Letter of Last Instruction vs. Will

Death and its preparation are things people would like to avoid planning and talking about.A recent survey on 1,001 adults by Rocket Lawyer found that 57 percent of adults do not have a Will.

On a side note, a week ago, we unexpectedly lost a valuable personal finance academician, Dr. Celia Hayhoe, who has worked wonderfully on the Protecting Your Retirement program. The program focuses on talking about and planning for severe illness and death, long before such things happen.

Last month, with the help from John Darden Esq., I’ve revised our will and its preparation publications. I had wanted to place examples on Latter of Last Instruction and Will documents but could not get it done. Similar publications from Montana, Indiana, Utah, Florida, and Idaho universities also did not place examples of these publications.

So, below are some examples of Letter of Last Instruction.

• JDSUPRA
• End-of-Life Task Team – Fairbanks, Alaska

Unique aspects of a Letter of of Last Instruction include:

• This letter is not legally binding like a Will.
• From the examples above, the letter is not even signed, witnessed, nor notarized. I would just do it with two witnesses singing the letter.
• Leave a copy of this letter with several relatives and friends. You may write on the envelope, “Letter of Last Instruction”. E-mailing it to others? – I have to think about it.

Before you Buy That …

Questions To Ask Yourself Before Buying That?

It’s that time of the year when Americans are finding the best gifts for the festive season. This year’s Thanksgiving weekend has shown an increase of sales from $45 billion last year to $52 billion this year, according to the National Retail Federation (2011). Cyber Monday also posted increased sales from $1.03 billion last year to $1.25 billion this year (Talley, 2011).

Shopping needs differ from one individual to another depending on his values, attitudes, cultural expectations, and preferences. So, it is very challenging to come up with a specific list for all on what to buy or not buy, but giving more thoughts to your purchase increases the likelihood of getting the gifts you won’t regret.

A list of 13 questions below can help consumers make the right shopping decision:

Will this purchase help me meet one of my goals? Do I really need it? Want it? What must I give up to have it? Why do I want to buy it? Am I buying this only because it is on sale? Am I buying this only because my friends are buying it? Has the media influenced my decision to buy this item? Am I buying this because I am depressed and need cheering up? Would I come back tomorrow to buy this? Can I afford it? Do I need to borrow money to buy this? If I borrow money to buy this, how long will it take me to pay it off? Would I feel better now without spending money?

Composed by Sara Croymans (2004), this card comes in a wallet size card template for consumers to remind themselves, which would be very useful when considering purchases or when they’re one swipe/click away from paying for them.

*****

On a personal note, I thought this simple “Wise Consumer Shopping” card is a very effective tool to prevent spending leaks. The wallet-size card allows people to keep it in their wallet or purse – from where consumers would get their cash or credit card for brick-and-mortar and online purchases. This is especially if the card is used according to its instruction:

When you are considering a purchase take out this card. Review each question, answer honestly.

Out of College & Out of Job

MSNBC’s Gen Y: No job, lots of loans, grim future

An interesting article about Generation Y, especially those who just graduated but are not landing jobs. They are even finding a tough time to be underemployed (employed but waaay below their qualifications). Other interesting observations from the article:

• Underemployment rate [June 2010]: overall 9.5% in June (= 15 million Americans)
  • 20-24: 15.3 % ||| 35-44: 7.8 % ||| 45-54: 7.5 % ||| 55+: 6.9%
  • “average length of unemployment now is almost like six months”
• 2008 average for college students was $23,000 – not counting credit card debt
• Some are overqualified with the jobs they are applying … “after one job application, he was told he should leave his degrees off his resume”
• If they get hired, guess who’d be first to get laid off.

I thought the more impressive part is the comments, rantings, and jabbings the article is getting. People of different generations argues on whom are being hit the most, young people lack respect, politics, job exportation, etc.

New Mexico

In New Mexico, the picture may not be as bad. Education in college is affordable with federal money is easily available.The issue is that many are not exhausting federal free money for school. These are numbers about financial aid extracted from a grant call:

• Nearly two million low- and moderate-income undergraduates do not submit a Free Application for Federal Student Aid (FAFSA) to apply for Federal financial aid, even though many of them are eligible for Pell Grants, which they would not have to repay; and
• A 2009 report by The Institute for College Access and Success found that 64 percent of students who took on costly private loans had not yet exhausted their eligibility for more flexible and affordable Federal loans.

In the recent years, NM’s unemployment rate has been lower than the national average but the pay tends to be lower compared to similar jobs in other parts of US. Youths may need to come up with plans B, C, D, … .

August’s Retail Sales Leap

… even after accounting for Cask for Clunkers and gas sales, the retail slaes increased by 0.8%. Issues on substitutabulity include on whether Q3 may borrow from Q4 and car purchases decrease purchase of other good. I think they missed out on the back-to-school effect … because this is likely to affect those in pre-K up to graduate school.

Sales at U.S. retailers leap in August 

Important/interesting points in this article:

• Consumer spending is closely watched because it accounts for about 70 percent of the nation’s economic activity
• Clunker effect: Excluding autos, sales rose 1.1 percent, ahead of an expected 0.4 percent jump
• Economic recovery? For one month’s data, it’s too early to tell!!!

Debts of a Deceased Relative Anyone?

Paying the Debts of a Deceased Relative: Who Is Responsible?

If you know the answers to these following questions, you don’t have to read the article:

• Who is responsible for paying the debts of a relative who has died?
• Am I legally obligated to pay the debts of a deceased relative?
• What should I do if a debt collector contacts me about a debt of a relative who has died?
• Do I have to speak with a debt collector who contacts me about the debts of a deceased relative?
• Can I stop a debt collector from contacting me about the debts of a deceased relative?
• Can debt collectors tell anyone else about my dead relative’s debt?

