Our latest Blog published on FamilyAffaires.com
As an estate planning and elder law attorney, I have often urged my clients to consider consolidating their bank accounts, for several reasons.
- First, it makes your life easier.
- Second, if you become unable to manage your financial affairs, the person you have named in your Durable Power of Attorney will have a much tougher job.
- Third, multiple accounts can create a paperwork nightmare if you ever need to apply for Medicaid. As part of the Medicaid application process, you must provide all account statements for each and every account in your name (even those held jointly with another person) for the prior 5 years. Obtaining 60 months' worth of statements for one account can be a chore. Can you imagine how difficult it becomes when there are multiple accounts and you make transfers among those accounts?
- Finally, following your death it is much easier for your Executor to manage an estate where the assets are consolidated into few accounts.