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MarilynW
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Posted: April 14 2008 at 9:47pm | IP Logged Quote MarilynW
As part of the whole Spring Cleaning and Decluttering drive, I am really trying to organize our finances and paperwork. We made a big step in finally updating our very old simple wills to a revocable trust,setting up guardianship agreement (the worst thing to do) and powers of attorney. I have made a list of the things to do and posted at

Organizing Finances Part 1

How do you organize your finances?

With recession possibly inevitable I think it is going to be so important to be organized in spending and monitoring spending.

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MarieC
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Posted: April 15 2008 at 6:46am | IP Logged Quote MarieC
I need to do this as well...thanks for the handy list! Good luck on your efforts!

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Paula in MN
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Posted: April 15 2008 at 7:26am | IP Logged Quote Paula in MN
Marilyn, what is the difference between a simple will and a revocable trust?

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JenniferS
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Posted: April 15 2008 at 7:45am | IP Logged Quote JenniferS
It must be that time of year. Dh and I just re-read Dave Ramsey's Total Money Makeover, and we are working hard to get finances in order.

Jen

P.S. For some reason my computer won't let me put that book title in italics.
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MarilynW
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Posted: April 15 2008 at 7:50am | IP Logged Quote MarilynW
Paula in MN wrote:
Marilyn, what is the difference between a simple will and a revocable trust?


Paula - I do not have a detailed explanation - basically something to do with taxes and also with a simple will there is a delay in probate whereas with a revocable trust the assets are immediately available.

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MarilynW
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Posted: April 15 2008 at 7:51am | IP Logged Quote MarilynW
JenniferS wrote:
It must be that time of year. Dh and I just re-read Dave Ramsey's Total Money Makeover, and we are working hard to get finances in order.

Jen

P.S. For some reason my computer won't let me put that book title in italics.


We are total Dave Ramsey fans here. Also Michelle Singletary and Mary Hunt

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JenniferS
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Posted: April 15 2008 at 8:00am | IP Logged Quote JenniferS
I will have to check those other two out. This is all new to my un-organizes little brain. I read Dave Ramsey a little over a year ago, but I couldn't dh to really do it, too. This year, dh is gung-ho, and that makes it all easier. I really need someone to tell me(show me) what to do. Dave Ramsey's baby steps are pretty easy, and we have a goal set. I am so excited when I pay things and do things and I look at my budget and realize we are right on or we have actually come in under budget(like $14). I get almost giddy. LOL!

Jen
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PDyer
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Posted: April 15 2008 at 8:21am | IP Logged Quote PDyer
MarilynW wrote:
Paula in MN wrote:
Marilyn, what is the difference between a simple will and a revocable trust?


Paula - I do not have a detailed explanation - basically something to do with taxes and also with a simple will there is a delay in probate whereas with a revocable trust the assets are immediately available.


Anyone interested in a detailed explanation can look here.

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Martha in VA
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Posted: April 15 2008 at 7:20pm | IP Logged Quote Martha in VA
Marilyn,
I am SO HAPPY to see this thread! We lost my father-in-law suddenly and unexpectedly one month ago. Since then we have been helping my mother-in-law (who now lives with us) sort through all of her finances. Fortunately my FIL was very organized about their finances and left a virtual "map" outlining where we could find everything. It was a wonderful model for us! Since then, I've been convicted that we need to do the same because you just never know what the future holds!!!



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MarilynW
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Posted: April 21 2008 at 12:30pm | IP Logged Quote MarilynW
Here is another post

Organizing Finances Part 2 - Taming the Paper Tiger

I am still working hard - it takes so much time to keep on top of paperwork.

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