Daily Money Managers Can Help You Manage and Settle an Estate

Daily money managers (DMMs) when utilized can play a pivotal role on a person's financial management and estate settlement team. Helping to coordinate the financial management and/or settlement of an estate is one example of how DMMs can take a time consuming, confusing and stressful job off of their client's shoulders.

At MMI Financial Group, Inc. our DMMs can come along side of a person who has been named as the executor/personal representative or successor trustee and take the lead in organizing and completing the many required tasks. Our DMMs will coordinate the participation necessary from the client as well as other professionals such as their banker, accountant, attorney, financial planner, investment adviser, insurance agents, etc.

As the lead professional, we can see to the details such as: Preparing an inventory of assets, determining date-of-death values, create and maintain cash flow and personal balance sheet financial statements, organizing bank and investment statements, locating and organizing all important documents, seeking legal assistance and direction from the attorney, arrange for appraisals of property and valuable items, prepare checks to pay debts and creditors, keep accurate records of all money transactions in and out, notify government offices, notify credit reporting agencies and interested parties about the death, help the executor/trustee to terminate contracts and leases, contact insurance agents to modify or terminate policies, contact investment advisors and financial companies to obtain and complete necessary paperwork to distribute or retitle the deceased's assets. complete forms and paperwork on a variety of matters for the executor's signature, arrange for an auction or estate sale, arrange consignment sale of automobiles, boat, RV, collectibles, and more, provide information to the accountant for income and estate tax returns, prepare and provide on-going transparency financial statements to heirs as required, oversee and attend to many other task and details.

Too often people are unaware of the fact that there is affordable professional help available to them, so they just go it alone. They assume that because they have been assigned to settle the estate that they are personally responsible for completing all of the work.  Because they are unfamiliar with the process and what steps need to be taken, the estate settlement ends up dragging on and on taking much longer to complete than it needs to.  Estate settlements can often take years and cost thousands of dollars in legal and accounting fees primarily because the executor has no direction and continues to procrastinate. 

If you know someone who is serving as successor trustee or executor of an estate now or may be serving in that capacity in the future share this article with them.  Let them known about our daily money management and financial concierge services.  A pre-death financial & estate planning review by one of our DMMs could save thousands of dollars in unnecessary legal fees, probate fees, court costs, and taxes and may shave months or years off the time needed to settle the estate. Contact us today for a free consultation at (989) 725-9878 Ext.12 or info@mmifinancialgroup.com  

___________________________________________________  

Todd W. Meyer is one of the principals at MMI Financial Group, Inc. He has 38 years of experience working with clients and personally heads the Daily Money Management & Financial Concierge Services department of the firm. Todd is an active member of the American Association of Daily Money Managers (AADMM)

#estatesettlement #successortrustee #dailymoneymanagementservices #financialconciergeservices #mmifinancialgroupinc  #toddwmeyer