Spring cleaning is more than just dust!
I’ve been cleaning out my filing cabinet. When’s the last time you did that? Do yourself (and your next-of-kin) a favor and take a look through those old papers you’ve been hanging on to. Nobody needs your federal income tax return from 1983.
The cases that inevitably cost my clients the most money, are the ones where their families have no idea what their assets are and where they are held (and sometimes they don’t know themselves). Why does this cost money? Because us lawyers take time and effort to–create a plan, whether an estate plan or an asset protection plan. The plan depends on knowing each piece of your estate and making sure it is working with the plan. If your family has to sort through the last 40 years of your financial life to figure out what you still have and what you don’t, something is bound to get missed.
For example, if I create a plan and something happens to you and only then do we find an account that no one knew about—now I have to scramble, and it almost always costs your family time and money.
On that note, why don’t you make it easier on yourself and your family and spring clean some of those extra financial accounts you have. Do you really need checking accounts at 3 different banks? I’m sure you opened those extra ones for a reason, but is that reason over? Can we close some of those extra accounts and consolidate into one account? Trust me, it will be easier for you to keep track of and more likely we don’t miss anything.
So during those spring and summer showers, spend an hour getting rid of your old documents that you don’t need anymore. Our office has a shred box for all those old bank statements, our clients are always welcome to bring that huge box of paper to be shredded and we will take care of it!