My mother has a living trust but has just procrastinated on making sure that everything is in it. For instance, I know for sure that there are small stocks lying around the house that are still in my dad’s name. What are your thoughts on these small odds-and-ends?
– Small Stuff on Stewart Way
Dear Small Stuff on Stewart Way:
Kicking the proverbial can down the road happens. It’s human nature! I have hundreds of clients and many don’t want to deal with small loose ends. I could retire if I collected a dollar every time I hear, “I don’t care….I’ll be dead!”
Here are common problems with ignoring “the small stuff” (e.g.: failing to properly title small accounts or assets):
Cost. It can cost more in attorney fees to gain access to smaller accounts than the account is actually worth;
Aggravation. It is very frustrating for heirs to deal with banks for small assets;
Complete Loss. Like calories, small accounts add up! Commonly, people lose track of them and they go unclaimed.
If you have assets like timeshares, paper stock certificates, small insurance policies, and lots / land, you need to have a review to make sure title is correct! Trust me – Don’t kick the can down the road, even on the small stuff…
In this video I talk about “How Often Should You Review Your Estate Planning Documents?“.