Losing a Loved One Is Hard...
Don't let the details make it harder!
We knew a banker who worked with many elderly clients. She told the story of a family that came in to visit her on a Friday morning. Their mother had passed away recently and the adult children had arrived to wrap up her estate. The eldest son asked to view the accounts in his mother's name. The banker asked to see a copy of the family trust, but he didn't have one. After a lot of discussion they determined his mother had signed the correct paperwork, but it was in her house somewhere. The siblings left and returned later with the correct documents.
They once again asked to access their mother's accounts, but were dismayed to find out there was only one small savings account. The bank they thought she used did not have her mortgage, her investments, or her main savings. They had no idea where she had her money, or what debt she held and they were worried.
They asked the banker how they were supposed to obtain this information, but weren't too happy with the answer. The banker kindly suggested they watch the mail for the next 6-12 months and eventually each account would send a statement. The banker told them this was a very common problem, and was regretful this was the best advice she could give them.
That was not the answer they were hoping for. They only had one weekend to locate her assets, and they had no idea where to start!
Unfortunatley, many of us find ourselves dealing with the loss of a loved one. It is never pleasant, but if we aren't careful the details can make it worse. If the mother had taken the time to write down her financial information, then her children would have know where to start. They could have found her assets and began the process of closing down her estate. The lack of current information left these well meaning children with big problems.
Prepared Binder is a great place to organize the details these siblings so desperately needed. With detailed worksheets, it guides you through he process of collecting your information into one, ready to use, location.
Check out our Products page for more information.