From an expert: A checklist to help wives plan for the future
Mrs Charles Ulrick Bay, well-known New York broker, offers this advice:
- Teach your wife to handle the budget, write checks, plan the family spending.
- Prepare her for some gainful occupation.
- Be sure she understands the stock market and handling investments.
- See that she gets to know your banker, broker, insurance man, lawyer.
- And then — give her the tools to work with:
- Prepare a will.
- Make your insurance cover the home mortgage.
- Keep some emergency money in a separate bank account for her.
- Write her a letter instructing her what to do, what not to do.
- Be sure that you know:
- All about your husband’s income.
- All about his investments.
- All about his debts.
- All about the way he handles family expenditures.
- All about his business enterprises.
- Where his will is filed.
- How much insurance he carries.
- Who will be administrator of his estate if anything happens.
- What the tax bite will be on his estate.
From a speech by Mrs Bay before the New England Council, at Manchester, Vermont