Documents – Organize Your Personal Information From Insurance to Patent Information, Etc

Documents - Organize Your Personal Information From Insurance to Patent Information, Etc

Somehow, it never fails, once you need that info — it’s like — Where did I input it? You start looking in all the “good places” and it’s nowhere you should be found! Of course, you will find all stuff, but — normally the one you must-have will be nowhere in sight!

There is a straightforward way to avoid the above scenario. What you need can be a System to maintain an eye on your important records all the time. No more, fumbling, searching, cursing, and swearing! No more wondering — “where the heck would it be?”

Here’s what it is done to start locating insurance contracts, your will, any legal information, for instance, a patent and also other public information fast and with ease:

Set up Tabbed Sections Within A File as follows:

1. Banking

2. Children

3. Credit and Loans

4. Employment

5. Estate Planning [including wills and post-mortem matters]

6. Important Personal

7. Insurance

8. Investments

9. Major Assets

10. Professional Residences

11. Tax Records

12. Vehicles [including boats]

File each important document as outlined by each appropriate tab. Many times your files like savings bonds may be at home safe, you will be your attorney’s office, contracts, deeds, or perhaps patent information could be in the safe deposit bank safe deposit box.

Keep tabs on your important records. Keep them organized and available. You will not lose out on a tax deduction since you failed to keep the necessary receipt. More importantly, the System will help a spouse or executor locate your documents in case of death or disability.

13. Include Personal Records:

  • Birth certificates of loved ones
  • Death certificates of deceased members of the family
  • Marriage license
  • Divorce decree and custody agreement (if divorced)
  • Passports (updated)
  • Social Security numbers for family members
  • The names and
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Do You Need A Living Trust?

Do You Need A Living Trust?

Living trusts can be a much talked about topic in neuro-scientific estate planning, and for good reason. You may have heard financial planners or attorneys mention these trusts being a “will need to have” item within your planning portfolio, but could be confused about what a full-time income trust is, just what it accomplishes, and above all if you need one.

What Is A Trust?

A trust can be an arrangement in which one person, the trustee, holds legal title on the property of another person or group of people, the beneficiaries. Every trust has to have one or more trustee, one beneficiary in addition to the property which is placed into trust, referred to as the corpus. A trust document sets out the rules the trustee needs to follow when managing, distribute, and usually overseeing the corpus. A living trust, also known as an inter vivos trust, is a trust that’s built with the settlor (the person creating the arrangement and funding the trust) while he/she remains alive.

How Does This Benefit Me?

A. Reduces Cost:

When a person drops dead, assets titled in his/her name pass either under the will or by the laws of intestacy which dictate how assets are distributed if there is no will. Either process necessitates intervention in the local Surrogate’s Court and, more than likely, a lawyer. An attorney will typically charge 3-5% in the total value from the probate estate that is or a similar amount charged through the executor/administrator. With a revocable living trust, there is often a slightly higher initial fee to build and fund the trust, but it is commonly a fraction in the expense of probating a will.

B. Saves Time:

By studying the judicial technique of probate, the validity of one’s will is open to challenges by …

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