Mike Wells: The most important points you should know about the law
September 10th, 2018 by admin
It has been my privilege to write a monthly column on the law for the Winston-Salem Journal for 15 years. I am grateful for your kind comments about the helping hand we try to extend to you to make this powerful tool, knowledge of the law in a free society, work for all of us.
After writing 180 columns, responding to 40-plus Ask Sam questions, and conducting hundreds of legal talks over the years for many of you, here is the first of three columns that try to capture the most important points you should know about the law.
Get a quick and inexpensive legal heads-up. The North Carolina Bar Association Lawyer Referral Service (800-662-7660), irrespective of one’s level of assets/income, allows one to receive a 30-minute conference with an experienced lawyer for no more than $50. A solid general read on what your practical and legal remedies are will go a long way toward sorting things out, and determining whether you have a legal claim that justifies spending your resources on a lawyer.
So many issues we encounter in everyday life touch on the law. Even a broad frame of knowledge about the law will help you make better everyday decisions and avoid more expensive entanglements.
The best legal problems are the ones you never have.
Many of these concern everyday activities with our neighbors and people in our life’s orbit. Everyone should sure stick up for themselves, but it is so important to keep calm and measured in your responses.
Quietly check with a lawyer (NCBA LRS, noted above, or your lawyer) if you wish to know about the law on the question at hand. (Loud and regular loud music being played in the neighborhood is an example.) But let the other person, once informed about the rules (laws/ordinances/your neighborhood’s restrictive covenants) and why your suggested solution may make sense, have the chance to reach the same (and right) decision.
The value of replacement-cost insurance coverage. Review your personal insurance policies to be sure you have replacement coverage where possible, as opposed to the standard loss payment for actual cash value (acv). You will be glad you chose the modestly priced increased coverage.
If you do not have replacement-cost coverage and you have significant damage at your home (replacing a roof because of storm damage; the loss of electrical equipment due to theft), your carrier is going to pay only you for the actual value of the damaged or stolen item.Motor vehicle underinsurance coverage is worth it. Get as much of it as you can. This insurance covers your loss caused by a negligent party’s acts if they have inadequate liability insurance. Statistics show that the risk a negligent party has inadequate insurance for your family’s legitimate injury claims is likely much greater than you being involved in a wreck that is your fault. Don’t have a $50,000 family claim with a negligent party carrying only the minimum $30,000 liability coverage. You and your family have little or no chance of collecting the difference from the negligent party, most citizens are very surprised to learn.
Explore your long-term care insurance options. Learn from the hard financial choices your parents may now face without a long-term care insurance revenue stream. It will help you be able to afford more expensive options as you age. Premium levels from year-to-year have moderated a lot in recent years, and if you are in your mid-50s, you should examine your options now to avoid a financial challenge when you are older.
Next time: More important legal tips.
Remember: An informed choice is a smart choice.
Posted in: WS Journal Articles