Today's financial tip is kind of a reiteration of what I've stated in another Good Financial Tip. It's always double checking the paper work and making sure that you've read all the fine print.
I just had a meeting with a client whose mother had passed away. He was the sole beneficiary of her estate. His dad had already passed away. For the most part she had everything set up. She had a trust in place. The estate was in order. Everything seemed like on the up and up.
But there was a slight snag.
Here's what happened…. Whenever his mother passed, on the death certificate they had mistakenly placed her husband's social security number on the death certificate. When it came to the point in time when they were ready to distribute the money, the assets, the investments…..Hold up! Wait a minute, wrong social security number. That was four months ago that it was discovered, and they are still in the process of getting that all worked out.
All said and done I am guesstimating probably six months, maybe longer before the son can actually even touch any of the money because, more or less, it's frozen right now.
More from GFC, Below
Once again make sure that you pay attention to detail. Make sure that you check these kinds of things because had they caught it, it could've been fixed in the beginning and prevented the wait that we've had. Always check the little details, check the date of birth, check the social security numbers, check all those little things to make sure everything will process accordingly. If not, you're going to be waiting much longer than you should to get access to your funds. This is Jeff Rose, goodfinancialcents.com. If you want more great, helpful information, head over to the blog and we'll check you out over there. See you next time.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.