Today, I went over Dad’s savings and IRA accounts that are still tied up in the afterlife limbo. We could definitely use that money right now, considering mom’s precarious health at the moment. Unfortunately, most of these accounts did not have beneficiary information filled out, and Dad never got around to doing a will before his dementia set in.
All of that creates a world of trouble for those that have to come in and clean up the loose ends.
Mountains of paperwork. Legal hoops to jump through, and paying big bucks for the lawyer to set up those hoops for you. And then if you are lucky enough to obtain the funds rightfully due to you, then you must consider the tax consequences of your financial decisions.
I just received an email reminder, an annual note to update my beneficiaries of my 401(k) if necessary. Hopefully, future generations will take these electronic reminders seriously. Not having to deal with bureaucratic red tape is almost as valuable as the money itself.