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May/June 2002

Commentary - Hans H. Mathisen

Your Personal Estate Record - LIFE LETTER for May, 2002: This one is a must for all of us. We never know when the information pertaining to our affairs may be needed. Additional copies are available on request.

What do I do Now? - The June, 2002, issue of LIFE LETTER expands on the May issue: You certainly want to keep these two documents together. And, in the event you want help organizing your affairs, feel free to contact me. Our team of experts include the very best financial planners, accountants and lawyers.

(In brackets, I want to tell you about the widow who received this information several years ago. She wrote: ďThank you, Hans, for sending us these planning guides. With my late husband, we acted on the information you gave us only months before he passed away. Having this information available made it easier for me to get on with my life as a widowĒ).

THE STOCK MARKETS - Investors have not experienced the growth they would have liked to have had during the first five months of 2002. While all major stock indexes show a year-to-date negative return as of May 31, 2002, there are several conservative, blue chip funds that have produced a double-digit increase each year since world markets started to decline in March, 2000. The obvious message is now, as it has always been: Go for value. Be diversified. Stay invested at all times. And donít panic. The markets will recover with time. If you want to discuss an investment portfolio that will yield 8-12 per cent per annum each and every year, please give me a call. I will give you the details.

HAPPY INVESTING!
Sincerely,
Hans Mathisen



 

LIFE LETTER

What Do I Do Now?

While waiting for surgery, Uncle Roy realized that Aunt Dale might not know about everything that needs to be done if he dies. He made her this list of things she should do:

1. Before you tell anyone - Clean out our safety deposit box and joint bank accounts. When the bank finds out Iím dead, theyíre liable to close off all access to them until my will is probated.

2. Call the funeral director - But go there with somebody else so you donít get suckered into buying the fanciest coffin. Just remember, the money you spend on my funeral wonít be available for the party I want you to have!

3. Gather up all my important papers - My will, life insurance, disability insurance, and general insurance policies, business agreements, bankbooks, notes receivable or payable, stock or bond certificates, real estate deeds, recent tax returns, marriage, birth and death certificates, military papers, automobile registration forms and all recent contracts. Donít throw away anything that looks official, even if it appears to be terminated.

4. Call our life insurance agent - Heíll not only help you in collecting the money from my life insurance, but also in collecting the death benefits of my group insurance, company pension and Canada Pension Plan. Heíll also advise you on things like settlement options and the guaranteed death benefit on my segregated funds.

5. Call our accountant - Sheíll be needed for the various tax returns that have to be filed. She can also make sure you pay as little tax as possible.

6. Call our lawyer - Heíll tell you what other stuff is needed and what must be done to settle my estate. He can tell you whether my will has to be probated (proven that itís mine). As the province charges probate fees for everything passing through my estate, Iíve tried to minimize them through joint ownership of most of our assets and by naming beneficiaries where possible.

7. Call the other executors - You know youíre my primary executrix and you know who the other two are, so call them. Even though our lawyer will probably call them, it would be nice if they heard from you first.

8. Call my business associates - My partner will want to know that our buy-sell agreement has just been triggered so he can collect the insurance money to buy my share of the business from you. Call Marie in Human Resources to spread the word. Ask if thereís anything else coming to you such as my vacation pay, Workersí Compensation, Employment Insurance, unpaid expense accounts, ongoing group benefits, etc.

DONíT PANIC! I picked my executors and the above-mentioned professionals to assist and advise you in this situation. So let them. Donít rush any major decisions, like selling the house or other big financial matters, for up to a year.

Copyright © 1999 Bowen Financial Inc. and Donald F. Pooley, Inc.
All rights reserved

Want help organizing your estate?
Call Hans Mathisen today at (306)242-7042.
or email -
hans@mathisen.ca

 

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Mathisen Financial, Inc.
335 Redberry Road
Saskatoon, Saskatchewan S7K 4W5
Bus. (306) 242-7042 Fax. (306) 242-4314
Email:
hans@mathisen.ca