September 8, 2006 8:34 PM Friday, Dothan, Alabama           

 

Getting My Act Together

First thing first, this is especially very important to those Pinays who are married to westerners and just migrated to the new country.

There is no better time to start getting our act together than right now!!! I know for a fact that nothing would completely prepare us for the unexpected loss of our beloved husbands but at any rate at least we have done something to prepare ourselves for the inevitable and any unforeseen catastrophe because whether we like it or not, we all know death is inherent in life and it will surely come eventually. When? Only God knows!

My mother-in-law, as always, did her share by reminding us to get our estate plan done legally and DH is just waiting for me to make an appointment with the lawyer but I keep putting it off thinking we still have long years ahead of us to even start worrying about it… until the unexpected demise of my friend’s husband hit me bull’s-eye!

You see? Had they had their estate done before her husband passed away, it would have saved her a lot of trouble. Also, it would have been easier for her to sell their house without having to retain a lawyer and squander ridiculously outrageous amount for probate fees. So there, I learned a lesson!

Right after I got back from Montana, the first agenda on my to do list was to call the lawyer’s office listed in the yellow pages in Jacksonville area to compare services and fees in getting our estate plan done.

I spoke to at least 4 lawyers in our area and I was told the estate plan usually includes five documents, such as: 

a.      Last Will and Testament

b.      Living Will

c.       Durable Power of Attorney

d.      Designation of Health Care Surrogate

e.      Living Trust

The fees really depend on how much your total estate and what type of estate plan you would like to accomplish.  However when I asked for estimates based on the data given, I was quoted with different fees and the less expensive was $600 per person; $900 per couple. There, I finally made an appointment to get our estate plan done; next month is the earliest schedule we could get in.

Keep in mind that estate planning is not just for wealthy people.  Every adult person should have even just the basic estate plan in place to make the most difficult time for your family easier plus it prevents bitter family disputes like what happened to Terri Schiavo's case remember?

NOW IS YOUR TURN!!!

I know there are quite a large number of Pinays who are married to westerners and are totally dependent to their husbands.  We all know life in the Philippines is completely different from our lives here in the States. Here are the most crucial things I would like you to consider doing while you are still in better position to do them:

·        Learn to drive and get your way around on your own.

·        Have your college credentials evaluated by the National Association of of Credential Evaluation Services.

·        Get a job even just part-time job for experience.

·        Go back to school to upgrade your educational qualifications and skills when opportunity comes.

·        Turn in your paperwork for US citizenship as soon as you are eligible to apply.

·        Strive to be independent.

·        Have a good support group usually you'll find them in the Church.  

Also if you have been neglecting the financial aspect of your married life because your husband is the “in-charge”, now is the time to become assertive. Ask him to share with you or teach you about handling your finances as well. 

Make it a priority to stay up-to-date especially on these very essential key areas:

• Get organized and know where the files of all these very important documents: marriage contract, birth certificates, titles/deeds, SS cards, insurance policy paperwork, retirement/pension account statements and the last 5 years of your Income Tax Returns.
   

• Emergency Saving’s Fund.  The very first and major blow you will have to battle if your husband dies, aside from emotional torture, is money.  That is why this emergency savings fund is very important especially if you have no job; dependent on your husband's income and something happens to him, usually it takes 3-6 months to process the paperwork and receive your insurance claims and other benefits from the government’s social security if there is any. Meanwhile at least you have sufficient amount in the bank to use for your rent or mortgage and credit cards minimum payments due. This is to protect your house and credit score from going down the drain while you are still trying to pull yourself up from disaster.
   

• Outstanding debts/Credit card debs. How much your husband owes and to whom? Saved yourself a big trouble in the future if your husband has huge amount of credit card debts more so if you are a joint signor. Make sure he signed up for debt cancellation program. You will only realize the magnitude of debt cancellation program when disasters strike.
  
  Just get 1 or 2 credit cards on your name only and make sure to pay off the balance in full each month so you’ll be able to build up a good credit history and improve your FICO score on your own while your husband is still alive.
   

• Life Insurance Policies, Pensions and Retirement accounts.   What are they worth? What brokerage are they in and who are the beneficiaries?
  If your husband doesn’t have any life insurance yet, encourage him to get one for you and your kids’ sake. 
  Term Life Insurance doesn’t cost that much if you are non-smoker and pretty healthy. The premium usually depends on your age and health.  I took a 30 year level guaranteed premium of $33 per month for $250,000 policy.

P.S.
Right now we are here in Dothan, Alabama on a honeymoon but here I am blogging my thoughts out hehehehe. It's still too early and we are too full to do anything special anyway  ;-)

Thanks Lan for the call, sweet good wishes on my birthday and Anniversary. DH said, "that was nice of her to call you on your birthday".   Likewise thanks In~in for the birthday greetings.   Of course I'd like to thank Mom Sheila and Pop Stuart for the prayers and sweet greetings.  We received your card this morning before we left for Alabama.