Why You Should Update Your Will or Make One If You Haven't Already

 

Your will explains how you want your assets distributed after your death and who you want to be your children’s guardian. Circumstances can change and the instructions you gave in the past may no longer be relevant. Review your will at least once a year to make sure it reflects your current relationships, assets and preferences.

Relationships May Change
You may get married, separated or divorced. You may have or adopt children, or other family members or friends may have or adopt children that you would like to include in your will in the future. You may have a falling out with someone and decide to reduce or eliminate that person’s inheritance. You may decide to leave some or all of your assets to a charitable organization, school or religious body that is important to you.

If you get married, update your will to name your new spouse as a beneficiary. You should also change your will if you get separated or divorced. If you don’t, your former spouse may be entitled to an inheritance in some states.

Update your will following the birth, adoption or death of a child or grandchild. You may need to adjust the distribution of your assets to other beneficiaries. If you don’t name an individual in your will, he or she may challenge the will in court.

If the person you designated as your children’s guardian passes away, becomes disabled or moves away, or if you no longer want that person to be your children’s guardian, update your will. You may want to make other changes when a child turns 18.

Someone you named as a beneficiary or executor may pass away. If so, adjust your distribution of assets or name a new executor.

Your Assets May Change
Your net worth may increase or decrease significantly. That may affect the way you want your assets to be distributed.

If your will stated that you wanted an individual to receive a specific piece of property, such as an antique watch, but you no longer have the property (because it was lost, stolen or destroyed), update your will. If you don’t, depending on where you live, the person who was supposed to receive the item may receive something else from your estate, or he or she may get nothing. 

Talk to an Attorney 
Federal and state tax laws change often. An attorney can explain recent changes in tax laws and may advise you to set up your will in a specific way to reduce the tax burden on your beneficiaries. 

State laws differ on matters related to inheritance. If you move to a different state, consult an attorney in the new state and update your will as necessary.

If you don’t have a will, now is the time to make one. If you pass away without a will, the court system may decide how to distribute your assets and who will get custody of your children. Don’t leave such important decisions in the hands of strangers. Make your wishes known. 

Simple Ways to Teach Your Kids About Eco-Friendly Living

 

Teaching your children about caring for the environment and creating eco-friendly habits can start at any age. The following activities provide simple ways for parents to teach kids about eco-friendly living while keeping them engaged and having fun.

Go Plogging Together. Plogging, the act of picking up litter while jogging, originated in Sweden and quickly gained popularity in countries all around the world. A simple and effective way to keep your area beautiful while staying active, it’s an activity that is simple for children to join in on. Try it the next time your family hits your favorite trail or beach. Add more excitement by seeing who can collect the most litter in an allotted time.

Practice Recycling and Try Composting. The average family throws away a lot of useful items. Avoid needlessly contributing to the trash heap and teach your children to spot items that can be easily recycled. Consider furthering your eco-conscious lessons by starting a backyard compost pile for your garden.

Reuse Everyday Items in Crafts. Milk cartons, soda cans and jar lids can all be used to make creative and adorable crafts. For your youngest family members, getting them involved in reusing items at an early age will give them a headstart and a more innate insight into how to creatively use items that would otherwise become trash.

Adopt an Animal. Many wildlife rehabilitation programs allow the public to symbolically adopt an animal. Whether the funds go directly to that particular animal’s recovery and rehabilitation or are devoted to protecting that species’ habitat for future generations, your family can learn more about your favorite animal and financially support it in the process. 

Teaching kids about eco-friendly living doesn’t need to be boring or full of do’s and don’ts. Instead, make it fun and educational for the whole family. 

How Closing Old Credit Card Accounts Can Hurt Your Credit Score

 

If you have an old credit card that you no longer use, you might think that it would make sense to close the account. Under some circumstances, that can actually backfire and hurt your credit score.

Factors That Impact Your Credit Score
Credit scores are based on several factors. Algorithms analyze an individual’s history to figure out how likely that person is to fail to repay debts or to make payments late.

If you close a credit card account, it can increase your credit utilization ratio, which is calculated by dividing your total credit card balances by the sum of your credit limits. Closing an account will lower your total available credit and will therefore raise your utilization ratio. 

