|
|
|
|
HAVE
YOU BEEN PUTTING OFF ASKING THESE QUESTIONS, OR JUST NOT THOUGHT ABOUT THEM?
1.
Do
you have
all of your important personal documents (such as birth, marriage, adoption,
divorce, and military discharge papers) placed in a safe and secure storage
location? 2.
Do
you have
your basic legal documents such as your Will, Codicils to it and Trusts prepared
and up to date? Are there any changes needed due to changed circumstances such
as increased wealth, additional children or grandchildren, changes in the tax
laws (both federal and state)? Do
these documents clearly spell out what is to happen to your assets upon death? 3.
Do
you have
a Power of Attorney* (management of your property), a Health Care Power of
Attorney and a Living Will to direct decisions concerning your health care. The
person you appoint will have the power to speak for you when you are unable to
because of illness or disability. Have
you a clear understanding of the powers and responsibilities of the person you
have appointed will possess and are you confident that the person will handle
your financial affairs and see that your health care wishes are carried out as
you have directed. *There are important changes to PA law and requirements relating to Powers of Attorneys
effective April 2000. 4.
Do
you know
where all of you records are located
such as your tax returns (at least
the last three years), deed(s) to your home(s) and cemetery plots,
title(s) to motor vehicle(s), Insurance policies (
it’s very important to review the policies to insure that they are up
to date and express your wishes since many years may have passed and individuals
may have died requiring a change in beneficiaries), investment records,
including recent statements and all broker information, pension records ( with
notes of contact persons and the latest benefits statement )
and bank statements. All of these records are important and should be in
a safe and secure fire proof location in your home or in a safe deposit box. Let
your executor and your attorney know where these papers are located. Also let
your executor know who your attorney is and how he or she can be reached. 5.
Do
you have
a professional resource such as an attorney, accountant, financial consultant
and an investment advisor? It is recommended that you establish contact with
these professionals in advance of needing their help to determine if they will
be able to meet your needs. 6.
Do
you know
all of the government or private benefits such as Social Security, Medicare, or
private pensions to which you are entitled? If not, do you know when, where and
how to apply for them? Have you consulted with someone to see whether you should
start taking Social Security benefits at age 62 or later? 7.
Do
you have a
balanced investment portfolio to allow you the security and growth you need to
meet your retirement plans? Remember,
high returns usually means higher risks, where as low or no risk investing
usually means low returns. 8.
Do
you know
how your assets are titled and why this is an important issue? For example, many couples title their vehicles in single
names believing that that protects them against a law suit that could threaten
their jointly owned home. This is not sound legal action because ownership of a
motor vehicle does not mean liability when another is driving a car jointly
owned and negligently injures someone. Only in a few instances does it do so
such as when a couple is engaged in a joint venture such as a business and the
principle of agency applies. There may also be a few states that impute
liability to a non-negligent owner whose vehicle is driven by another causing
injury to a third party, but this is not PA or NJ or DE law. Of course, there
can be negligence if the owner of a car allows a person they know to be impaired
in some way to drive their vehicle such as an intoxicated person. 9.
Do
you have
sufficient amounts and types of insurance? This applies to home, auto, and
general liability. All states require a minimum amount of liability insurance
for an auto. It is highly recommended that an individual inquire into higher
coverage, full tort coverage and stacking of benefits when there are two or more
autos owned by an individual(s). The cost difference is not much compared to the
hardship, both financially and emotionally which can be very great when an
accident occurs and there is insufficient or no insurance coverage. All too
often members express regret at not having the higher limits on uninsured and
underinsured drivers as well as not having chosen FULL TORT coverage. It is also
advisable to have an “umbrella liability” policy to provide insurance
coverage where the primary policy limits are exceeded. This kind of policy can
provide as much as $1,000,000 in excess coverage and cost surprising little
provided the required minimums are carried on the primary policies. Talk with
your insurance agent about these options and the costs. 10.
Do
you know what to do and not do if you receive legal papers whether through
personal service or the mail? First
must: You must not ignore the papers. Many people believe that by not
opening the envelope or by not reading the papers served that they will not be
responsible for the contents of the papers. This is not true in almost all
cases. Second
must: You must seek immediate legal advice. The FAMILY LEGAL CARE PLAN
is available to help members in just this kind of situation. There is no cost to
see a PLAN attorney to review the papers. Almost
everyone has heard the axiom: IGNORANCE
OF THE LAW IS NO EXCUSE. That
applies to laws people did not know about and have broken. Not knowing doesn’t
excuse their action. The same principal applies with those served with legal
papers, NOT KNOWING THE CONTENTS OF THE PAPERS DOESN’T EXCUSE YOU FROM THE
CONSEQUENCES OF NOT RESPONDING. Ignored
legal papers can ultimately lead to a lien against property, i.e. your home,
car, bank accounts, etc. Take advantage of the FAMILY LEGAL CARE PLANS FREE
CONSULTATION and help yourself practice Preventive Law by knowing
as much about your rights and responsibilities before you act or fail to act
when confronted with a decision that affects your LEGAL RIGHTS. If you’ve answered no to any of these
questions, it is recommended that you take corrective steps so that you can then
answer yes
to the question. BEING INFORMED AND PREPARED ARE THE ESSENTIALS OF PREVENTIVE LAW which
is the best way to minimize or avoid lawsuits, courts and legal fees. Ó 2000 James
W. Pearson, Jr., All Rights Reserved FOR ADDITIONAL INFORMATION CALL THE TOLL FREE HELP LINE 1-800-232-1477 E-mail: lawyer@lawwalk.com JAMES
W. PEARSON, JR. Chair of the Federal & State Credit Union Department & Coordinator of legal consultations under the Family Legal Care Plans offered to credit union members. |
Send mail to LawInfo@LawWalk.com
with questions or comments about this web site.
|
