Month: September 2015

Documents You Should Have In Your Financial Caboodle Finale

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I hope you enjoyed our guest blogger LaCosta Gaston. She Blogged about several documents that you need to have and why you need to have them. They were a Will, a Living Will, a Power of Attorney and Life Insurance. If you missed her post, you can check it out here.  If you get a moment  be sure to check out her blog The Journey of Being a Wife. I would like to thank LaCosta for filling in for me while I was on a much needed vacation.

Now that I am back, we will wrap up our Glam How, Financialista series on the documents you need to have in your financial caboodle. If you need a recap, you can catch up here with parts I and II.

For our final installment we will cover the final documents you need in your financial caboodle.

Category 6: Insurance

  • Property Insurance
  • Rental Insurance
  • Auto Insurance
  • Life Insurance
  • Other

Category 7: Medical

  • Health Insurance ID Card(s)
  • Record of Immunizations/Allergies
  • List of Necessary Medications
  • Disabilities Documentation
  • Living Will
  • Dental Records/Child Identification Cards/DNA records
  • Other

Category 8: Military

  • Current Military ID
  • Military Discharge DD214
  • Other

Category 9: Other Financial/Legal Documentation

This category is reserved for documents that won’t fit into any other categories. I keep things like our performance reviews from our jobs, my college transcript and my children’s transcripts. Just documents that at some point we may need.

Once you have all of these documents together, make sure to make a copy of the entire packet. Also, check for the fine print that is located on the back of some of these documents and make sure to copy it too. You don’t want to miss anything important in that fine print.

Now that we have come to the end of another Financialista Glam How series, I want to hear your thoughts. What documents on this checklist do you need to add to your financial caboodle?

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Legally Done

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This week we have a guest blogger, LaCosta Gaston, of The Journey of Being A Wife. You can click here to read her blog. Continue reading for her bio and her post.

 

 

Greetings to you all! My name is La Costa Gaston and welcome to my journey.  I am a lover of God, a wife, a mother, and a woman that wears many, many other hats. I enjoy being married and want to share my journey with the world. In the daytime, I am a Real Estate Closing Agent. In the evening, I am a full time blogger. I currently hold an Associate’s Degree in Paralegal Studies

I am the founder of The Journey of Being a Wife Blog and I’m so glad I came up with this idea. I have been blogging for 3 years and the beginning of this journey has just begun.  I have been a wife for 5 years and would not trade it for anything in the world. I have always had a passion for people and I pray that my blog helps someone along the way.

Recently, I was featured on the Alabama Women Bloggers website as the “Featured Blogger” on August 19, 2015. I am focused on one project at a time for my blog to allow my dreams become reality. I am married to Jerry Gaston, Jr and we have a son named KenDarius Hicks.  My favorite saying is “the journey is not easy, but someone has to do it”.

 

Legally Done

Are you prepared if something severe happens to you, your husband, or your family? Death? Illness? You have to sign on your spouse’s behalf? Many of you probably answered “no” to majority of these questions. Well, let’s get you ready.  Have you ever thought about having a Will, Living Will, Power of Attorney (P.O.A.) done? Do you have Life Insurance? These are some important documents that everyone should have, even on an individual basis. It doesn’t take much to prepare but it means a lot to have them if and when they are needed.

DISCLAIMER: I am not an attorney and this information is just my personal view of these documents. I do have these documents for my own personal life and I just want to share the importance of having them.

Will. 

This document is used to state the specifics of how you want your property, personal items, and finances disbursed after your demise.  You can name individuals, add clauses, and handle situations all in your Will. It allows as you to be in control of who gets what and why after your death.  This document will not be official until you die, but it is good to have it on hand. You don’t want to leave your family with more burdens than what they are currently going through at that time.  If you have any changes that you would like to make to your Will, the document you will complete is called a codicil. This is like an amendment to certain items in your will to state their changes.  Also, you don’t want your property going to the state. This will allow your family to keep the property in the family unless you state otherwise in the Will.

Living Will. 

This document will take affect when you are admitted into the hospital and you can’t speak for yourself. You become very ill and have to be put on some type of additional support to help you continue to live.  You can state specifics of how you want the medical staff to handle certain matters regarding your health.  You can also name a specific person(s) to be in charge of this matter as well.

Power of Attorney (P.O.A.)

This document will allow you to name someone to sign/act on your behalf.  There are two specific type of Power of Attorneys: 1) Durable & 2) Specific. The Durable POA gives the rights to an individual that you will assign to act on your behalf. It will not have an expiration date to it.  The Specific POA is a specific document that will allow someone to only act on your behalf for a specific reason. This document will have an expiration date on it. After that expiration date, the POA is no longer in use.  I will advise that once you get these documents completed; have them recorded at your local Judge of Probate office.

Life Insurance

This type of insurance comes in after your death to help pay for funeral and outstanding debt expenses. This is important because you don’t want to leave your family with your debt. There are two type of life insurance policies: 1) Whole & 2) Term.  Whole life insurance lasts throughout your life time and come into play after your demise. You can borrow on the policy, depending on how long you have had it, and the status of your policy. That would strictly be up to the company to allow you to do so.  Term life insurance is based on a certain time frame. If you have such, and you don’t die when the policy expires, you will have to obtain another policy. The terms range from 5 years thru 25 years, depending on the company. If this is something that you would like, then this is for you. Personally, I would not want to take on the risk of paying money on something that will expire before I do.

