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http://www.omniture.com --> Sections Home Page Local News AP News Archives Business Classifieds Event Calendar Forums Life Opinion Obituaries Photo Gallery Since We Asked Sports Tempo Weather Special Coverage 2006 Britt Festivals --> Shop Our Valley AutoFinder HomeFinder JobFinder Search Our Valley Special Sections Homelife Magazine Joy Magazine Readers Choice 2006 Oregon Golf Info Oregon Wine Info Our Valley Other Publications Local Links Ashland News eSouthernOregon Newspapers In Education Personals Moving Here Movie Listings TV Listings Volunteer Customer Service Advertise With Us Media Kit Place Classified Ad Contact Us FAQ's Home Delivery Site Map --> Email Story to a Friend August 13, 2006 Where there's a will, there's a way Without one, Wisconsin husband can't guarantee his wife will be sole beneficiary of his estate BRUCE WILLIAMS — SMART MONEY DEAR BRUCE: How important is a will? My husband refuses to make one. He is 56 years old. We don't have any kids together, but he has three from his first marriage. I want to make sure I am protected. — L.Y. in Wisconsin DEAR L.Y.: You ask how important is a will? Extraordinarily is the unequivocal answer. If your husband passes away now, he will have died intestate, which means the laws of Wisconsin, not his wishes (although they may be "coincidently" the same), would very likely see two-thirds of his estate going to his children, not to you. You are not protected in any way other than a portion of his estate. You should insist that, assuming this is what you guys have agreed to, you be his total beneficiary. There are a lot of people out there just afraid to have a will because it's a clear-in-writing indication that, one day, they are not going to be here. Also, people avoid making them just for the circumstance you described. It's a way to tell the current spouse the kids are getting the money. Advertisement DEAR BRUCE: What do you think of identity-theft insurance? I heard it advertised and I am wondering if you would purchase such insurance? --P.J., via e-mail DEAR P.J.: Identity theft is clearly a crime that is rising in regularity and severity. However, people who are close to you — relatives or employees — commit the overwhelming majority of identity theft. And most of the damage is in sorting things out, rather than actual monetary loss. There are times when people are unwilling to sign an affidavit of fraud because it means accusing their son, daughter, spouse, parent, etc., of a crime. There is no insurance company in the world that is going to reimburse for those kinds of losses without such an affidavit. On balance, at least at this intersection, identity-theft insurance is not something I would purchase. DEAR BRUCE: Some years ago, our good friends entrusted their son, a professional investment manager, with nearly $500,000 for investment. Recently, they asked him for financial liquidation to provide for some modest expenses, but he convinced them to leave the investments intact and to do a $100,000 reverse mortgage on their house — the current market value of which approaches $200,000. Much to my surprise, they did mortgage their house. Why would a competent investment manager encourage any client, especially his elderly parents, to borrow money when they supposedly have funds that are more than adequate "invested" in a viable market? Is there any reason a rationale person should be concerned? — D.D., Henderson, Nev. DEAR D.D.: It is entirely possible the son felt the investments were doing so well that the payment of interest plus fees, etc., on the reverse mortgage was a good move. However, that would raise all kinds of warning signals in my mind. The fact that he's their son is in no way insulation against fraud. If I were in a position to advise the parents, I would want an outside person to take an in-depth look at the accounts and statements, which they should be receiving regularly, son or no son. If they're not receiving them, the red flag now turns into a flashing neon sign. When you see warning signals and ignore them, you do so at your peril. Your friends are fortunate to have someone on the sidelines who has nothing to gain or lose. DEAR BRUCE: I am the president of a 60-member nonprofit homeowners association registered with the State of Michigan. The association owns an access lot, which is deeded to the property owners. Currently, the association pays the liability insurance on the access lot. (Dues are voluntary.) If the association drops the liability insurance through a vote of its members, would the individual property owners be liable if a tragedy occurred on the access lot? In the event of a tragedy, what could we expect in the form of litigation? If a "no trespassing" sign is posted, will that absolve us of a lawsuit? — G.B., Cheboygan, Mich. DEAR G.B.: Obviously, the question you ask is a legal one and should be directed to an attorney in your area. In general, having a piece of property that is uninsured is a very, very foolish thing, and a "no trespassing" sign will not absolve you of any liability. You call this an access lot, does that mean people are regularly going across it? If that's the case, the possibility of a lawsuit is even greater. I would insist the lot be insured. DEAR BRUCE: I read your column and I was wondering what you think about work-at-home opportunities? Are they real? Do people ever really make money? And are there some you don't have to pay a fee to be able to work for? — R.P., via e-mail DEAR R.P.: Surely, there are some legitimate home opportunities. Those that require a fee are almost never — I will avoid the word "legitimate" but most surely say "undesirable" — for you to pursue. The ones I have investigated have nothing to recommend them other than the wealth of the advertiser. There are many people working at home, however. The Internet has fueled many opportunities. The propositions I would avoid are the ones that are heavily advertised. I'm sure some are out there that I could recommend to a close friend. But in all these years, I have not been aware of one. Send your questions to: Smart Money, P.O. Box 503, Elfers, FL 34680. E-mail to: [email protected]. Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided. Copyright 2006, Newspaper Enterprise Assn. Advertisement Copyright © 1997-2006 Mail Tribune, Inc. All rights reserved. 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