Steve Austin

Advisers vary in opinion, but most recommend updating your will every one to five years. However, nearly all are in agreement that your will should be studied when certain life circumstances change. For example, a family situation (death, birth, divorce, severe illness, etc.) or a sudden change in wealth are the types of events that merit attention. Estate and tax law modification, along with a move to another state, are also reasons to prompt a review. Be sure to meet with your attorney if your views or opinions differ from the time you last addressed your will (i.e., you have a new favorite charity or an important person in your will falls out of favor). Another point to remember: Let your closest family members and key advisers know where your will is located.

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Q&A: When to update your will

After years of handling my bank accounts perfectly, I made an error that created an overdraft, and I was charged a high fee. Is it worth contacting my bank to see if it will waive the fee?

Absolutely. Most bankers value relationships, and one inadvertent error should not affect that relationship. Ask for some relief of the charges after explaining the isolated situation, and there's a good chance that your banker will accommodate you. Another point to consider is whether your insufficient checks were paid or returned, and whether you were personally notified. The answers will tell you a lot about your banking relationship. 

Q&A: Relief from overdraft fees

Our practice is considering a lockbox arrangement. What are the basics?

With a lockbox arrangement, you make deposits in a post office box maintained and controlled by the bank. It's a sound method to get your deposits into the bank faster, and it provides a measure of third-party security when handling checks. There are a few ancillary issues to consider (what to do with copies of information and checks, cost, payer notification, etc.), but many medical groups take advantage of this service. Your local Medical Group Management Association chapter should be able to give you advice on this matter. Also, most banks will provide a tour of their lockbox area, so you can visualize the operation.

Q&A: Using a lockbox for bank deposits

My professional corporation borrows from a bank, yet the bank requires that I provide a personal financial statement annually. Why is that?

First, you are likely a guarantor on your corporate debt. Second, seasoned bankers treat your professional and personal situations as one combined entity and want the complete picture. Finally, banks have strict guidelines about the receipt, quality, and frequency of financial information to determine that their loans are in good shape. Think of the preparation of such a statement as a good thing, similar to an annual physical-or in your case, a financial check-up.

Author | Steve Austin

Articles

Q&A: When to update your will

Q&A: Relief from overdraft fees

Q&A: Using a lockbox for bank deposits

Q&A: When your bank asks for personal financial information