We all at one time or the other go shopping for something for ourself or others and end up with a receipt/s which we mostly just put in our pocket, purse or for some just dump in our glove compartment never to be looked at again.
Have you ever taken a second look at those receipts?
Do you take time to read the fine prints, or some might say it's just too tiny so no need so long as the amount paid is what is agreed?
It's amazing how people append their signatures on very important documents without bothering to read through the finer prints.
Also take a look at those instances where someone appoints you their attorney, have ever bothered to find out what your responsibilities are(POA)?
Do you just append your signature without getting independent legal advice when it comes to co-signing or taking on certain responsibilities?
Please always read every agreement and ask questions.
Seek Independent advice, and if you chose to co-sign on a credit product, be sure the main applicant is capable of paying or you will be held responsible when they default...always seek independent legal advice.
Another often overlooked aspect is the insurance on credit products.
Those insurance in most instance are meant to protect that aspect of borrowing.
You are often given disclosures and updates.
Most people just toss them in the bin without reading the updates sent to them in the mail.
I've heard instance of people complaining that the insurance companies dont pay, wont pay.
It's a lie from the pit of hell.
Did you cross your Ts and dot your Is?
Did you make your claim in a timely and correct fashion?
It's just like someone who has L&D, life and disability insurance on a mortgage who fell ill and has been off work for more than two months and didnt remember to make a claim on the disability aspect for months.
There's the normal 60days wait period before the insurance starts paying in some instance, but how will they help you when you didnt tell them you've been sick and unable to work? Are they clairvoyant?
You are meant to get in touch with your provider immediately something happens to you or your partner if joint and they will let you know what is required to make a claim.
Think smart, keep records and let the people close to you know where important documents are kept/located.
Do you have a mortgage? Dig out every document that has to do with the Mortgage agreement and cost of borrowing, including your deed and same with your fire insurance and every single bit.
Do you own a SAFE? It is time to sort through all those old documents in it.
Do you have a Will? When was the last time it was updated?
Do you have some investments?
When was the last time you met with your Advisor or Planner to update your Successor/beneficiary information and review your time horizon?
Do you always tell them you are too busy and will get your Assistant or Secretary to book an appointment for you?
There are some partners who dont have any idea of what the other party is doing with the household finances and projects till they pass on or seperated as a result of a divorce and they are then left to sort through stacks of documents.
Estate Planning can be tortous if no real plan is in place, it can also be easy breezy if some effort has been put in. Same with seperation and divorce.
What to do, get yourself a kit, some of those kits contain a checklist of what you own versus what you owe.
It guides you through taking real stock of what you have that are moveable and immoveable and locations.
Dont tarry, dont wait till it's too late, put the affairs of your life in order.
Always read the fine prints.
NB:Disclaimer, most of what is written in this blog is based on real life experiences and does not constitute or replace real advice from your Planner.
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