If you close an account with a high credit limit, you may see a spike in your credit utilization ratio even if your total amount of debt remains steady. A higher credit utilization ratio can make you risky in the eyes of lenders and may make it difficult for you to qualify for a loan. 

The length of your credit history is one of the main components that determines your credit score. It accounts for 15 percent of your FICO credit score. Your credit score may fall right after you close an old account, but it may go back up after a few months if you pay your other bills on time.

If you close an account in good standing, it will be removed from your credit reports after 10 years. If you close an account with a history of late payments, it will be removed from your credit report after seven years. Closed accounts will continue to be factored into your credit score until they’re removed from your credit report.

How to Decide Whether to Close an Account
Accounts that have been open for several years and that have low balances and high credit limits can help your credit score. It’s generally a good idea to keep them open, especially if you don’t have a large number of credit cards.

It may make sense to cancel a credit card that you rarely or never use and that charges an annual fee. Before you do so, call the card issuer and ask if the company will reduce or waive the fee to keep you as a customer. 

It may be a good idea to close a card with a high interest rate if you carry a balance to help you stop accumulating debt.

Don’t close an old credit card account if you plan to apply for a mortgage, a car loan or another type of loan in the near future. If you want to close several accounts, don’t do it all at once because that can have a significant negative impact on your credit score. Close them gradually and see how much closing each account affects your credit score. Since a long credit history can help your score, you should keep at least one older account open.

How to Reduce the Amount of Fat in Your Diet

 

Many people eat a diet with too much fat, which can lead to obesity. That can increase the risk of developing diabetes, high blood pressure, heart disease and some types of cancer. High fat intake can also lead to high cholesterol levels, which can increase the risk of heart disease. Here are some ways to cut back and develop healthier eating habits.

Read Nutritional Labels
When you go grocery shopping, read the nutritional labels on packages. You might be surprised by the amounts of fat in many foods, even ones labeled low-fat or fat-free. In addition, many low-fat or fat-free foods contain large amounts of sugar, which can lead to weight gain.

Avoid buying products with high levels of saturated and trans fats and hydrogenated oil. Chips, baked goods, fried foods and processed snacks tend to have high levels of fat.

Choose Lean and Low-Fat Foods
Buy lean meat, such as chicken and turkey, and remove the skin before cooking. If you want to have pork or beef, look for lean cuts or trim the fat before cooking. Fish is another good source of low-fat protein. Grill, broil or bake meat and fish instead of frying it. Place meat on a rack so fat can drip from it as it cooks. Beans, lentils and tofu are good sources of protein that have less fat than meat. Incorporate them into your diet in place of meat for some meals.

Replace whole milk with a reduced-fat or fat-free version. Buy low-fat cheese, yogurt, cottage cheese, cream cheese, margarine, mayonnaise and salad dressing. Avoid sauces made with cream or cheese, or use low-fat ingredients. Flavor foods with herbs and spices instead of butter and cheese. Use olive, canola, sunflower or safflower oil instead of butter or shortening.

Eat more fruits, vegetables and whole grains at mealtimes and for snacks. Look for creative ways to incorporate them into your favorite dishes. 

Make Healthy Choices When Dining Out
Restaurant meals often contain high levels of fat, as well as salt and sugar. When you eat at a restaurant, look for nutritional information on the menu. If it is not available, choose dishes that are baked, broiled or roasted and avoid foods that are fried or that have heavy sauces or gravies. If a dish is ordinarily cooked with butter, ask if it can be made without it. Order your salad with low-fat dressing on the side. Look for low-fat desserts or skip dessert altogether.

Work on Developing Healthier Eating Habits
Many people eat unhealthy amounts of fat and suffer a range of negative health effects as a result. Cutting back on fat does not mean that you have to go without foods you enjoy. You can look for healthier alternatives or find new recipes to try. If you have questions about your health or need advice on dietary changes, consult your doctor.

Helping Your Child Connect With Nature

 

Amid growing environmental concerns at a time when group activity is curtailed, encouraging your child to bond with nature can achieve two important goals, researchers say.

