Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, March 31, 2008

Having too many investment accounts may not be wise estate planning

The following is from Mickey Meece, As Accounts Pile Up, Less Becomes More, NYTimes.com, March 18, 2008:

The unwieldy task of looking after many financial accounts, the cost of paying for their upkeep and the risk of losing track of money in the process can lead to diminishing returns. In fact, investors who cannot tally their accounts on two hands might want to consolidate, financial advisers say.***

It can be especially overwhelming for people who have inherited a lot of money or sold all or part of a business, said Hannah Shaw Grove, a private wealth specialist.***

This year, investors are expected to move more than $300 billion out of 401(k)’s into I.R.A.’s, according to Cerulli Associates, a research firm specializing in the financial services industry. As people become more serious about managing all their accounts, said Carolyn M. Clancy, executive vice president for personal investment at Fidelity, they want to know that their beneficiaries will be taken care of and that they will have lower fees, lower or no loads on mutual funds and access to investment guidance — all in one place.***

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2008/03/having-too-many.html

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