Posts Comments

You are here: Home / Blog

Help With Personal Information Management

May 10, 2012 By Leave a Comment
Share

When it comes to personal information management, it’s hard to know where to begin, especially if you’re a caregiver trying to get personal information together for an aging parent.  Luckily, there are resources that can help make the job simpler.

At the Society of Certified Senior Advisors website, you can access their Information for Life kit, which is a user-friendly series of downloadable checklists and forms for getting all of your and/or your parents’ information organized.  The kit is divided into sections dealing with personal information management areas like finances, medical advance directives, legal, and insurance, as well as end-of-life issues.  There are also sections under construction that will eventually offer resources for caregiving, and for organizing medical records and family and household information.

The forms offered also work well with your Life at Hand Organizer, as they can be printed and filed in the appropriate sections.

 

Filed Under: Tips on Getting Organized Tagged With: , , , ,

The Importance of Including Your Pets in Your Estate Plan

May 3, 2012 By Leave a Comment
Share

Whether you’re planning your own estate or helping your aging parents plan theirs, it’s important to make special provisions for any pets.  If you don’t, your furry friends could end up in an animal shelter.

A report by Canada’s BMO Retirement Institute was just released on April 30th, illuminating some astounding facts around Americans and their pets.  For instance, a whopping 61% of Americans are pet owners, says the report, and while 77% of Americans believe that pets should be included in estate plans, only a third have done so.

Pets are legally considered to be property, but because they are living beings requiring ongoing care, there are certain complications to consider when including pets in estate plans.  This is why there is a growing trend in estate planning toward legal documents specifically designed to address the needs of pets.

It’s not as simple as just naming in your will the person who will take over ownership of the pet.  You can do that (just make sure it’s someone you trust who agrees to the job), but this does not guarantee that the pet will actually be cared for, as that person could choose to sell or give away the animal, or simply treat it with neglect.  Another issue with pets in wills is that there is a lapse between time of death and when the will is enacted – who will care for your pet in the meantime?

There are many other issues with pets and wills, which you can read about in the article entitled Estate Planning Issues Involving Pets, by animal law expert, Rachel Hirschfeld.  Hirschfeld also helps clients set up pet trusts, which she describes as “a legally enforceable method to provide for the care, maintenance, and well being of your pet in the event of your disability or death.”  The benefit of a pet trust is that it allows you choose who will care for your pet and make provisions for funds to be dispersed to that person over a period of time to cover the pet’s care costs.

If you want to get started on planning for your pet on your own, take a look at LegalZoom’s Pet Protection Agreement.  When you visit their page, a questionnaire will guide you through the process of creating the document, which will then be mailed to you for a fee.

You can also purchase the book, All My Children Wear Fur Coats:  How to Leave a Legacy for Your Pet by Peggy R. Hoyt, JD., MBA.  According to Hoyt, this book “explores all the alternatives for planning for your pet’s future by creating a comprehensive estate plan designed specifically for your needs and the needs of your pet.”

Because estate planning for pets is still a relatively new trend, it’s a good idea to talk to a lawyer, or at least research applicable laws in your state.

Filed Under: Tips on Getting Organized Tagged With: , , ,

Two Crucial Ways to Prevent After-Death Identity Theft

April 25, 2012 By Leave a Comment
Share

Remember that part in When Harry Met Sally, when Billy Crystal tells Meg Ryan that the way to find an apartment in New York is to read the obituaries?  Well, many creative criminals are capitalizing on people’s deaths in ways far more scary than simply finding a new place to live.

According to a recent TIME article, millions of Americans are having their identities stolen after they die. It’s becoming more and more common for criminals to use a dead person’s Social Security number to do things like open lines of credit and start cell phone service.  However, you can take the following steps to prevent this from happening:

  1. When someone dies, make sure that whoever is handling the estate notifies relevant entities like taxation and health services agencies.  Include instructions in your own will to this effect.
  2. Keep an updated list of all email and social media contacts, including login information and passwords, and store it somewhere safe (like your Life at Hand® Organizer).  Make sure that someone is assigned the task of closing down or memorializing all social media profiles and email accounts upon death.