According to a recent study by North Carolina State University, solitary outings and shared outings with parents help children to not just understand and enjoy nature, but to build respect and personal concern for preserving natural resources. 

Preschoolers on a walk outside can identify flower colors, inspect insects, and collect and trace fallen leaves.

Older children can benefit from picnics in the park or in a wilderness area. They can do a soil test, create a wildlife habitat, learn to identify trees and shrubs and research their contributions to the environment.

Hiking, fishing, skiing, surfing and other outdoor sports are far more than a source of fun, researchers note. They boost physical health and emotional well-being and, especially when paired with parental questions and input, they inspire in children of all ages a connection to and an interest in nature and the environment.

Now, with screens taking up more of your child’s time than ever, health experts agree that it’s critical for parents to provide opportunities for outdoor activity and nature study.

• Set up a treasure hunt – Make a short list of things for younger kids to look for outside, such as a smooth rock, something green or something that grows on a bush.
• Schedule sidewalk activity – Skating, bicycling, skateboarding or scooter-riding are great ways to keep kids moving.
• Plan a camping trip – Spend hours or days in a mountain or seashore environment. Talk about the difference between pets and wild animals. Talk about how things grow, about keeping the environment safe and about how tides work.
• Try photography – Older kids can use a phone, but even young children can use a simple camera to photograph things in nature. Talk about the plants, animals or seashells they captured. Frame a few of their best photos and put the rest in scrapbooks. 

6 Surprising Fixes Using Hairspray

 

Hairspray is, of course, a beauty product for styling your hair. However, did you know that you could also use it as a DIY fix for some common problems? According to HomeAdvisor, here are six surprising ways to use hairspray at home:

Keep Curtains Dust-Free. Many homeowners claim that a little bit of hairspray goes a long way when it comes to keeping curtains and drapes clean. Simply spray new or newly cleaned drapes with hairspray, and it should help keep dust from sticking. Be sure to check with a window covering professional to make sure the hairspray won’t damage the fabric.

Remove Unwanted Pet Fur. If you notice pet fur sticking to your furniture and floors, try using hairspray to pick it up. Just spray the product on a dry rag or washcloth and wait a few seconds. Once the hairspray is close to dry, use the cloth to wipe fur off couches, carpet, clothes or any other surface. Don’t forget to spot-test this solution before applying it to a large area.

Thread Needles With Ease. Do you have trouble threading needles? Hairspray is an easy fix! Squirt just a bit of the spray on the end of the thread to stiffen up the string. It should also help keep the thread from fraying. Then, simply thread the needle as normal and get to sewing.

Keep Tights From Running. If you find a run in your tights or pantyhose, don’t panic. A little hairspray will stop the progression of the tear. Just spray the area around the run, and it should keep things from getting worse. Plus, you can use hairspray as a preventative measure. Apply the product to your hosiery immediately after purchase to make it run-resistant.

Remove Ink Stains. Although calling a professional or using actual cleaning supplies will probably work better, hairspray can remove ink stains from fabric in a pinch. Many DIYers swear that using an alcohol-based spray can lift pen ink from clothes and upholstery. Just spray the affected area and then wipe away the stain with a damp cloth.

Get Rid of Residue. Sometimes, stickers and labels can leave behind a gunky residue. Hairspray can get rid of it. Just squirt the spray on the sticky area and then rub the residue off with your fingers. Wash it off with soap and water afterward to leave a sparkling surface.

Screen-Free Art Projects for Curious Kids

 

With many kids still at home and learning remotely—or for any kid who spends too many hours glued to a computer screen—here are five fun art projects using materials found in most homes that are guaranteed to get curious children offline and engaged in gratifying activity.  

