Sparkman, Shepard & Morris, P.C.

Frequently Asked Personal Finance Questions

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Please choose from the following: Research Wills, Trusts and POA's Learn About Identify Theft Research Deeds and Mortgages Learn About Do Not Call Registry

Wills, Trusts and Powers of Attorney

What is a Power of Attorney?

You can use a power of attorney to authorize another person as your “agent” to act on your behalf when you are away or incapacitated. You can choose a family member or a friend as your agent, and he or she does not have to be an attorney. A General Power of Attorney gives your agent broad powers to manage your affairs, whereas a Special Power of Attorney only gives your agent limited powers, like the authority to sell a piece of property. A Durable Power of Attorney will continue in effect if you become incompetent or incapable (for example, if you slip into a coma).

Is A Will Complicated and Expensive?

Your last will and testament expresses your wishes as to who will get your property and who will care for your minor children after your death. A will does not have to be expensive or complicated unless your have complex instructions or major property or tax issues. Later, you can make minor changes to your will using a short document called a “codicil”. Everyone should care of his or her loved ones by signing a will – otherwise, a state court will decide who gets your property and may require your estate to pay administrator fees and expenses.

What is a Trust?

You can set up a trust to hold all or part of your property while you are alive (a living trust) or upon your death (a testamentary trust). You may want to do this to save on taxes, to ensure an income your loved ones who may not be able to manage the inheritance you leave for them, or to promote a worthy goal after your death. For instance, you might set up a trust to pay for your grandchildren’s college education. When you establish the trust, you name a “trustee” who will manage the trust property. You can choose a family member or a friend as your trustee, and he or she does not have to be an attorney. Like a will, a trust does not have to be expensive or complicated unless your have complex instructions or major property or tax issues.

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Identity Theft

What Are The Indications of Identity Theft?

Signs of identity theft may include unexplained charges on your credit cards and withdrawals from your bank account. You should also be concerned if you fail to receive monthly bills or other mail – an identity thief may have changed the statement address on one of your existing bank or credit accounts so that you will not receive the statement and see the improper charges or withdrawals. Other warning signs are receiving credit cards you did not request, or getting telephone calls and demand letters from debt collectors or merchants about products or services you did not purchase.

What Should I Do If I am a Victim of Identity Theft?

1.    Call the toll-free fraud number of any of the three major credit bureaus to place a fraud alert on your credit report. This can help prevent an identity thief from opening additional accounts in your name. As soon as the credit bureau confirms your fraud alert, the other two credit bureaus will automatically be notified to place fraud alerts on your credit report, and all three will send you a report free of charge.

• Equifax — call: 1-800-525-6285, or write: P.O. Box 740241, Atlanta, GA 30374-0241 • Experian — call: 1-888-EXPERIAN (397-3742), or write: P.O. Box 9532, Allen, TX 75013 • TransUnion — call: 1-800-680-7289, or write: Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790

Continue to check your credit periodically for the first year after you discover the theft, to make sure no new fraudulent activity has occurred. Orders for additional credit reports or renewals of your fraud alerts must be made separately at each of the three major credit bureaus and may cost you up to $9 per report, depending on the laws of the state where you live.

2.    Close any accounts used or opened fraudulently. Ask each company with a tampered account if they accept the ID Theft Affidavit (www.ftc.gov/bcp/conline/pubs/credit/affidavit.pdf). If they do not, ask the representative to send you the company’s fraud dispute forms.

If your ATM card has been lost, stolen or otherwise compromised, contact your bank immediately to cancel the card and get a new card with a new PIN.

If your checks are stolen or misused, close your account and ask your bank to notify its check verification service. You can also contact these national check verification companies to ask that the retailers who use their databases not accept your checks:

Call toll-free: TeleCheck — 1-800-710-9898 Certegy, Inc. — 1-800-437-5120 I. C. S. — 1-800-631-9656

3. File a report with your local police and a complaint with the FTC.

Identity theft is a crime, and as a victim you can file a report with your local police. To file a complaint with the FTC, go to www.consumer.gov/idtheft or call the FTC’s Identity Theft Hotline: toll-free 1-877-IDTHEFT (438-4338). This will add your information to the national database for federal and state law enforcement.

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Deeds and Mortgages

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Telemarketing Calls and the National Do Not Call Registry

What is the Do Not Call Registry?

The FTC’s National Do Not Call Registry allows you to block the telemarketing calls at home. Alabama and Georgia are among fifteen states that have state “do not call” lists and have shared their data with the national registry. If you registered your phone number on one of these state lists before June 26, 2003, you do not have to re-register with the national registry. You can register your telephone number or check if it is already registered by visiting www.donotcall.gov. DO NOT pay companies offering to put your name on the No Call list – it is a FREE service from the federal government.

How Does the Do Not Call Registry Work?

You may register up to three personal telephone numbers at one time on the National Do Not Call Registry web site. You will receive a confirmation email for each number you register online. Open each email and click on the link to complete the registration process. You can register one personal telephone number each time you call the Registry toll-free at 1-888-382-1222, and you must call from the telephone number you wish to register. Federal law requires telemarketers to delete from their call lists phone numbers that are in the registry every three months. Your phone number will remain on the FTC registry for five years from the date you register unless you take it off the registry or your telephone number is disconnected. The registry blocks calls from people selling you services or products, but it does not stop political and survey telephone calls.

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© 2004 Sparkman, Shepard & Morris, P.C., Attorneys at Law.  This site last modified July 27, 2004.