WHAT IF I LOST MY WALLET OR PURSE

WEALTH PRESERVATION AND PREVENTIVE LAW ALERT #10©
By John Goodson  Attorney at Law

WHAT IF I LOST MY WALLET OR PURSE….THEN WHAT?

A lost purse or wallet creates legal exposures, tedious clean up tasks, and a pain in the you-know-what if you haven’t used Preventive Law to prepare for it in advance.

These Preventive Law Alerts are patterned after an annual publication to all mountain climbers called “Accidents in North American Mountaineering” which writes up all mountaineering accidents describing the accident, what caused it, how it may have been prevented so that further mountain climbing catastrophes may be avoided. Preventive Law Alerts are the equivalent of “Legal Accidents in North American Law” – a description of the legal catastrophe and how it may be avoided using Preventive Law techniques.

The Legal Catastrophe

Some weeks ago I lost my wallet. I figured that the money in the wallet was gone. However, that was nothing compared to losing:

  • Multiple credit cards which the finder may use
  • Medicare and medical insurance cards that I was unable to use and must replace
  • Driver’s license that I needed every day
  • Membership cards to various clubs and organizations
  • AAA Auto Assist card which I could not use
  • Entrance card for the office building

I was forced to try to find the information on my credit cards to alert the banks and the credit reporting agencies. It took me hours of searching to find that information. This delay gave the finder of the wallet more than enough time to begin using my cards. I fell into a deep depression as I thought through the telephone calls, e-mails, letters, and visits that it would require in order to replace the cards, as well as the hours it would take to find the info and begin making the inquiries.

This all turned out to be only a terrible nightmare because I found my wallet hidden in my closet just two days later. I absolutely do not want my family, friends and colleagues to go through this experience when they lose a wallet or purse.

The Preventive Law Solution

After this legal accident I implemented a Preventive Law solution so that the legal, financial, and laborious corrective action will be unnecessary for me–as well as you, if this unfortunate incident happens to you. Here is what I did and I recommend that you do:

1. I photocopied everything in my wallet on a color copier and made extra copies safeguarded at my home and for taking with me on trips. The copies for the most part have information for contacting the source of the cards. Also, the copies of the cards replicate the originals and may be used until the originals are replaced.

2. On the sheet of paper with the copies, I have contact information for my banker, brokerage firms, and the three credit reporting bureaus so that I may contact them immediately if I think my wallet or purse is lost so as to prohibit the use of the credit cards by whoever ends up with my wallet.

 

We Help Prevent Legal Accidents In North America!!

IMMEDIATE ACTION STEP   #1

Immediately make (3) color copies of the documents in your wallet and enter the emergency contact information on the copies and use them as instructed above.

Legal Fees: Only if you don’t follow this Preventive Law advice.

IMMEDIATE ACTION STEP   #2

Email jgoodson@gmdlaw.com or call John Goodson (602 252-5110) with the names and email addresses of (1) family members, (2) friends, (3) colleagues, (4) business associates and personnel, (5) organizations/clubs, (6) customers or clients, (7) parents in your schools, or (8) anyone else who you think cares about this topic that you want to receive our Preventive Law Alerts. We will send the previous alerts and include your referrals on our email list to receive future alerts as they are published. You may also contact Colleen Manley at colleen@manleylaw.net or Christine Forakis at christinef@forakislaw.com.

 We Help Prevent Legal Accidents In North America!!

This Preventive Law Alert was written by: John F. Goodson, Colleen Manley, and Christine Goodson Forakis. For additional information please call: 602 252-5110. For additional Preventive Law Alerts go to www.goodsonmanleyforakis.com

For additional Preventive Law Alerts go to www.goodsonmanleyforakis.com

 

DISCLAIMERThe content of this report is general in nature and is meant to be used for informational purposes only. Due to possible changes in the law and interpretations of the law, in addition to the uniqueness of each individual’s situation, this report should not be relied upon as an expression of legal advice. Before any action is taken by the reader, it is imperative that legal counsel or professional advisors be consulted.