• Sidewalk Chalk Rainbows – Create a giant chalk rainbow in your driveway for walkers to enjoy and/or spell out hopeful messages on the sidewalk, such as, “We can do this,” “Love our community,” or “Stay strong,” decorated with colorful doodles.  
• Painted Rocks – Take a walk around the neighborhood, or in your own backyard, and collect a few smooth rocks that fit in the palm of your child’s hand. Decorate them with tempera paint or paint pens, then leave them on your walking route as little fun treasures for others to find—or leave one or two on your neighbors’ doorsteps. It’s a great way to build a sense of community as we spend more time apart. 
• Painting Unlimited – On cold or rainy days, lay out a sheet so the floor doesn’t get messy and break out the paint pens, markers or watercolor paints, along with a selection of supplies—paper cut into various sizes and shapes, like hearts or seasonal and holiday cutouts, and even gift boxes to be decorated as your little Picassos see fit.
• Salt Painting – Create a ‘magical’ experience for little ones. Using any poster board, card stock or art paper you have on hand, squeeze on a design with white glue. Sprinkle with salt until the glue is totally covered. Tip to let the excess salt fall away. Then, dip a paintbrush into liquid watercolor paint and touch the brush gently to the salt-covered glue lines and watch the paint magically travel in both directions.
• Paper Plate Art – Paper plates make great palettes for budding artists. Lay out a selection of colored markers, white glue, buttons, cotton balls and pasta in various shapes and let your kids’ imagination run wild.

5 Spots Around the House You Can Clean Using White Vinegar

 

White vinegar is a household staple when it comes to an all-natural cleaning solution. This chemical-free liquid is a low-cost and safe way to keep most surfaces and appliances around the house free from grime, grease and funky smells. Here are five places around your home where white vinegar can come in handy when it’s time to do some chores. 

Windows
From grease buildup to fingerprints, the windows in your home will always find a way to get dirty. Whether you’re spring cleaning or simply looking to let in more sunlight, vinegar is the perfect tool. Mix one part vinegar to one part hot water and wipe down windows (inside and out, if possible) with a cotton cloth or paper towel for a streak-free clean.

Dishwasher 
Yes, your dishwasher washes your dishes, but what washes the dishwasher? You, of course! Take out each individual piece of the interior, clean each item individually and place back into the dishwasher. With a bowl of white vinegar on the top or bottom rack, run a normal wash cycle for a fresh, grime-free place to clean your dirty dishes.

Microwave 
The microwave is often ignored when it comes to cleaning a kitchen. Fill a bowl with two cups of water to two tablespoons of vinegar. Microwave for five minutes and let the steam sit for two to three minutes before opening and removing the bowl. Once the bowl is removed, clean the turntable and wipe down the interior for a grime and splatter-free microwave.

Hardwood Floors
Though a broom and dustpan do the job in a daily or weekly cleaning, many germs will remain seeped into your hardwood floors. After a thorough vacuuming, mix one gallon of water with half a cup of vinegar to create your cleaning solution. Lightly dip a mop into your mixture and wipe down your hardwood floors for an ultimate deep clean.

Carpets
Don’t you just dread when a glass of wine or spaghetti sauce spills onto your carpet? Forget those harmful carpet cleaning solutions. With a simple 50/50 mixture of water and white vinegar, you can remove nearly any fresh stain from your carpet. Spray mixture into the stain and begin blotting the spot with a clean, cotton rag.

Joining the Trend Toward Victory Gardens

 

Home gardening is booming these days, both as an outlet for Americans, and, according to sociologists, as a trend for millions turning toward a simpler, gentler lifestyle worldwide.

Neighbors are exchanging herbs for oranges and more parents are providing the opportunity for their children to witness first-hand how food is grown from seed. 

A small, sunny patch in your backyard is all you need to start, and failing that, window boxes, containers or even pots on an apartment building rooftop can provide equal opportunity.

If you’re new to gardening, experts say to start with easy-to-grow veggies like zucchini and cucumbers, which tend to grow almost like weeds, lettuce, if you have enough space for leafy greens to spread out, and tomatoes, which do as well in hanging baskets as they do when staked in the ground. You can start your veggies from seeds, young plants purchased locally or from a catalog—and while you’re at it, consider growing strawberries, a summertime favorite that can thrive in small pots or planters on a deck or patio. 

Apart from the purchase of plants or seeds and the cost of containers and potting soil, you will want to invest in a trowel, possibly a hoe, some gardening gloves and a watering can and/or a sprinkler attachment for the garden hose. Plant food, while a nice idea, is optional, and if you’re not yet ready to venture into the store, curbside pick-up from most home stores is available almost everywhere.

