The most important money conversation you’re not having.
by Source: Yahoo Finance 1/29/15. Video
When Rosemary Flanagan died two years ago at the age of 84, her family was stunned. She led an active lifestyle and showed no signs of slowing down before passing away in her sleep.
Although she was a mother to seven sons, none of them knew what to do with her estate. “I was planning on having this conversation with my mother about her estate planning, making sure that the lawyer was on board and that all of her accounts were up to date, but she died suddenly,” said one of her sons, Thomas Flanagan, 50, who lives in Chicago, Illinois where his mother also lived.
After discovering that their mother’s lawyer was no longer practicing and her will had not been updated in six years, the Flanagan family had no idea where to begin. While mourning their mother, Thomas and his siblings scrambled to find any documents that could shed light on her financial situation. It took a week to find her wallet, months to track down all of her IRAs, and more than a year to close all her bank accounts.
While death and estate planning can be a sensitive topic for families to broach, not having a plan in place can become an even bigger regret.
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