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Reply to "If your parent recently died (estate planning)"
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[quote=Anonymous]My parents both passed away in the last 3 years. They had a family trust and a will but there were still some issues. We learned the following lessons: 1. Have you parents consolidate their 401ks into an IRA. No need to have various separate accounts when one IRA will suffice. When you parents pass, it can be challenging to access the accounts, plus there is a chance there is an increased chance that beneficiary is not accurate reflected. 2. If you are the trustee or executor, have copies of their account information. When my dad moved to assisted living, many of his files were lost. [/quote]
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