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Shelburne Free Press https://shelburnefreepress.ca/?p=5613 Export date: Tue Jul 23 9:24:23 2024 / +0000 GMT |
Planning for the inevitable: 10 important banking tips While no one wants to think about the inevitability of dying, planning ahead could save family members a lot of grief and money when the time comes and most importantly give you peace of mind. Rick Pollock, Bank Manager of the Pace Credit Union in Shelburne had been in the banking business since 1978 and knows all about the problems that arise when people do not plan ahead. In his opinion there are many issues to address but has created a quick check list to help people get started in the right direction. 10 things everyone should know: 1. Make sure you have a will and is it's an updated will. 2. In addition to your will, make sure all of the executors know where the will is located and they are aware of their responsibilities as executor. 3. Speak to your financial institution about your accounts, investments, credit facilities, and signing authority. 4. Consider consolidating all your banking to one financial institution. 5. Should you have any life insurance, check with your insurance company to make sure the beneficiaries are up to date and the addresses are current. 6. Should you have a safety deposit box at your financial institution, consider making access joint with the right of survivor so that access can be obtained. 7. With your will, keep an up to date list of all accounts including account numbers and what financial institutions they are located at. This list should also include any credit card numbers. 8. Have an up to date list of all direct deposits and pre-authorized payments. This list should also contain information such as who to contact, and bill payment account numbers. 9. Make sure all your tax filings are up to date and your executors know where your tax filing documents are located. 10. The biggest mistake is to avoid addressing these issues. Pollock points out that while death is an uncomfortable topic to some, avoiding the conversation is worse, noting, “A lot of people only start to think about these things when people lose a spouse, and typically one spouse performed the banking duties.” Being unfamiliar with your personal banking situation, paying bills, etc, can be a very difficult thing to cope with in the face of mourning the loss of a loved one. “Don't avoid doing this, avoidance is the worst! Speak to your financial institution, make a will, let people know where the will is, always have two executors, and if you have Real Estate, I recommend you get a lawyer,” advised Pollock adding Shelburne Lawyers are excellent to deal with. Pace Credit Union also offer a service where they can recommend Executor Ease, of Concentra Trust where the company can walk you through all Estate Administration needs and take care of the whole affair if you desire. Go to executorease@concentrafinancial.ca or call Concentra Trust at 1-800-788-6311 ext. 1888 for more information. Pollock remarks, “The best things about my position as bank manager are the members and the staff. Some staff members have 30 years experience and they will help with a compassionate understanding of their member's needs. ” Pollock recommends people come in for a chat any time. For those of us who have lived through the death process of a loved one without any of these things in place, we know how difficult life becomes when dealing with frozen bank accounts, bills that need to be paid, or the inability to find a will. Compounding legal difficulties in the face of mourning can create an overwhelming situation. Avoid the overwhelming and call your financial institution for more information and your own personal peace of mind. Contact Pace Credit Union at 133 Owen Sound St or call 519-925-3204 ext. 222 for more information. By Alex Sher |
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Post date: 2014-01-15 16:10:32 Post date GMT: 2014-01-15 21:10:32 Post modified date: 2014-01-22 13:45:58 Post modified date GMT: 2014-01-22 18:45:58 |
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