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MAKING CENTS OUT OF THE NEWS
Blog #19
(May 20th, 2010)
DON'T DO THIS! DO DO THAT! - PART II
By Tom McAllister, CFP®
I am indebted to my friend Marv Frank and his associates at the law firm Frank and Kraft of Indianapolis for an enlarged version in their spring newsletter to their clients of my Blog #5-10 Don’t Do This, Do Do That! This version is made up largely of their words.
Tom McAllister
Making the “Worst” a Little Better. What if the “worst” happens? You become seriously ill, incapacitated, or even pass away. What happens to your cats Rufus and Roxy? Where are your spare keys to your home, automobiles, safe deposit box, rental storage unit? How about your computer passwords, IDs, even the names of all your computer identities, such as business and volunteer work? Here is a quick planning list to ensure these questions are not left unanswerable.
Determine child or elderly parent/sibling custody or guardianship. If your children are minors and the other parent survives, he or she typically retains custody. However, be sure to nominate a guardian if the other parent is not available to serve. Document you children’s (or parent/sibling’s) health care and day care provider, allergies, and all other important medical information.
Financial details. Create a document (print a hard copy, even if the original is a folder in your computer) listing all bank accounts, investment accounts, pensions, insurance policies, and any bills you pay on line. Document the appropriate passwords, PINS, and access approaches. Keep all this in a secure location.
Medical information. List your own personal health insurance policies, medical history including ongoing conditions (even allergies), medications, and all physician contact information.
Leave Someone In Charge. Create a Financial Durable Power of Attorney so a relative or trusted friend can act on your behalf if you become incapacitated.
Plan for medical situations. Create a Health Care Directive to allow an agent(s) you select to make medical decisions on your behalf, along a HIPAA instrument so they can receive what would otherwise be confidential information about your medical condition and prognosis.
Stay Current. Review and revise your estate plan as necessary to ensure any financial or life changes are taken into account.
Pets. Don’t forget Rufus and Roxy. Does a neighbor or family member know where you keep your pet food? Decide who should have access and give them instructions and permission to care for your pets temporarily until your preferred permanent arrangements can be made.
Don’t Forget the Little Things. List email accounts, PayPal accounts, eBay accounts, frequent flyer and traveler accounts, etc. A couple of hundred thousand miles have real value here.
Keep your documents in a safe place and make sure a member of your family or a trusted friend knows where to find them. Preparation will help keep the “worst” from becoming an even bigger disaster for those you love!
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