While these actions can’t guarantee that the deceased’s identity won’t be stolen, they can go a long way in cutting the odds of it happening.  But Billy Crystal still might get your apartment.

Filed Under: Tips on Getting Organized Tagged With: , ,

Remember to Update Your Will!

April 19, 2012 By Leave a Comment
Share

It can be so hard to find the time and motivation to write a will in the first place, that once you get that done and can check it off your endless to-do list, it’s tempting to just forget all about it.

Well, I don’t mean to rain on anyone’s parade, but the fact is, when significant life events change your situation, it’s crucial to update your will to reflect those changes.  In fact, it’s often worse to have a will that hasn’t been updated than to have no will at all.

Train yourself to think of updating your will in the same way as you might about going to the doctor.  When do you go to the doctor?  Well, hopefully, you go for an annual checkup even if you’re in good health.  It should be the same with your will:  Revisit it at least once a year just to look over it and make sure everything’s in order.

You also go to the doctor when there’s a change in your health, and in the same way, when something significant changes in your life situation, that’s the time to update your will.

If you’re not sure what kinds of changes count as “significant,” refer to this checklist at findlaw.com.

Filed Under: Tips on Getting Organized Tagged With: , ,

Whitney Houston’s Death and the Importance of Trusts

February 21, 2012 By Leave a Comment
Share

There has been speculation since death of pop star Whitney Houston on February 11th about the value of her estate.  What’s  certain, however, is that shortly before her death she had won a lawsuit against her stepmother to receive a  $1 million insurance policy left to her by her father.  Since Houston’s will designates her daughter, Bobbi Kristina, as the primary heir, unless Houston had  time to set up a trust for Bobbi Kristina, the 18-year-old will inherit the money outright.

If you have ever known an 18-year-old, it isn’t too difficult to imagine how disastrous it could be to suddenly dump so much money on him or her.  This is why setting up an inheritance with trusts can be so valuable.  This way, the money can be managed by someone more mature until the heir is more prepared to deal with the responsibilities and complexities of a such a large sum.

The irony is that those who most need to execute this kind of planning (the very wealthy) are often the least likely to do it because it can be such a complex and time-consuming process.  Whether you’re wealthy or not, though, the lesson in all of this is simply awareness – it’s crucial to look ahead to anticipate the financial impact of our death on loved ones, especially our children, and make provisions to cushion that impact as much as possible.

Make no mistake – receiving a large amount of money all at once is as much a burden as a gift, especially for those with little financial education.  And unfortunately, that’s not just the 18-year-olds, but most of us.

Filed Under: Tips on Getting Organized Tagged With: ,

Preparing for Your Tax Refund

February 17, 2012 By Leave a Comment
Share

A few weeks ago, I mentioned that windfalls can have a negative effect on people’s lives.   What I said there applies to tax refunds too; even though they may be small compared to things like an inheritance, there is always the danger of blowing through it before you even know where it’s going.

That’s why, the most important thing you can do is PLAN what you’re going to do with the money.  If you use a tool like Mint, you can enter the amount you will receive as income, and add categories to your budget for any non-regular items you wish to spend it on.  But whether you’re doing it online, with an Excel spreadsheet, or on paper, you need to actually record your plans for every cent of that refund.

Once you know how much you’ll be receiving, you can start the process by brainstorming all the needs and wants you might put the refund toward.  Then narrow down the list to fit the budget.  Start with savings and debts.  Financial blogger Sarah Gilbert, at the website Get Rich Slowly, recommends that you choose at least one debt to pay down and plan to put a third of the  refund into a savings account.  She also cautions against spending the money before you get it, whether it be with credit cards or putting down a deposit the day you expect the refund to arrive.

