This is a conversation that folks are usually uncomfortable talking about but is very much needed. I will share with you some basic items that you or your loved one might consider when getting your affairs in order to create an easier transition with regards to your financial situation.
What I won’t discuss in this article is: What is the Estate Tax? • What are the pitfalls of probate? • How can I control the distribution of my estate? These questions and their answers can be found on my website by clicking on each link.
Wills and/or Trust
If you have a will or trust in place, make sure that it is current and that if you have moved to a different state, that it meets that state’s legal requirements. A quick story to illustrate the importance of this: My clients—husband and wife—for over 40 years had a legal executed will that was put in place while living in California. When they moved to New York they didn’t check the laws for executing a N.Y. will. When one of the spouses died, there was added hardship for not having a valid will recognized by N.Y.
Beneficiary information on IRA and other accounts
Make sure that all accounts have current beneficiary information, including full social security numbers. Incomplete names and/or social security information may require that you produce a valid will or go through probate.
Make sure you have funds available for immediate use upon death of a loved one
Upon death, if you are not a legal signer on the account, the account will be frozen awaiting the correct documentation reflecting the legal beneficiary and/or account executor. However, that takes time, and you could be relying on those funds to continue to pay the home mortgage—so make sure you have prefunded an account with some easily accessible joint money.
Create a list of important information, contacts, and passwords
Upon your death, your loved ones will need to update information that may require a password. If you have a social media site like LinkedIn and/or Facebook, they will want to update the site and will require your password for access. What about your laptop? Where is the safe deposit key - and which bank and address? You get the picture.
A dear friend of mine who was my mentor, teacher, and, for a time, my boss once told me: “The devil’s in the details.” That is the wisdom I want to leave you with.
We invite you to reach us @ info@bersonmoney.com
We offer a complimentary 30-minute phone consultation
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and promise to use common sense when talking to you if at all possible
Investment advisory services are offered through Berson Money Management, a registered investment adviser offering advisory services in the State of California and in other jurisdictions where exempted. The contents of the blog are not to be copied, quoted, excerpted or distributed without express written permission of the firm. Any other use beyond its author's intent, distribution or copying of the contents of this e‐mail is strictly prohibited. Nothing in this document is intended as legal, accounting, or tax advice, and is for informational purposes only.
Investment advisory services are offered through Berson Money Management, a registered investment adviser offering advisory services in the State of California and in other jurisdictions where exempted. The contents of the blog are not to be copied, quoted, excerpted or distributed without express written permission of the firm. Any other use beyond its author's intent, distribution or copying of the contents of this e‐mail is strictly prohibited. Nothing in this document is intended as legal, accounting, or tax advice, and is for informational purposes only.
