Consolidate Your Financial Accounts

One of the most common issues families face after a loved one dies is tracking down accounts. Over a lifetime, it is easy to accumulate multiple checking accounts, savings accounts, brokerage accounts, and retirement accounts. Often, these accounts were opened for a specific reason that no longer exists.

If an account no longer serves a purpose, consider closing it and consolidating the funds. Fewer accounts mean fewer statements, fewer institutions to contact, and fewer forms to complete. This can make a meaningful difference for your family when they are already dealing with the emotional stress of a loss.

Consolidation also reduces the risk that an account will be forgotten entirely. Unclaimed or overlooked accounts can delay administration and create unnecessary confusion. Streamlining now ensures that everything is easier to locate and manage later.

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Eliminate Hard to Sell or Low Value Assets

Another major source of frustration for families is dealing with assets that are difficult to sell or transfer. These assets often create more work than they are worth.

Common examples include timeshares that are no longer used, small ownership interests in failed or stagnant businesses, or minor investments made years ago that never gained value. While these assets may seem harmless, they can significantly complicate estate administration.

After death, your family may be required to:

• Transfer ownership of the asset

• Determine its value

• Attempt to sell or dispose of it

• Pay fees or ongoing expenses while it is being handled

If an asset has little value and no clear purpose, it may be better to deal with it during your lifetime. Selling it, gifting it, or otherwise resolving it now can prevent your loved ones from inheriting a logistical headache.

Clearly Identify Who Receives Sentimental Personal Property

Not all estate disputes are about money. In many families, the most emotional disagreements arise over personal items with sentimental value. Jewelry, heirlooms, artwork, and household items can become sources of tension if expectations are unclear.

Taking time to clearly identify who should receive sentimental items can prevent conflict. This does not necessarily require complex legal documentation. It often starts with thoughtful consideration and open conversations.

Talking with family members about what matters to them can be incredibly helpful. You may find that multiple people want the same item, or that an item you assumed was valuable to one person actually is not. Clarifying these wishes in advance allows you to make informed decisions and set expectations.

Putting these instructions in writing ensures that your intentions are known and respected, and it reduces the likelihood of misunderstandings or hurt feelings later.

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Frequently Asked Questions

Do I need an estate plan if I consolidate my accounts and simplify assets?
Yes. These steps complement an estate plan but do not replace legal documents like a will or trust.

What if I am unsure whether an asset is worth keeping?
If an asset is difficult to sell, generates little value, or requires ongoing effort, it is often worth reevaluating whether it should remain part of your estate.

How should I document who gets sentimental personal property?
You can write down your wishes and keep them with your estate planning documents. Clear, written instructions are better than leaving decisions to guesswork.

Author

Claire creates wills and trusts which provide security and peace of mind. She compassionately listens to her clients’ dreams, goals, and fears and then fashions plans that best meet their needs. It is important to Claire that her clients understand different options and make decisions that are right for them. She loves to educate clients by drawing out complicated concepts.

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