Massachusetts Estate Planning and Elder Law » Action Items

Action Item – Get A Shredder & Use It

admin — Mon, 15 Nov 2010 13:18:28 +0000

Some people get overwhelmed with the idea of getting their affairs in order and as a result find it easier to do nothing. To help people with that inertia, I’ll be posting occasional Action Items – little steps that take an hour or less that will move you forward in the process and make it less daunting.

I came across an article recently that talked about the importance of shredding your financial documents. It’s not enough these days to just throw them out and hope no one goes digging through your trash. Even ripping things into a few pieces leaves them vulnerable to being stolen by someone who has the time to piece them back together.

Getting a shredder is an inexpensive and secure way to quickly make sure the documents you no longer need don’t fall into the wrong hands.

Some important things to shred:

1. Pre-approved credit card offers,

2. Old bills, they contain account information that thieves can use to access your account online,

3. Old account statements, including health insurance forms. They can contain information about family members, dates of birth, etc. that people stealing your identity can use to fool someone into thinking they are you,

4. Old health insurance cards, expired credit cards, licenses, membership cards.

Keep the important papers you need in a locked file cabinet and shred the rest. I keep a shredder next to my desk at home for easy and safe disposal of things that no one else needs to see.

Source: Currency.com

Action Item – Write It Down

Leanna Hamill — Tue, 01 Sep 2009 14:17:00 +0000

Some people get overwhelmed with the idea of getting their affairs in
order and as a result find it easier to do nothing. To help people
with that inertia, I'll be posting weekly Action Items – little steps
that take an hour or less that will move you forward in the process and
make it less daunting.

Today's Action Item – Write It Down

One of the best gifts you can give your loved ones, is the gift of being organized and having one place where all your financial information is written down. You can do this in a loose leaf notebook where all your bank and other financial statements are located, you can use a resource like the What If…Workbook, or you can keep a running list on your computer. The important thing is to keep it up to date, and make sure that your trusted family members know where to find it.

A list of some important things to list (feel free to add your ideas to the comments, I know this list is not exhaustive):

Name of banks and all account numbers. Don't forget online banks like ING, or small accounts you may have a different banks, Christmas or Vacation Club accounts, credit unions.
Name, policy number and company for all life insurance policies.
Name and address of all advisers: attorney, financial adviser, accountant, etc.
Location of Wills, Powers of Attorney and Health Care Documents.
Information about utilities.
Information about credit cards, mortgages, car loans.
Information about brokerage accounts.
Health Insurance information.
Information about a prepaid funeral or burial plot, if you have one.
Military service information
Tax returns

When you are ready to take the step of meeting with an attorney to more
fully plan for your future, designate who could access these accounts
in the event of your incapacity, and legally memorialize how you would
like to pass your property along after your death, call me at 781-749-2284 to
schedule a consultation.

Action Item – Start Writing Your Letter of Intent

Leanna Hamill — Tue, 25 Aug 2009 12:49:00 +0000

Today's Action Item – Start Writing Your Letter of Intent for Your Child With Special Needs

You know the importance of having a letter of intent for your child with special needs, but maybe you've been putting it off, maybe you didn't know where to start, maybe you thought it would take too long, or be emotionally difficult or any number of other "good reasons" you had for putting it off.

Well, here's your chance to get started. Set a kitchen timer for 50 minutes (or 2 sessions of 25 minutes) to start the letter. Clear some space on the table, and write. It doesn't have to be perfect the first time out, and you can keep a running list of questions and issues that need follow up, but imagine how good it will feel to have it started. The link above will bring you to some examples if you need help getting started.

When you are ready to take the next step of meeting with an attorney to more
fully plan for your future and the future of your child with special needs to make sure that any funds you leave to them will enhance their quality of life while not jeopardizing the essential services they receive, call me at 781-749-2284.

Action Item – Keep Your Attorney in the Loop

Leanna Hamill — Tue, 18 Aug 2009 13:43:00 +0000

Today's Action Item – Keep Your Attorney in the Loop

When
you signed your Will, Health Care Proxy, Durable Power of Attorney and
other estate documents, chances are you gave your attorney the
addresses and telephone numbers of the people you appointed as your agents, your legal heirs, and the people and charities named in your Will.

Check those documents, and note any people that may have moved or changed telephone numbers since you signed the documents.

