No one likes to think about their demise. However, like Ben Franklin’s ubiquitous saying goes, nothing in this world is certain except death and taxes. This Viewpoint is a practical warning about steps you need to take, or need to have your elderly parents take if you are fortunate to still have them with us.
Without proper planning, successor trustees or executors could spend 6-9 months of their lives dealing with dozens of insurance companies, mutual fund providers, brokerage firms, and transfer agents in charge of dividend reinvestment programs (DRiPs). Each firm has its own terminology, policies and procedures, and paperwork. Many of these forms need to be notarized, have signatures guaranteed, or even have them “medallion guaranteed.”Read More