If you've ever lost a loved one, you know that not only is there so much sadness, there's also a lot to do, and it is all very overwhelming. When my dad passed away, the estate lawyer was indispensable. But it was still complicated and time-consuming for us.
A new local business aims to remove this burden by helping to "resolve the bureaucratic ‘red-tape’ newly appointed executors and family members are forced to take on."
I sat down with Ed Knight, Founder of Transference, to learn more about his services, and because I know how important both his "proactive" and "reactive" services can be to a family...and I want you to think about these things sooner rather than later.
What is Transference and why did you start this business?
I started this business to fill a need. Working in financial services, I would greet family members and see first-hand how little they knew -- and how overwhelmed they were -- about the process of transferring accounts into their names after the death of a loved one. Transference's objective is to decrease the administrative strain that overwhelms new executors and recent divorcees. I become a reliable administrative partner, taking on the burden of transferring accounts and ultimately shortening the amount of time it takes to get things done, without stress and with a lower cost than an attorney would charge.
What kind of services do you offer?
We can help with all banking, investment and insurance accounts and can be a resource proactively (cataloguing and reviewing all accounts, preparing account beneficiaries to ease the process post-death, and minimizing the administrative burden) or reactively (working with you to switch accounts into an executor or family member's name when accounts are not set up properly, re-establishing beneficiaries, re-registering accounts by "speaking the language" of the banks and insurance companies, and cutting through the red tape).
Do you have any advice for the average person?
The best advice I can give is to be pro-active. Don't wait until a loved one has passed to start to think about transferring accounts, but ensure that accounts are set up properly to ease the process after death. Don't leave a mess for your loved ones! Ensure both members of a couple know how to pay bills, where accounts (loans, insurance) are held, who the financial advisors and lawyers are, where a will is located (and that it is updated), and who the beneficiaries are. Ask yourself...if your spouse (or parent) passed away tomorrow, would you be able to find this information and get things in order?
Why not just call a lawyer?
I work with estate attorneys, and do not provide legal advice. I manage only the administrative tasks, which lawyers are able to do, but at a much higher rate.
When should you call Transference?
In my experience, 25% of people have set up their accounts properly and have gone through the process of estate planning; 25% of family members will figure out the process on their own; 25% of people want to figure this out on their own, but don't have the time; and 25% don't even know where to begin. I cater to that last 50%. So reach out if you need help setting up accounts, proactively or reactively, and you don't have the time, knowledge or energy to do so.
What happens when someone contacts Transference?
The first step is to schedule a complimentary consultation, which will be followed by an information-gathering session if you decide to move forward. Together, you and I will look at who is on the accounts, how many accounts exist, what type of accounts there are and where they are located. Once that research is completed, I will explain the steps involved in removing either the deceased's and/or former spouse's name from statements (also known as the re-registration process) and take care of that for you.
What do you love most about what you do?
Ed is clearly passionate about Transference. "At the end of the process, people are so happy and so relieved...and grateful that we are less expensive than attorneys."
Do yourself and your family members a favor and contact Ed today...