However, Gilbert also flies in the face of the conventional wisdom that says you should only spend 1% of your refund on splurges.  “After all,” she says, “it’s only a tax refund.”  So go ahead and live a little, but make sure you don’t go over that 5%, which will of course be much easier if you keep excellent track of both your budget and every cent you spend.  The reward for this discipline will be that when you do splurge within the budget you’ve set, you’ll be able to fully enjoy your indulgence without any guilt or worry whatsoever.

Filed Under: Tips on Getting Organized Tagged With: , , ,

How to Write an Effective Affidavit

February 2, 2012 By Leave a Comment
Share

According to Wikipedia, an affidavit is a formal sworn statement of fact, signed by the declarant (who is called the affiant or deponent) and witnessed (as to the veracity of the affiant’s signature) by a taker of oaths, such as a notary public.

Say what?  Let’s put that in English, shall we?  Basically, an affidavit is a legal statement of facts related to some event.  There are many different kinds related to issues as diverse as immigration, marriage, heirship, lost documents and much more.

If you’re faced with having to write an affidavit, it can be daunting for a number of reasons.  Not only do you need to write a strong and succinct statement of the facts and nothing but the facts, but you need to do it using legal lingo.  You will also need  to get the affidavit notarized.  You can, of course, hire a lawyer to help you with this, but if you decide to do it on your own, there are some good resources out there.

At Microsoft.com you can download a free Word template to get you started.  There are several other websites that offer free affidavit templates, but many of them require you to register for an account, so doing it through Microsoft is the most straightforward and simple way.

After you’ve downloaded and opened the template in Word, I recommend that next you visit rfptemplates.technologyevaluation.com, which provides an extremely helpful walk-through of the affidavit writing process, section by section.  These instructions are for a general affidavit, but the site also provides helpful links for more specific types of affidavits.

Here are a few tips to keep in mind:

  • Keep the tone of your writing formal and authoritative.
  • Avoid embellishing your story in any way.  Keep it absolutely factual and directly relevant to the purpose of the affidavit.  Avoid emotional language.
  • Take your time.  Write several drafts and edit, edit, edit!  Write your first draft then leave it for a day or two so you can come back to it with fresh eyes.
  • Edit for clarity.  This  means cutting out as many unnecessary words as possible.  Look at every single sentence with a critical eye; ask yourself, “Is this sentence necessary, and if so, could I say it with fewer words?”
  • Read it out loud to yourself; this is a great way to recognize any changes that might still need to be made.
  • When you feel you have a “final draft,” have someone else look over it.  They may catch something you’ve missed.
  • Be sure to get it notarized.
  • Once it’s notarized, make copies and keep copies.  If you’re using Life at Hand®, put a copy in your Organizer.  It’s also a good idea to scan the original to save electronically.

I can’t emphasize enough how important it is to take your time when writing an affidavit, or any other important document, for that matter.  Affidavits often relate to a situation you may have strong emotion around, so it’s essential to evaluate your draft from as detached a place as possible, and this usually means revisiting it several times.  It’s okay to write a passionate first draft, but then it’s crucial to edit out the emotion and just leave the facts.

 

Filed Under: Uncategorized Tagged With: , ,

Getting Married Means Getting Prepared

January 25, 2012 By Leave a Comment
Share

When planning a wedding, with so many details to focus on it can be easy to overlook planning for what happens AFTER the wedding.  Many people don’t spend much time considering the ins and outs of combining households with their new spouse.

But they should, because no matter how big and complex the wedding is, joining two lives in terms of money, housing, and other aspects is bigger and more complex.  And for older couples, even moreso.  As Lisa Scherzer at SmartMoney.com puts it:

Marriage at any age means a marriage of finances. But the fact that older folks are likely coming into a second or third marriage with adult children, assets, a house, a 401(k) and perhaps failing health makes a trip to the altar significantly more complicated.

