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You may have lost money in your investment portfolio,
due to mismanagement and not even know it.

Why investors should plan for life transitions

We hope our readers had a great Fourth of July holiday weekend. There’s nothing like spending time with family and friends in the summer time. With each day not promised, it is okay to cherish the time that you have with loved ones. These times can also inspire some to plan for when they are no longer around, or if tragedy takes them before their time.

As part of one’s estate planning process, there should be procedures in place for the easy and smooth transition of brokerage assets upon death. The Financial Industry Regulatory Authority (FINRA) recently issued a new investor alert to help those with investment accounts to make sure that their loved ones know what to expect and how to they may access such accounts. 

Essentially, the report, entitled “Plan for Transition: What You Should Know About the Transfer of Brokerage Account Assets on Death” provides several tips that will provide peace of mind for account holders and provide fewer problems for heirs and beneficiaries.  They include, but are not limited to:

Keeping information accessible – Account statements and trade confirmations should be easily found; but only by trusted individuals. This will enable these people to inform a brokerage firm of the account holder’s death.

Consult your brokerage firm – Most firms have services where they work with account holders and beneficiaries to discuss last wishes and transfer procedures.

Choose beneficiaries carefully – Indeed, the choice of a beneficiary is a personal one, but it is important to remember that changes should be made when a person divorces. Otherwise, someone who you have no relationship with may profit from your demise. 

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