Have You Ever Thought About What Would Happen to Your Social Media Accounts When You Pass Away?

Increasingly, social media is a part of everyone’s life. If you are active online, you should consider creating a statement of how you would like your online identity handled. Consider appointing someone you trust as your “online executor”. This person will be responsible for the closure of your email addresses, social media profiles and blogs when you truly “move into the clouds”. 

Remember that an Attorney can help you incorporate instructions regarding your desired social media treatment into your main Last Will and Testament.

What Makes a Will Valid?

A will, more formally known as a Last Will and Testament, is required (in Maryland) to be in writing and signed by the maker as well as two witnesses. A notary public is not required to sign the will, but it doesn’t hurt. A warning, however: a professionally prepared will would have what is known as an “attestation clause” which is a recitation of language that the witnesses were present when the will was signed by the maker and confirm that the maker knew what he was doing when he signed the will. If this is missing, it may be necessary for the witnesses to be found and present proof that the maker of the will did, indeed, know what he was doing.

Being Useful & Looking Out for Yourself in Retirement

Study after study indicates that those most likely to prosper in retirement are those who don’t retire from life. Stay involved. Be useful and feel useful. For those with business backgrounds, the SCORE organization offers excellent opportunities to accomplish these purposes. To see how you can help, you can write SCORE at 1175 Herndon Parkway, Herndon, VA 20170, telephone number 800-634-0245, or visit the website at www.score.org.

Have You Checked Your Credit Report?

It is essential for everyone to check their credit history on a regular basis to be sure that it’s accurate and does not contain false or fraudulent information.

You can obtain FREE credit reports from each of the 3 major credit bureaus, Equifax, Experian and TransUnion. These three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.

To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Visit http://www.consumer.ftc.gov/articles/0155-free-credit-reports for more information and important warnings about “imposter” websites to avoid.

Since the law allows you to order one free copy of your report from each of the nationwide consumer reporting companies every 12 months, staggering your requests allows you to monitor your credit every 4 months.

Interestingly, over 80% of the general public does not request credit reports. Don’t allow yourself to fall victim to credit fraud because you failed to regularly check your credit history.

Have You Updated Your Will?

Over 80% of those with Wills or Living Trusts have not reviewed or updated them within the past 5 years. That is a mistake. It is a shame to waste the time and money for the documents and allow them to become outdated. Laws and tax considerations change. And they certainly have in the past 5 years. Call me, I can help.

Maybe you’ve gotten divorced or you have other people you’d like to take care of financially for whom you did not provide in your last Will.

Failure to update your Will can result in some, if not all, of your money going to “the wrong people”.

And if you are one of the many who does not even have a Will, do not procrastinate any longer. Do you what you should do!

Who Will Know if You're in an Accident?

Maryland drivers can now add three emergency contacts to their driver’s license so police will know who to call if an accident occurs. The emergency contact information is stored electronically on an individual’s driver’s license and will be available only to authorized law enforcement and medical personnel.

You can go to the MVA’s website at http://www.mva.maryland.gov/ and add your three emergency contacts in just a few minutes! Go to the website, click “On-line Transactions”, then click “More”, look under "Other Services" and then click “Emergency Contacts” to add your contact names, addresses and phone numbers.

NOTE:  To perform this Emergency Contact transaction, you must be able to provide your driver’s license number, date of birth, and PIN or last 4 digits of your social security number.

Should I Worry About Avoiding Probate?

Many people have the impression that probate is a complicated and expensive process. In reality, it is usually neither. Probate is the process of filing the will with the local court (typically in Maryland with the Register of Wills office). A person known as a personal representative (executor) is then appointed to administer the estate. That person’s job is to pay the decedent’s bills, collect his assets and pay any taxes, and finally, to distribute the estate funds remaining to the heirs. From start to finish, the process takes, typically, less than a year and involves probate fees that are relatively nominal. For instance, an estate valued at $500,000 would incur probate fees of $500 plus a bond fee of an additional $100.