In all, your garden will be a minimal investment considering that, according to experts, home vegetable gardens produce on average more than double the value in fruits and vegetables than what they cost in materials and supplies. You can start small, spending far less than you may think.

Most garden shops and big box garden stores offer free instruction on planting and maintenance, but you can learn a lot online. Many families today are making it a project to learn and experiment together.

Key Areas to Declutter and Tidy Before a Home Showing

 

Real estate experts agree that home staging can push your listing to the top of a buyer’s mind. Many buyers have difficulty envisioning the layout options of a space without existing furniture. A properly staged home allows buyers to see the space as both a blank canvas that can later reflect their style while ensuring that the space doesn’t appear too sterile. Unfortunately, if you are living in your space day-to-day, a true home stage may be less of an option. In these instances, you’ll want to focus on decluttering and tidying these key areas before showing your home.

Organize Your Closets and Linen Closets
Tidying for a home sale is a significantly more involved process than a quick tidy when guests come over. Storage space is a key asset that buyers will seek out in your home. Declutter any unnecessary items and organize the rest to truly showcase the available storage. After all, even a walk-in closet will look small and cramped when filled with chaotically stored belongings.

Declutter Your Medicine Cabinet
Your medicine cabinet is another area that buyers will open while inspecting the available storage options in the home. Consider removing any personal medications when a house tour is occurring, or use opaque organizers to hide any embarrassing or personal medicinal items.

Clean Out the Fridge
Modern appliances are a huge draw for buyers, especially in the kitchen. They can even affect the overall value of your home. For buyers, a home featuring modern appliances is a boon, but their excitement may be dimmed if your kitchen appliances are not as clean and shiny as the day they arrived. Clean out the fridge. Get rid of unnecessary condiments cluttering up the space, give it a good scrub and organize the remainder appropriately. Finally, clean the exterior of your fridge and all of your appliances. Remove any fingerprints with a stainless steel cleaner.

Showcase Your Countertops
Countertop space is another coveted kitchen amenity. Even a beautifully organized counter space can begin to look small if they are the permanent storage spot for your daily appliances. If your countertops are full of small appliances, cookware and jars of ingredients, you won’t allow your spacious kitchen to shine. If your kitchen can’t be classified as spacious, you’re doing it an even bigger disservice by using your counter for storage. Move as many items as you can to another area, at least between showings.

2 Factors That May Impact the Real Estate Market in 2022

2021 was certainly a wild ride for real estate, and 2022 may have some new realities in store— including increasing interest rates and competition from foreign investors.

It's no secret that 2021 has been a hot year for the real estate market. Houses are selling at record prices, bidding wars are frequently taking place for the limited inventory available, and it's not unusual for buyers to pay for home purchases entirely in cash. 

Though the market appears to be normalizing somewhat as more listings become available, 2022 is poised to have some unique issues and challenges of its own when it comes to real estate sales. Two factors in particular are likely to impact the market in the year ahead: 

• The Federal Reserve's decision in November to scale back its pandemic-era economic stimulus efforts. 
• Foreign investment returning to the U.S. real estate market as American borders open.

Here's a closer look at exactly how these factors will impact real estate over the coming 12 months, and your ability to buy or sell a home.

Feds announce an end to pandemic-era stimulus measures

In early November, the Federal Reserve announced plans to taper off its $120 billion bond-buying program and begin winding down its historic effort to stabilize the U.S. economy amid the rollercoaster ride of COVID-19. The decision comes in response to the significant economic rebound the country has experienced in recent months. As federal stimulus measures end, the central bank will be reducing bond purchases by $15 billion each month through January.

RELATED: Whether You're Selling, Buying, or Refinancing, These Clever Real Estate Sites Can Help

"The Federal Reserve's decision to scale back asset purchases represents an attempt to normalize monetary policy, which shifted into crisis mode as the pandemic tightened its grip on the U.S. economy," says Mark Hamrick, senior economic analyst and Washington bureau chief for Bankrate. 

That's all well and good, but what does it mean for you, the homebuyer or seller? The end of asset purchases is viewed by many industry experts as a precursor to rising interest rates. And higher mortgage rates mean home buying becomes less affordable for many Americans.

