When It Happens...
With all of the new found time many of us now have, perhaps it might be a good time to sit down with a spouse or loved one with a glass of wine, and talk...
...talk about some plans that you previously made, or even more importantly, update those you already have ! .
Things change over time. That's the excitement of living, but what may have been applicable "then", may not be now...
...and thinking about it "now", greatly assists those we love, "then".
...and we all know that the "then" someday becomes "when"...
... and that "when" is what all of us must someday face...
It's not a pleasant thought, but all of us and our loved ones will have to face it at some point; and making it easier on those we love, means planning...
...in order to adapt to a new lifestyle.
When it comes to our senior generation, usually one partner is the "bill payer"; the "financial guardian", often neglecting to make sure the other is aware of what those bills are, when they arrive, how they are paid, and if there are sufficient funds to pay them.
For many, it's always been that way, and this is in no way a criticism.
Perhaps the biggest surprise of a surviving spouse is that YOU'RE SINGLE again, that you no longer have the advantage of a "joint income tax return", and there's one less check being deposited each month in a bank account.
That in itself, can be a shock if a spouse in unaware of how that will affect their life; but in addition, life can become even more complicated with stress if the location of vital documents cannot be readily available.
Do you know what these documents are and where they are located?
All too often it's a subject that is rarely discussed, and "then" at the moment the "when" takes place, without that knowledge, an attorney is consulted at a cost of thousands of dollars, to complete a task that could have and should have been completed prior to that time in the privacy of a home between two loving people.
Perhaps sometime before the "shutdown" ends, you might want to sit down with that loved one, get a piece of paper and pencil, and make sure that individual is aware of both how life will change, that they be aware of those inevitable changes, the planning made when that change occurs, and where these vital documents are located.
Will
Letter
of instruction
Birth
certificates
Marriage
certificates
Citizenship
papers
Divorce/separation
papers
Adoption
papers
Social
security numbers/cards
Passports
(numbers and expiration dates)
Driver's
licenses (number, expiration dates)
Military
records
Names/address/telephone
numbers of healthcare professionals
Healthcare
proxies/living wills
Medications
(dosages, name of prescribing physicians, pharmacy,
address/telephone
Address
and phone numbers of hospitals of choice
Medicare
numbers
Medicaid
numbers (caseworker numbers, address/telephone)
Social
worker or caseworker names and contact information
Passwords,
web sites, and other digital information
Income
sources (retirement and/or disability benefits, Social Security,
etc.)
Financial
assets (institution names, account numbers, address/telephone, form
of ownership, current value) of cash, bank accounts, stocks, bonds,
mutual funds, money market funds, retirement and pension plans,
IRAs, annuities, life insurance
Real
Estate (property addresses, location of deeds, form of ownership,
current value)
Other
assets (location of items/titles/documents/form of ownership,
current value) including automobiles, boats, inheritances, precious
gems, collectibles, household items, hidden valuables/items in
storage, loans to family members/friends
Liabilities
(Creditor institutions, address/telephone, approximate debt) of
mortgages, personal loans, credit cards, notes, IOUs, other).
Trust
documents
While
some of these records need to be physical copies (like your birth
certificate), others, like contact info, a copy of your will, and
property information can be digital, so use whatever system you're
more comfortable with.
Whatever you decide, keep everything organized together in a folder and let a family member know where that folder is located.
Years ago, when I began my career in the insurance industry, I will never forget my first boss making me aware of proper planning, when he asked me:
"Do you love your wife?
"Of course", I said.
"Then does that love stop at death?"
I looked him with "questioning" eyes.
And then he told me:
"Then that love should include making sure she is able to continue her life if you're not here to share it with her."
Good advice, and certainly giving meaning to the saying in the film, "Love Story"...
...something you need not worry, if you take the time to plan.
The very idea made me feel very uncomfortable since, as I'm sure many people would feel, it made it seem I was rushing him to go. We never did have that talk.
This past year my youngest daughter purchased a book for me called "I'm Dead, Now What."
The inside is like a journal of sorts but on each page you enter all these important things Dick has written about in this article..
It is available on Amazon.