7 things to know about appointing an executor
7 things to know about appointing an executor"
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
“Surveys show that somewhere between 60 and 70 percent of Americans don’t even have a will,” says Patti Black, a CFP at Bridgeworth LLC in Birmingham, Alabama. “The surviving family members
may end up spending more money to clean up the lack of planning than if the deceased person hired an attorney to prepare a will, power of attorney and advanced health care directive.” Who
will get what from your estate? Every state follows different rules for dividing property when there’s no will. Most often, your spouse will be the first priority, followed by children,
grandchildren, parents and siblings. 2. INCLUDE CLEAR INSTRUCTIONS. Executors do not necessarily know about brokerage accounts, life insurance policies, online passwords, etc., Frisch says.
Being organized and leaving detailed instructions will make it easier for your executor. 3. MAKE SURE YOUR EXECUTOR IS UP TO THE JOB. Look for someone who’s honest, trustworthy, organized,
responsible, and able to handle the potential stress and time commitment, Wojtkowski says. “They don’t need specific legal or financial expertise, but it’s helpful. More important is
communicating effectively, making tough decisions, and keeping precise records.” Frisch says, “In some instances, it may be better to have coexecutors, or professional help.” 4. GET THE
PROSPECTIVE EXECUTOR’S CONSENT and make the responsibilities clear. “Since settling an estate can be a long and involved process, probably the most important thing is to choose someone
willing to perform all the various duties involved,” says Peter Palion, a CFP at Master Plan Advisory in East Norwich, New York. Valecka says she may write a book about being executor to
help her clients understand how much time and effort may be involved. For example, she needed to obtain an original marriage certificate to present to Social Security so the widow could
switch to her late husband’s higher benefit. “Small things like original paperwork having to be ordered takes time.” 5. CONSIDER THE SIZE OF YOUR ESTATE. If you have $500,000 in total
assets, naming a family member may be fine, perhaps with the help of an attorney, Bunio says. “But if we are talking $1 million or more, I would not name a family member as executor, but a
lawyer/law firm. Or, name a family member with the stipulation that a lawyer must be hired.” 6. SUGGEST HOW TO GET HELP if hiring a lawyer is too costly. “Your executor could ask the court
to find one for you or seek assistance from the state,” Bunio says. “I have heard of charities that help with this, as well as pro-bono firms.” 7. FINALLY, NAME AN ALTERNATE, if you can.
“It’s usually best to name a second individual as an alternate in case the first one cannot act due to disability or death,” Palion says.
Trending News
One Detroit | Talking Politics at Work | Season 3 | Episode 32 | PBSTalking Politics at WorkClip: Season 3 Episode 32 | 6m 58sVideo has Closed Captions | CCTalking politics in the workplac...
Insights on pbs hawaiʻi | the next journey | season 2017 | episode 27Season 2017 Episode 27 | 56m 46sVideo has Closed Captions | CC On this INSIGHTS, we discuss the next journey of the Hōkū...
A spatial database of health facilities managed by the public health sector in sub Saharan AfricaDownload PDF Data Descriptor Open access Published: 25 July 2019 A spatial database of health facilities managed by the ...
GENDER GAP - Los Angeles TimesDid you know that 22% of working women earn more than their husbands? Or that about half the population with a net worth...
Fracture fragment of the condyle determines the ramus height of the mandible in children with intracapsular condylar fractures treated conservativelyDownload PDF Article Open access Published: 19 November 2022 Fracture fragment of the condyle determines the ramus heigh...
Latests News
7 things to know about appointing an executor“Surveys show that somewhere between 60 and 70 percent of Americans don’t even have a will,” says Patti Black, a CFP at ...
A spatial database of health facilities managed by the public health sector in sub Saharan AfricaDownload PDF Data Descriptor Open access Published: 25 July 2019 A spatial database of health facilities managed by the ...
GENDER GAP - Los Angeles TimesDid you know that 22% of working women earn more than their husbands? Or that about half the population with a net worth...
Fracture fragment of the condyle determines the ramus height of the mandible in children with intracapsular condylar fractures treated conservativelyDownload PDF Article Open access Published: 19 November 2022 Fracture fragment of the condyle determines the ramus heigh...
Washington state governor says Boeing 787 decision requires review of ‘company’s favorable tax treatment’SEATTLE (Reuters) – Washington state Governor Jay Inslee said on Thursday that Boeing Co’s decision to shift all 787 pro...