Institute of Food Research Guy – V

So how would fraudsters like this guy make money?

As stated in the e-mail, as linked above:

So the check of $5,500 will be sent over to you by another researchers in the states so you won’t be experiencing any problem to cash the check since its coming from the state.All you need do is to deduct the deposit of $2400 and forward the difference to my Decorators so I can have the place prepared before my arrival.

• James Cannon will mail you a bad check of $5,500.
• You cash in the check. Oh! In the mean time ["mean" as in mean James Cannon], he’ll pressure you to send the difference right away. Recall that he asks for your address and phone number. So, like a telemarketer, he could bug you day and night.
• The pressure might prompt you to mail out the remaining $3,100 to his Decorators – who is very likely to be his buddy. $3,100 is the “remaining” after subtracting $2400 from his $5,500 check.
• After a week or two, you;d receive a notification indicating that the$5,500 check is a bad one. The $3,100 check sent to the Decorators? You are responsible for it. Oh, depending on your bank, you’re likely to get fined due to the bad check.

Result: You’ve gained lost $3,100 to the fraudsters

+ bank charges + cleaning up this mess.

Institute of Food Research Guy – IV

So, I asked him (or her* in real life?) to fill in a typical rental form for background and credit checks. This is what he responded:

Date: Fri, 15 May 2009 20:23:51 +0100
From: jamesmcannon112@gmail.com

Am sorry i stated in my previous mail,that all application will be sign upon my arrival,thanks

* Either way, … a loser.

Institute of Food Research Guy – III

… and he responded to my e-mail. Can you detect the scam? What would he get?

********************

From:	James W Cannon (jamesmcannon112@gmail.com)
Sent:	Fri 5/15/09 7:08 AM
To:

Hello,

Thanks for the details on the Property,I am ok and will like to go ahead with the renting process,so please reserve the property for me,provide me with details of where to send you the check payment for the property.

Name:
Address :
And phone number which i can reach you on at anytime i need to speak with you:

If you will be willing to rent to me,i understand that there are procedure that needs to be followed before renting an apartment in the USA which includes signing of lease form and agreement.Please i want you to do me a favour by just send me the lease for review only and i will sign it when i arrive in the USA which i know by then you can do more interview for me if you soul which.

SO i will want the lease to start 1st June 2009 for 12 months.I am using this means also to alert you that i already made an arrangement with an interior decorator(Agent) who will take care of the property for me prior to my arrival and also they will be in charge of moving my luggage from the airport down to the apartment.

So the check of $5,500 will be sent over to you by another researchers in the states so you won’t be experiencing any problem to cash the check since its coming from the state.All you need do is to deduct the deposit of $2400 and forward the difference to my Decorators so I can have the place prepared before my arrival.

Before we proceed,i will like you to know more about me,I Am James W Cannon, I am 46 years of age, a British citizen, married to a lovely lady, with one daughter (Family staying over in the UK),i work with research scientist for IFR(Institute of Food Research), I am a Christian, reserved in Nature, Non smoker also i don’t keep pets.

I look forward to meeting you and hope to have a good relationship as a tenant with you.

I await the details.
you can reach me at this numbers +447024057815
Below  is my present landlords information for reference :

Mr John Smith
Basilica House, 334 Southend Road
Wickford, Essex SS11 8QS
johnsmith182943@yahoo.com
Regards.
I await your response soon.
Regards.
James W Cannon
477-479 Whippendell Road
Watford, London
WD18 7PU
United Kingdom
+447024057815

Institute of Food Research Guy – II

So, I responded to this guy:

Hi James,

Thank you for your interest.

1)Details about the property including pictures if available.
The details are here http://lascruces.en.craigslist.org/apa/1170049873.html

2)Monthly rentals/security deposits and also if utilities is added.
One month rental.

3)When will it be available for move in
Immediately

4)The total to move in i.e total amount i need made availble to hold the property.
Same as monthly rental.

You and your family will love the house.

Institute of Food Research Guy in Craigslist

I’ve recently posted an ad on house for rent for someone I know. I’ve gotten his reply (below). I’ve just updated this piece on scams and frauds. His e-mail smelled rat, so I googled up and found evidence that this is a fraud.
Dear James W Cannon,

What’s next? Let me guess:

• You will send me a check for the deposit and then, request me to transfer some money to you (when you accidentally paid more)
• You will ask for bank account number

C’mon James … get a life, don’t live a lie.

*******

Hello,

My name is James W Cannon, I am a freelance researcher who reside in United Kingdom.I just resigned my job as a research scientist for IFR(Institute of Food Research) but i still work as a freelance consultant for the institute which gives me very much time to do my own work which is basically being a freelance researcher who could be employed by research institutes to do research projects anywhere in the world.

Presently, I have just been granted a funding to head a research project in the tropical regions of Asia regarding rare and vulnerable plant species and this would be commencing very soon, However my findings were by my American counterparts.So i will be staying in the states for a while before heading to Asia to round up my research.

Please for the fact that i will not be here in the state to check the apartment,i will like you to feed me with more details about the properties i.e

1)Details about the property including pictures if available.
2)Monthly rentals/security deposits and also if utilities is added.
3)When will it be available for move in
4)The total to move in i.e total amount i need made availble to hold the property.
I await your reply

–
James W Cannon
477-479 Whippendell Road
Watford, London
WD18 7PU
United Kingdom
+447024057815