It’s common knowledge these days that money battles are a major contributor to divorce, so it’s crucial to get those financial ducks in a row before you’re standing at the altar.  According to the New York Times article, Money Fights Predict Divorce Rates, couples who disagree over finances once a week are more than 30 percent likely to divorce than couples who only have financial disagreements a few times a month.

As uncomfortable and mundane as it might be, it’s important to discuss with your intended ahead of time all the many things that combining households will mean.  And it’s best to do this through a series of conversations rather than trying to sit down and get it all done at once.

Ron Lieber of the New York Times has written an  excellent article called Money Talks to Have Before Marriage, in which he categorizes the major topics a couple should address.  Another great resource for conversation starters from Estate Planning Answers can be found here.  This article provides helpful questions to consider together, including issues related to investing, wills and trusts, and savings and retirement.

For young couples, it may seem premature to talk about things like estate planning and retirement before marrying, but making decisions together now will only strengthen your chances of having a happy marriage in the long run.  After all, you’re planning on spending the rest of your lives together, so it only makes sense to plan for the “old and gray” years.

Filed Under: Tips on Getting Organized Tagged With: , , , ,

Breaking the Taboo

January 18, 2012 By Leave a Comment
Share

If you are a regular reader of this  blog, it may seem to you that I talk too much about death around here.  My goal in doing so, however, is not to be morbid but to help to break the silence around this taboo topic, because frankly, if we don’t become more open and embracing of death in our culture, the misery and tragedy of estate battles will continue to be the unfortunate norm that it is.

It almost seems superstitious, the way we tend to avoid thinking or talking about death.  It’s as if we’re afraid that by thinking about death, we will be inviting it to happen!  But the truth is, it IS going to happen, and could happen at any time, so in that sense, doesn’t it actually make sense to give this reality some attention?

I designed Life at Hand® as a tool to help people plan and document their estates, but the difficulty I face is that people won’t pick up the tool unless they’re willing to face the uncomfortable truth of their own eventual death.  So today I want to once again make the plea to take the first step in estate planning:  let the reality of death enter your consciousness.  Think about it, do research, explore your feelings about it.

Believe me, I know this isn’t easy at first, but there are some wonderful resources that can help you get started, like this two-part article, The Last Taboo.  You may be pleasantly surprised to find that once you’ve entered the process of embracing and planning for your own death, that it’s not only not as bad as you thought it would be, but is actually life-enhancing in the present!  Why?  Because when you’re aware of and embrace the fact that your time here will one day end, you become more present to and grateful for the life you have right now.

Filed Under: Uncategorized Tagged With: , ,

A Fresh Start for the New Year

January 11, 2012 By Leave a Comment
Share

After the messiness of the holidays, after the tree has been taken down and the decorations put away, it’s a natural urge to thoroughly clean the house and get things more organized.  Creating freshness and order in a living space can be an incredibly energizing and inspiring thing to do.  We never realize how much clutter can weigh us down until we clear it out.

If you’re noticing an excess of clutter in your home right now and feel a bit overwhelmed about how to tackle it, take heart – the hardest part is just getting started.  The trick is to create momentum, and to do that you just have to jump in somewhere.  According to simplicity blogger and author, Leo Babauta, in his article How to Tackle Your Clutter, there are two main ways to do this.  The first he calls “The Surge,” and this involves setting aside a period of time like a weekend devoted to decluttering as much as possible.  The other method he calls “Chunking,” which means picking one relatively small space at a time to declutter.

No matter which method you choose, once you get going with it you’ll start feeling lighter right away.  It may not seem like simply decluttering your home could be a transformative life event, but it really can.  It comes down to that momentum.  According to minimalist blogger Courtney Carver, in her article, How to Make Decluttering Fun, decluttering her house motivated her to then work on becoming debt-free, which in turn led her to quit her job and start her own consulting business.

And if you’ve been avoiding getting your vital documents in order, start by de-cluttering your house and you just may find the motivation that’s been eluding you.

 

Filed Under: Tips on Getting Organized Tagged With:
« Older Posts