There are many other legal documents that are available. These are all good to have on hand and have in an area that you can go directly to them when needed.  You can put them in your safe deposit box at your bank, in a folder at home, give a copy to family members or friends that you trust. Of course, if you go to an attorney to have them to prepare the documents, they will have a copy for you.  I would suggest you schedule a consultation with an attorney to get the legal aspects of the documents and get them started on. You’d rather be prepared than be sorry.

 

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Documents You Should Have In Your Financial Caboodle Part II

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Welcome back, and I hope that you have had a fabulous week thus far. Have you been organizing your financial caboodle? This week we will cover three categories of documents that you need to have. Now remember, most of these documents are specific to my family, you may or may not need all of what I list, because I don’t need all of what I list so just pick what you need and what works for you.

Category 3: Financial Accounts

  • Bank/Credit Union Statements
  • Credit/Debit Card Statements
  • Retirement Accounts (401K, TSP, IRA, etc.)
  • Investment Accounts (Stocks, Bonds, Mutual Funds, etc)
  • Other

Now a days, with the age of information, most of these documents come in digital form, but I am old school, I like to have a paper copy. Also savings bonds no longer come in paper form, but I still have the ones that I purchased before they went digital.

Category 4: Sources of Income/Assets

  • Recent Pay Stubs for All Sources of Income
  • Government Benefits (Social Security, Temporary Assistance for Needy Families, Veterans’ etc)
  • Alimony Income
  • Child Support Income
  • Professional Appraisals of Personal Property
  • Rewards Accounts (Frequent Flyer Programs, Hotel Rewards, etc)
  • Other

I guess you could call me a pack rat or a hoarder, but I promise I am not. I am just meticulous and I can’t stand not being able to put my hands on things when I need them. On to the next category.

Category 5: Financial Obligations

  • Mortgage Statements/Lease Agreements
  • Utility Bills (Electric, Water, Gas)
  • Car Payments
  • Student Loans
  • Alimony Payments
  • Child Support Payments
  • Elder Care Facilities
  • Other Debts

Now that we are mid way through this document checklist, I would like to hear from you. Do you have these documents readily available?

Next week I will be on vacation and we will have a guest blogger, LaCosta Gaston, blogger of The Journey of Being A Wife. She will be talking about  wills, living wills and power(s) of attorney  and why you need them. I will see you all when I get back and I will wrap up this series.

Your Money Make-Up Artist,

Tracie

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Documents You Should Have In Your Financial Caboodle

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As you know, I view finances like I view my makeup kit. If you know me then you know I absolutely love makeup, hence caboodle! I feel your finances should be as glamorous as you are, so you should keep them groomed just as you keep yourself groomed.

Last month, we covered what I feel is the primer of personal finance, your credit. If you know anything about makeup then you know that a good primer makes your foundation last all day. Just as good credit makes personal finance a breeze. Now we will cover the foundation of personal finance; documents.

Your financial well-being hinges on maintaining the right documents in your financial caboodle, or portfolio. There are certain documents that you must have on hand and review from time to time, in order to maintain a clean financial caboodle.

Let me define personal finance: personal finance is your individual relationship with your money. It is the blueprint that defines the way you obtain, budget, save, spend and handle your financial resources. Some basic but major components may include your checking and savings accounts, any credit cards you have, and any consumer or student loans you may have. More advanced financialistas may have investment principles, income tax management, and much more, depending on what stage of your financial journey you are on right now. Let’s take a look at the documents that you need in order to keep your financial caboodle clean and in order.

With the ever increasing volume of documents, there are things that you should never throw away. I like to categorize mine to make it easy for my family to find everything in case I become incapacitated. These documents should all be kept in an easily accessible place in your home; I also recommend having a digital copy as well as either having a copy in a safe deposit box or with a close family member in case something happens to you and you cannot get to your copy. Review the list of documents in this series, gather them together, and indicate whether or not you have them  You can use a simple system like H-have, N-need, and X-this document does not apply to my household. Collect the documents you have and request the ones you need. This sets the foundation to your financial well-being.

My documents are categorized in nine categories, today we will go over two categories.

Category 1: Important Legal Documents that Apply to The Threadford’s

  • Birth Certificate(s)/Adoption Papers
  • Marriage License
  • Divorce Papers
  • Social Security Cards
  • Passport/Green Card(s)
  • Naturalization Documents
  • Will
  • Power(s) of Attorney
  • Mortgage or Real Estate Deeds of Trust
  • Vehicle Registration Copies/Ownership
  • Any other documents that are specific to your family. In this category I keep my children’s paperwork giving me legal custody of their children if something happens to them.

Category 2: Tax Statements

  • Previous 3 Years’ Tax Returns
  • Property Tax Statements
  • Personal Property Tax Statements
  • Other

I manage multiple family members documents, so I have these same categories for my mother and my mother in law. It can be a task to behold if you are not organized; so I would suggest a filing system that works for you. I want to hear from you;  what other documents would you recommend keeping in these two categories? Until next week, have a good one

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