cons are:

  • It can be hard to separate your work and life
  • Some people may find it lonely
  • Some people in your life may struggle with the boundaries you set
  • It can be a big adjustment if you’ve never done it before

The reality is that there are pros and cons about any kind of job. The negatives don’t just apply to work from home jobs. It’s about finding what works for you.

 

Is working from home right for you?

After reading all of the above, you may be wondering how you can make working from home work for you.

Here are some of my tips:

  • Set working hours for yourself
  • Create a dedicated work area
  • Hire help if you need it
  • Cut out distractions
  • Socialize with others
  • Don’t run errands for others all day long
  • Take time off work when you are sick

I recommend reading My Best Working From Home Tips So You Can Succeed to learn more about how you can work from home most efficiently.

Even with talking about all of the myths above, there are still many benefits to working from home.

Being able to work from home is one of the best things I’ve been able to do, and I know many people who feel the same way.  I know it can be hard at times, but it’s all just the reality of working from home.

What common myths about work from home jobs have you heard?

The post 7 Myths About Work From Home Jobs & What It’s Really Like appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

What Is a Nuncupative Will?

Elderly woman near deathMaking a last will and testament is an important part of your estate plan and there are different types of wills to choose from. A nuncupative will, meaning a will that’s oral rather than written, may be an option in certain circumstances. While state will laws typically require that a will be written, signed and witnessed to be considered legal, there are scenarios in which an oral will could be upheld as valid. Understanding how a nuncupative will works, as well as the pros and cons, can help with shaping your will-making plans if you have yet to create one.

A financial professional can offer advice on investing, retirement planning, financial planning and various other areas of finance. Find a financial advisor today. 

Nuncupative Will, Defined

A nuncupative will simply means a will that isn’t written. Instead, it’s delivered verbally by the person who intends to make the will.

Nuncupative wills are sometimes called deathbed wills since they’re often created in end-of-life situations where a person is too ill or injured to physically draft a will. The person making the will, known as a testator, expresses wishes about the distribution of property and other assets to witnesses.

How Does an Oral Will Work?

Ordinarily, when creating a will you’d draft a written document identifying yourself as the will maker and spelling out how you want your assets to be distributed after you pass away. You could also use a will to name legal guardians for minor children if necessary and name an executor for your estate.

An oral will sidesteps all that and simply involves the person making the will expressing his or her wishes verbally to witnesses. There would be no written document unless one of the witnesses or someone else who is present chooses to copy down what’s being said. The person making the will would have nothing to sign and neither would the witnesses.

There’s a reason oral wills are no longer used in most states: Without a written document that’s been signed by the person making the will and properly witnessed, it can be very difficult to prove the will maker’s intentions about how assets should be distributed or who should be beneficiaries.

Are Nuncupative Wills Valid?

Elderly man near death

This type of will is no longer considered valid in most states. Instead, you’ll need to draft a written will that follows your state’s will-making guidelines. For example, most states require that the person making a will be at least 18 and of sound mind. The will also has to be witnessed by the required number of people who don’t have a direct interest in the will’s contents. Depending on where you live, you may or may not need to have your will notarized.

There are a handful of states that still allow oral or verbal wills, however. But they’re only considered valid under certain circumstances.

In North Carolina, for example, oral wills are only recognized if:

  • The person making the will believes death is imminent
  • The witnesses are asked to testify to the will
  • Both witnesses are present with the testator when the will is dictated
  • The testator states that what he or she is saying is intended to be a will
  • An oral statement is made to at least two competent witnesses
  • The testator then passes away

Even if those conditions are met, the heirs to the will would still have to bring a legal action to have it admitted to probate court. The witnesses would have to testify to what was said and even then, North Carolina still doesn’t allow for the transfer of real estate through an oral will.

In New York, the guidelines are even narrower. New York State only allows nuncupative wills to be recognized as legal and valid when made by a member of the armed services during a time of war or armed conflict. The intentions of the person making the will has to be stated in front of two witnesses. State law automatically invalidates them one year after the person leaves military service if they don’t pass away at the time the will was made.

How to Prepare a Will

Having a written will in place can help your loved ones avoid problematic scenarios about how to divide your property after you pass away. If you don’t have a will in place yet, you risk dying intestate. There are a couple of ways you can create one.

The first is using an online will-making software. These programs can guide you through the will-making process and they’re designed to be easy enough for anyone to use, even if you’re not an attorney. If you have a fairly simple estate then using an online will-making software could help you create a will at a reasonable cost.

On the other hand, if you have a more complex estate then you may want to get help with making a will from an estate planning attorney. An attorney can help ensure that your will is valid and that you’re distributing assets the way you want to without running into any legal snags.

Generally, when making a will you should be prepared to:

  • Name an executor for your estate
  • Name a guardian for children if necessary
  • Specify who or which organizations you want to inherit your assets

When making a will, it’s important to remember that some assets can’t be included. For example, if you have any assets that already have a named beneficiary, such as a 401(k), individual retirement account or life insurance policy, those would go to the person you’ve named.

And it’s also important to note that a will is just one part of the estate planning puzzle. If you have a more complex estate then you may also need to consider setting up a living trust. A trust allows you to transfer assets to the control of a trustee, who manages them on behalf of the trust’s beneficiaries. Trusts can be useful for minimizing estate taxes and creating a legacy of giving or wealth if that’s part of your financial plan.

The Bottom Line

Dying person holds hands with a loved oneNuncupative wills are rare and while some states do recognize them, they generally aren’t valid in most circumstances. If you don’t have a will in place, then creating one is something you may want to add to your financial to-do list. Even if you don’t have a large estate or you’re unmarried with no children, having a will can still provide some reassurance about what will happen to your assets once you pass away.

Tips for Estate Planning

  • Consider talking to a financial advisor about will making and estate planning. If you don’t have a financial advisor yet, finding one doesn’t have to be complicated. SmartAsset’s financial advisor matching tool can help. By answering a few brief questions online you can get personalized recommendations for professional advisors in your local area. If you’re ready, get started now.
  • Along with a will and trust, there are other legal documents you might incorporate into your estate plan. An advance healthcare directive, for instance, can be used to spell out your wishes in case you become incapacitated. Power of attorney documents allow you to name someone who can make medical or financial decisions on your behalf when you’re unable to.

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