I have recently encountered several estates where the shear number of accounts really caused problems for the heirs as they struggled to locate the accounts, discovered escheated accounts, paid an accountant to figure out the tax consequences and more.
And, through the years I have also seen many clients suffer lifetime negative consequences of having just too many bank accounts and investment accounts ranging from extra fees paid to lost accounts to greater tax complexity than needed.
The New York Times also recently addressed this issue and if you want to read more about the problems of too many bank and investment accounts including:
higher management and account fees
unintended estate consequences
unexpected inheritance tax allocations and more
increased likelihood of estate disputes between heirs
Just click here to read David M. Frees and The New York Times on Why You Can Have Too Many Accounts For Your Own Good.
David M. Frees III
Call 610-933-8069 for an appointment to solve the problem of too many accounts in your estate plan.
Make sure that your will or trust works with all of your accounts.