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The Fourth Deadly Sin that Can Undermine High-Net Worth Families

Fourth Deadly Sin: Documents Scattered in Various Locations and Not Accessible by All Advisors

When a high-net worth client passes away, execution of the estate plan should not resemble the assembly of a one million piece jigsaw puzzle, nor should it look like the parking lot in front of Nordstrom bright and early in the morning after Thanksgiving, but too often it does.

Given the present state of technology, or the use of tons of paper should one prefer, one of the advisors needs to be elected to the position of keeper of all the documents (including periodic review of same). This includes but is not limited to: trust documents, beneficiary designations, partnership and LLC documents, buy/sell agreements, etc.

The moral of this story: if you don’t know where you are going, you can never get there.
 

Next Blog: Fifth Deadly Sin: Not Utilizing Technology and Resources