Send the updated contact information to your attorney for her records,
and keep a copy in your files. In a crisis, telephone numbers which
you or someone else may know by heart can be forgotten so having the
information readily available will make sure that everyone can be
contacted quickly.

If
you find that your documents are more out of date than you thought and
you want to make changes (or if you have no documents in place at all
and want to make sure that your wishes are honored) call me at
781-749-2284.

________
Estate
Planning, Probate and Trusts involve complex areas of law. Individual
circumstances must be considered before any advice can be given. The
general information above is not to be construed as legal advice, which
can only be given after consideration of the unique facts of each
matter. Please seek the advice or counsel of your attorney, financial
advisor or CPA as it may be appropriate.

Action Item – Check Your Estate Plan Before Filing for Divorce

Leanna Hamill — Tue, 11 Aug 2009 18:20:00 +0000

Some people get overwhelmed with the idea of getting their affairs in order and as a result find it easier to do nothing. To help people with that inertia, I’ll be posting weekly Action Items – little steps
that take an hour or less that will move you forward in the process and make it less daunting.

Today’s Action Item – Check Your Estate Plan Before Filing For Divorce

Did you know that after you file for divorce you are unable to make changes to your Will and beneficiary designations until after the divorce is final? And that your soon-to-be-ex-spouse could be the one making medical decisions for you if you become incapacitated while your divorce is pending? And that your soon-to-be-ex could have legal access to your medical records (because you gave it to them)?

Not, what you wanted? Do something about it.

Before filing for divorce, check your legal documents to see

who has access to your medical information?
who is allowed to make medical decisions for you in the event of your incapacity?
who has the authority to access and manage your financial accounts in the event of your incapacity?
who stands to inherit everything under your Will?
who is listed as the beneficiary of your life insurance policies?
who is in line to handle any money you leave to your minor children?

Then, when you are ready to take the step of meeting with an attorney to make sure that your wishes are honored and that your privacy is protected, call me at 781-749-2284.

Action Item – Guardians for Your Minor Children

Leanna Hamill — Tue, 04 Aug 2009 19:10:00 +0000

Today's Action Item – Talk to Your Spouse About Guardians for Your Children

I often find that the reason many people put off having their Wills written and other estate planning done is because they can't decide who to nominate as guardians for their children. Today's action item is for you to set a timer (50 minutes, or schedule two 25 minute sessions) and work through with your spouse all the possibilities for guardians for your children.

List out all the people you would consider, then think about what matters to you in raising your children (values, health and schooling decisions, physical location, discipline style, etc.) where these people fall on that scale. Think about the age, health and living situations of your potential guardians. You may find that the choices are easier than you think once you begin to really think about it.

You may not reach a decision at the end of the session, and that's ok. When the timer sounds, you can stop and schedule a time (in the near future) to work on it further.

When you are ready to take the next step of meeting with an attorney to legally memorialize your guardian choices, and make sure that any funds you leave to your children will be managed appropriately by the people of your choosing, call me at 781-749-2284.

Action Item – Check Your Beneficiaries

Leanna Hamill — Tue, 28 Jul 2009 18:04:35 +0000

Some people get overwhelmed with the idea of getting their affairs in order and as a result find it easier to do nothing. To help people with that inertia, I'll be posting weekly Action Items – little steps that take an hour or less that will move you forward in the process and make it less daunting.

Today's action item: Check Your Beneficiaries.

For any accounts you have that list a beneficiary, contact the company (or your Human Resources Department) to find out who the beneficiary is.

Is it still the person you want named? If yes, great. If no, request the paper work to change it.
If it is the correct person, verify that their contact information is up to date.
Is there a contingent beneficiary named? Is their contact information up to date?
Have any of the beneficiaries had a change in personal circumstance that may make inheriting outright not such a good idea? Health change, bankruptcy, substance abuse issues, etc.

Accounts to consider:

Retirement accounts
Annuities
Life Insurance Policies
Stock Accounts
Bank Accounts with a Beneficiary
Accounts held jointly with a child
Health Savings Accounts
Brokerage Accounts
Pension Plans

When you are ready to take the step of meeting with an attorney to more fully plan for your future, designate who could access these accounts in the event of your incapacity, and legally memorialize how you would like to pass them along after your death, call me at 781-749-2284 to schedule a consultation.