This past week I encountered a situation that was both a financial issue and a very painful family issue. A young man, age 34, was in a traffic accident and seriously hurt. His family was told that his condition would not improve and were asked if he had any type of Will or Health Care Directive. Through tears and much sadness, his mother replied that her son did not have much in the way of assets and he could not afford to have that sort of document written up. The hospital then informed them that they had to use all life saving procedures available.

I don’t want this to be a debate about health care cost, about his right to die but more about the few steps that we can all take to help avoid the decisions and issues this family had to face.

I was able to accompany the family to their sons home and as gently as I could, try to help them go through his personal papers to see if there was any document that he had create that would give direction and convey his wishes should this event occur. In two hours, we were able to find out that he did have assets. He had a life insurance policy worth twice his salary, a 401K plan that had over $23,000 in the plan, two life insurance polices from organizations where he had memberships and 35 shares of stock—a gift form his grandparents. This young man had approximately assets of $87,000. His mother could not get over how much he had saved and that he had listened to her about saving money and buying life insurance.

The part that she did not tell him is that you need a few other documents to protect and direct those assets. He needed a Will that would help the court distribute his assets and he needed a Health Care Directive, that would let his caregivers know of his intentions should be in a condition that he could not communicate about his wishes that related to his care and treatment.

As I continued to look in files, I found one red file folder marked “NET WILL” and knew he had done the right thing. Yes, he had downloaded a very basic Will and Testament and had completed the forms.

The family attorney is now reviewing the paper work and the fate of the young man is still in the balance. When ask about the cost of a simple Will, the family attorney advised the family that he would have prepared a simple Will for less than $200. He mentioned that many companies have Pre-paid legal plans that offer simple and basic documents for less than $100. There are forms at office supply stores and yes even on the net.

No legal advice here friends. Just the simple request that you SPEND, yes spend the time and a maybe the price of weekend away to have a Will drawn up and let your family know that you have this document. While you may have debts, you have assets. Please make this your money resolution for November 2009. WILL you?

Many travelers know that sinking feeling while standing at the luggage carousel. You keep watching for your suitcase- you will know it will appear in a second. It may look like 57 others coming around but travelers’ know their luggage. As time goes on, it is clear that your bag has not arrived at your destination.

Your next stop is the consumer service department of the hotel or airline. With today’s automated luggage tracking system, over 90% of bags are found and arrive at the place of your choosing within 12 hours. Another 8% are found and delivered to you within 72 hours. In those cases, you know that you will get back your suitcase filled with what you packed. Lost luggage is not limited to the airlines- bus travel, cruise ships and even hotels; your bag may take a trip of its own!

Then there are those times that you know your bag will not be coming home and that you will need to file a claim and wait, and wait. The airlines have lost luggage polices and your will need to follow their rules and timing. (You may even have additional lost luggage coverage from the credit card company- if you charged your travel on a credit card.) The immediate challenge is replacing clothing and the toiletries with your cash.

Sadly, a family friend recently had to find out the hard way the cost of luggage that will probably never find its way back. It has now been 25 long days with numerous calls, visits to airports and e mails to very helpful people. She will get some money back from the airlines, the credit card company and may even get some coverage from her home owners insurance. One struggle is that many times without receipts for the items- coverage is greatly reduced. And that is the challenge that Emily faced with her claim because very few of us have that level of detail of receipts for clothing purchase over time. I shopped with her and tracked the most basic of costs.

Here is a summary of her expenses:
Suitcase- medium grade, same size $280.
5 cosmetic bags, $40.00 (She could use zip lock bags but many of the bags were gifts over the years)
Travel size replacements for the most basic toiletries at a discount store, $38.00
Curling iron, $47.
1 pr. shoes, $65.00 and flip flops, $9
Underwear and PJ- $74.00
3 pair dress slacks, $198
4 shirts- (summer sale) $76.
Hoodie, $48.
Work out gear, $38.
Cosmetics $74,
2 paper back books $15.

A grand total of out of pocket of $ 1015.00!

Stay tuned for progress with her claim.

Over the past weeks, I have found myself doing a lot of shopping. Some of the shopping was for a church event for 100 people, some was for a nonprofit that I do volunteer work for, and some for my family.

I was in and out many stores, looking for certain items and a great price. And on my third trip to the local dollar store, the clerk joked, “You must be one of those compulsive shoppers.” Oh dear, I am sure she was being funny and trying to be friendly but her comment gave me pause.

Yes, I did enjoy the finding of some items and I did enjoy the bringing back to bounty to share with the other team members, but did the make me a compulsive shopper?
But I had the nagging worry as I quite often volunteer to be that “shopper” person for group’s events. Given my ability to decorate tables or create a theme look in a large room or my ability to ask merchants for Door Prizes, maybe shopping is my forte. Yet that little comment drew me to do some research about compulsive shopping.

There is a recognized diagnosis of Compulsive Shopping. One book listed 20 questions you can review to see if you are a Compulsive Shopper. I read them with interest, checked my behavior over the past weeks, and honestly, I did answer two with a ‘yes.’ Debtor’s Anonymous offers a series of 15 questions on the Web site. Thankfully, I fell short of the eight needed ‘yes’ answers to be identified as a potential compulsive debtor.

After reading up the topic, I gained some new understanding of people using retail therapy to help deal with issues in their life. Next time there is a meeting, I think I will volunteer to make a salad or learn how to make tissue paper flowers.