Estate Planning Mistake Eight: Failing to Organize and Consolidate

Estate Planning Mistake #8
Failing to Organize and Consolidate

Take a few minutes and think about all the things that you own and the paperwork associated with each of those items. You may have a house, which has a deed attached to it. You probably have at least one vehicle and a certificate of ownership. Think about all of your different accounts, including your checking and savings accounts, your stock portfolio, your retirement account and your mutual fund accounts. Do you know where all of the accompanying information and paperwork is? Could you easily gather all of the account information and ownership documentation for each of your major assets?

If you would have trouble finding all of this information, think about how hard it will be for your children to find it if you should pass away in the near future. In my law practice, I regularly encounter the children of recently deceased parents struggling to find all of the paperwork for their parents’ assets. This is already an emotional and difficult time. It only gets worse if your children cannot find your will, your bank account numbers, the deed to the house or a trustee declaration.

In the eighth video in my series, 12 Common Estate Planning Mistakes and How to Avoid Them, I discuss this issue and explain the solution, which is to create a comprehensive estate plan. Please take five minutes to watch this video, and you could save your children days or even weeks of frustration and stress after you are gone.

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