"The Fed's tapering means that less mortgage bonds and treasury debt will be purchased. As a result, mortgage rates will go up," explains Edward Mermelstein, a real estate consultant and founder of One and Only Holdings, a boutique advisory firm catering to investors. "As mortgage rates go up, homes become more expensive to carry if you are financing the purchase."

Heading into 2022, it's likely mortgage rates will increase anywhere from 0.25 to 0.5 percent, which could make a big difference for some potential homebuyers.

"Currently, mortgage rates are between 2.5 percent to 3 percent, so an increase in 0.25 percent would increase your monthly expense by 20 percent, which is significant. Therefore, it is always best to buy now, instead of six months from now," Mermelstein continues.

Interest rate increases are likely to have the most significant impact on the lower end of the market, where a half point can mean the difference between affordability and unaffordability, says Frederick Warburg Peters, CEO of Warburg Realty.

"In the higher ends of the market, increased interest rates will probably put a damper on price increases, but they're unlikely to significantly impact volume," says Warburg Peters. 

It's also worth noting that the predicted rate hike is not exactly ideal at a time when home prices were already sky high. According to a Redfin report released in November (which covered the four-week period ending November 14), median home-sale prices had increased 13 percent year over year to $357,881 by last month. They were up 30 percent from the same period in 2019. In addition, asking prices of newly listed homes for the time period covered in the report were up 13 percent from the same time a year ago, and 27 percent from 2019, to a median of $354,725.

"Higher rates will hurt just that much more as real estate prices have climbed by 20 percent or more in the past year," says Melissa Cohn, regional vice president and executive mortgage banker for William Raveis Mortgage. "The combination will be hard on the real estate market. People will still be able to buy—but they will be able to afford less space."

Foreign investment returns in 2022

Because the nation's borders were largely closed during much of the pandemic, the housing market was essentially protected from an even bigger run-up in purchase prices that might have been driven by foreign investors dabbling in the market. This reality is poised to shift quickly in the opposite direction as American borders reopen. 

Foreign investors have been waiting for almost two years to get back into the U.S. markets, say experts. As flights are added and foreign visa bottlenecks subside, there will be an acceleration of money from abroad flowing into U.S. real estate. It's a development that will benefit some, but not everyone.

RELATED: 4 Steps You Must Take If You Want to Buy a House Next Year

"Major markets, such as New York, Miami and Los Angeles, should benefit well from the return of foreign investors. Specifically, sellers in these cities benefit the most because as foreign investors enter the markets, prices increase," adds Mermelstein.

If you're a prospective buyer, however, this run-up may not be ideal, especially when combined with the increased interest rates on the horizon.

"Between increasing mortgage rates and the return of foreign investors, the cost of housing will most certainly get more expensive," says Mermelstein.

Still, not all real estate experts are convinced there are such significant changes ahead, at least not with regard to foreign investors flooding the market come 2022—especially now that a new strain of coronavirus is threatening any return to normalcy.

"With the advent of the Omicron strain of COVID, I think a lot of bets are up in the air, if not off," says Ellen Sykes, a broker for Warburg Realty. "It's unlikely most people anticipated the renewed waves of possible quarantines, shutdowns, and the impact on travel. Consequently, I do not see as great an influx of foreign investors as we used to expect in New York City, and elsewhere in the country. There will always be the larger consortiums and big players coming and going, but the individual investors will be laying low for a while. It is just too difficult at this point."

Takeaways for homebuyers

The experts at Opendoor continue to predict that the spring 2022 homebuying season will see high demand across the United States despite any potential market changes looming. Even with increased interest rates and the possibility of more buying competition from foreign investors, there will still be plenty of options for buyers and sellers alike and the market will continue to move quickly. 

RELATED: Real Estate Investing Could Be Your Key to Financial Freedom

"While we don't know what the interest rates will look like, we always recommend to customers that they have a firm understanding of their finances to determine their individual needs," says Nadia Aziz, Opendoor's general manager for mortgages. "Researching options is important in order to find the best financing product that meets your needs. There are many different mortgage products available, including low down payment options, that may help home buyers achieve their dream of home ownership."

Courtesy of: https://www.realsimple.com/author/mia-taylor