Day 82
Get Your Legal and Financial Affairs in Order
Scripture to Memorize
Give her the reward she has earned,
and let her works bring her praise at the city gate.
Proverbs 31:31
Passage to Read
May the LORD bless you from Zion
all the days of your life;
may you see the prosperity of Jerusalem,
and may you live to see your children’s children.
Peace be upon Israel.
Psalm 128:5–6
Guided Prayer
Dear Lord, thank you for blessing me. I believe you will bless me all the days of my life and that I will see prosperity. Thank you for granting me the opportunity to live long enough to see my children’s children. Help me to be wise in the way I live my life so I can truly enjoy my senior years. I thank you for your blessings and ask you to empower me to be a blessing to others all the days of my life. I pray for the peace and prosperity of my country. Amen.
Another important way to get ourselves into position to laugh at the days to come is by getting our legal and financial records in order. Once again, I recognize these are not fun topics. Nevertheless, it is critically important if you care about your family.
Start by creating an EMERGENCY CONTACT list in the PERSONAL section of your notebook. Compile a list of key people to call, including relatives, physicians, and lawyers, in case of emergency. Keep this information in your Personal Notebook and carry it with you at all times.
Next, photocopy your credit cards, debit cards, driver’s license, Social Security card, insurance card, and any other important items you carry in your purse. If you lose your purse or it’s stolen, you’ll know exactly what’s missing and where to go to replace everything. Put the copies in the front of a locked fireproof filing cabinet in a folder labeled VITAL INFORMATION or in your safe. If you don’t have either of those two things, you need to buy one immediately. Make sure someone knows where the filing cabinet key is and/or where the safe is kept and how to open it. Make a note at the bottom of the EMERGENCY CONTACT page, indicating the existence and location of your VITAL INFORMATION folder. This is also the place to indicate the name and contact information for the person who knows how to open the filing cabinet and/or safe.
Your VITAL INFORMATION folder should also include:
Passport. Everyone should have a valid passport. You do not know when you might need to go overseas at a moment’s notice, to answer God’s call (for a last-minute mission trip) or that of a relative, to take a business trip, or to care for some other circumstance. We live in a global community and the world gets smaller every day. Incidentally, check to see if your passport expires soon. If it does, renew it.
Will. Lawyers constantly marvel at how many highly intelligent people don’t have a will, and how many people who do have wills haven’t updated them for decades. When someone dies without an up-to-date will, it can have devastating financial and legal consequences for the family. It can also lead to lengthy family feuds, even over seemingly insignificant details. If you want your loved ones, rather than lawyers and the government, to inherit your estate, make sure your will is valid and easy to locate. Consider giving the original of your will to your lawyer or some other trusted adviser, in addition to the copy in your fireproof cabinet or safe.
Power of Attorney. Take the time to make sure you have a well-written power of attorney and pick someone you trust completely. Check with your lawyer to make sure that any power-of-attorney form you sign does precisely what you want it to do. For example, if you want the person holding your power-of-attorney to be able to make gifts of money or other property on your behalf, say so in writing. While state laws may vary, be as precise as possible on this subject.
Remember that a power of attorney isn’t just for the elderly. Sudden illness or accidents can strike at any age, making it important that someone be authorized to manage your affairs. Above all, act now while you’re healthy. One of the classic mistakes is to wait until you get sick to start thinking about a power of attorney and other tough topics. You may not think as clearly under such circumstances. Be sure to assign the person as your health care proxy so he or she can make life and death decisions on your behalf. If you designate your spouse, also designate a backup person in case you both die at the same time.
Insurance policies. Make sure you have adequate health insurance coverage. If you do not have adequate insurance, you can wipe out your entire retirement savings in a matter of months in a care facility. You should also have term life insurance.
Deeds to property. The original deed(s) can be kept by you or filed with an attorney. If filed with an attorney, include a photocopy in your file. You should also have a beneficiary deed, which turns the property over to your heirs on your death.
Social Security summary. Keep a copy of your most recent benefit statement. Ensure that all personal information is correct and confirm how much monthly income you are projected to receive. If you don’t have or can’t find your statement, visit www.ss.gov to obtain one.
Investment overview. Include a recent statement for each of your investments, along with any stock or bond certificates. You should also create an INVESTMENT OVERVIEW spreadsheet, listing all of your investments with account numbers, contact information, and estimated value. If you organize your finances using a software program, such as Quicken or Microsoft Money, it will create such an overview for you to print out and file.
While you’re at it, review your financial and legal documents to make sure your beneficiaries are up-to-date. Be sure to use effective estate planning tools (like trusts or advance gifts) to reduce estate taxes and ensure that your heirs receive the most benefit.
Every woman reading this should aspire to be a wise, well-prepared woman. Are you prepared? Or are you “hoping” that “someone” will take care of you? You should be reading books like Rich Dad, Poor Dad. You may not agree with everything the author says, but you will learn. Read other financial experts like Dave Ramsey (who is a Christian) and David Bach, creator of The Automatic Millionaire book series.
Yes, it’s true that God is our provider. But often he provides by sending someone to bring us a wake-up call. This is your wake-up call.
Wake up!
Affirmation: I prepare for my future with wisdom.
Practical
Wake up! Face your future with wisdom and preparation. Little by little, tackle the items on today’s checklist. Obviously, this cannot be done in a day or two, but at least make a beginning. Let today’s reading jumpstart you in the right direction.
Notebook: Create an EMERGENCY CONTACT page in the PERSONAL section of your notebook. Include all family members and friends you would want contacted if something happened to you (accident, hospitalization, death). It should also include contact information for your doctor and lawyer; also add details on how to locate your VITAL INFORMATION file folder.