Your father has just
informed you he has named
you as personal
representative of his estate. Although you
are happy to assist your father, you are
well aware of his secretive nature when it
comes to money. How can you be
confident you can find necessary
information about your father's assets
when he passes away?
According to Christopher Yugo, Vice
President of Centier Bank's Trust
Department, you can't be absolutely sure
you've found every asset unless your
father decides to be a bit more
forthcoming. As a starting point, Yugo
recommends you express your concerns to
your father and explain your need to know
some information about his assets. If he
doesn't want to share specifics, at a
minimum, he may tell you where
information can be located after his death
such as in a safe, bank deposit box, etc.
If he is still reluctant to share information,
you can try to explain to him how keeping
information secret may end up costing
money in the long run. Searching for
documentation not only is timeconsuming,
but it may require enlisting the
assistance of an attorney or other
professional who will charge for his
assistance.
If neither of these tactics works, once your
father passes away, you might have some
success in determining his assets by
reviewing old tax returns, a "convenient
map to a person's finances." You might
also try contacting the attorney who
drafted your father's estate plan. Many
attorneys request that their client complete
an asset list which the attorney uses to
assist him in formulating a proper estate
plan. Even though the information may be
out of date, it could be valuable in getting
you started on your search.
For those of you who prefer not to discuss
your finances in detail with your family or
personal representative, have your estate
information organized and let your
personal representative know where to
find it upon your passing.
Source: www.NWITimes.com, 4-24-06
