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The 7 Year Task: Legal Docs | Series 2.6
Episode 619th April 2021 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:07:46

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One of the most important things you can possibly do for your family’s protection, and yet is often the one thing many young families ignore the longest.

  • If you don't have anything yet, you're not alone (01:38)
  • Will (02:32), power of attorney (03:42), living will with a medical directive (04:10)
  • Take a step of action today (04:27)

Quote for the episode: "And so getting in motion to any degree right now is what will give you the greatest opportunity for removing this anxiety in the back of your head."

Securities offered through TFS Securities, Inc., Advisory Services through TFS Advisory Services, a SEC Registered Investment Advisor Member FINRA / SIPC. TFS Securities, Inc. located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Transcripts

Voiceover Audio:

Welcome to the Enjoy More 30s: Family Finance

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podcast, the only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out and distract our focus

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from simply enjoying life.

Joseph Okaly:

Hello, and welcome to Enjoy More 30s: Family

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Finance, we have the sixth episode for you today entitled

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"The 7 Year Task- Legal Documents". This is our "Your

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Money Multiplier" series. This is a topic that a lot of people

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need to address. And it's one that's really not that much fun

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to go through, which is why so many people put it off. So

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today, what we're going to cover is what you need to know when it

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comes to obtaining the legal documents to protect your

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family, and what you can do to quickly and easily get it

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accomplished.

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For me for some reason, I have a huge mental aversion when it

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comes to cleaning out the air filter for my h vac system, so

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what my furnace air conditioner system runs through. I have one

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of those, you know, reusable ones that needs to be manually

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cleaned out, and while it's not the worst thing ever, I really

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don't enjoy doing it. It's dirty, gets all over my slop

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sink, the plastic frame always catches my finger, I have to

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wait for it to dry out, and I have to fight with it to get it

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back into the furnace. So I do what you may expect- put it off.

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When I eventually do get around to doing it, you know, a few

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months later, I'm kicking myself because it's the same amount of

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time now or later, but I basically had air that wasn't as

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clean as it should have been in the meantime.

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What you need to know is that if you don't have all your legal

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documents in order, you are not alone, not by a longshot. Most

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people put this off for as long as possible. The reason that

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this episode is entitled "The 7 Year Task" is because as you may

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have guessed, it takes our clients roughly seven years on

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average to obtain or update their legal documents from when

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we first meet with them. Now, I'm certainly not advocating for

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that at all. But it is just to say, if you don't have what you

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need right now, just start off right now and forgive yourself

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100%. You have a clean slate, past is the past, and let's now

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take steps forward to actually getting them. The documents

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we're referring to when we say legal documents include a few

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different items.

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The first is what everyone is most familiar with: a will. And

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for families, that means dictating who you want to watch

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over your children if you were to pass- obviously super, super

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important. This can be actually broken up into two parts as

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well. One- who you would want to care for them. And two- who

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would you want to handle their finances. This doesn't

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necessarily have to be the same person. What we always tell

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parents is- right now, without your will done, which family

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member do you think would be able to argue and convince the

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courts to give them your children? Is that also the same

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person you would want to pick to raise your children? And when we

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go through this, parents usually look at each other at this point

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and give a nervous, you know, probably not laugh back out to

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us. And that's exactly what I heard, what happened to me, when

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I heard that said to me. So that's something that I think is

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really powerful if you just think about who you would want.

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And if that would be necessarily the person that'd be able to

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convince the courts- they don't always line up.

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The second item is a power of attorney. So basically who has

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legal authority to make decisions on your accounts or

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otherwise if you are unable to. So any accounts that aren't

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joint, which includes all retirement accounts, would not

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be accessible without going through a court proceeding in

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that scenario. Now court proceedings, not exactly what

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you're wanting to be focusing on if your spouse is in a coma or

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seriously injured or something like that.

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The last item is having a living will with a medical directive.

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So one- who do you want making your medical decisions on your

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behalf? And two- any end of life choices if you were to have

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them. Again, all this stuff necessary, not always the most

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fun to go through though, I definitely recognize that. What

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you can do though, is make a point to make one appointment or

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reach out to someone within the next 24 hours. You are most

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likely to be as inspired as you possibly can to action right at

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this exact moment. And so getting in motion to any degree

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right now is what will give you the greatest opportunity for

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removing this anxiety in the back of your head, which as

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always is the goal, and putting more focus therefore on enjoying

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life. You can send an email out to a lawyer you may know right

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this minute. You can even go online. There are things such as

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Legal Zoom, or other online platforms that advertise doing

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the same thing. Any signed, fully executed copy is 100 times

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better than what you have today, which is nothing maybe.

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So a recap for today is pretty simple. First, if you don't have

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anything yet, just forgive yourself to this point, you're

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not alone. The past is the past, let's move on. Second, there are

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three documents which are all provided together as part of the

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process normally; will, power of attorney, and living will with a

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medical directive. Third, take one small step of action to put

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yourself in motion towards this today. Remember the family

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member that will win an argument perhaps to raising your

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children, very likely is not the one you would ever choose.

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Thanks for tuning in today. As always, if you are able to

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implement what we cover then that is just fantastic, we're so

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happy that we're able to help you. You have less to worry

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about than before and can focus more on just enjoying life. If

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you are wanting help though with these things, or have any

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questions that you need help in clarifying, check out the 'Ask

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Joe' section on the shows website- www . enjoy more 30s

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.com, that's enjoy more three zero s .com. If you enjoyed this

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episode, please make sure to follow and review us on Apple

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podcasts or wherever you listen. There are literally millions of

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young American families out there I'm trying to reach and

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help just like you. The next episode is the second to last

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episode. It's a bonus episode that I decided to work into this

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"Your Money Multiplier" series, because it's an item I thought

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about and it's just so important and really got me excited to be

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able to share. So the title is "Make Irregular income? Have

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Regular Pay", where we're going to cover how if a large part of

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your income is variable, commission or bonus derive, so a

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lot of entrepreneurs out there, a lot of self employed people

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out there- you can actually turn this into a much more manageable

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monthly systematic paycheck for yourself. Great connecting with

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you as always today, and look forward to connecting with you

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again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal tax or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer or other professional before acting upon

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any content or information found here first, Joseph deleted with

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New Horizons Wealth Management LLC, a branch office of TFS

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securities Inc and TFS advisory services an SEC registered

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investment advisor member FINRA/SIPC.

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