Our chances of death are 100%, so that means at some point in your life you will probably experience the death of a loved one, and you’ll need to prepare for your own passing. Choosing the right executor can make a traumatic time more bearable. The role of executor is not an easy one, which is why it is important to choose wisely.
In this episode of Retirement Starts Today, you’ll hear an interview with executor expert, David Edey. David has recently written a book titled How to Pick an Executor and Avoid Family Fights. After listening to this interview you’ll be able to choose and become an exemplary executor.
David learned how to be a rock star executor from his own challenging family experience. It took him 7 years, 10 court appearances, and $50,000 in lawyers’ fees to settle his parents' estate and they both had a will!
Everyone seems to know someone with an executor horror story which is why he decided to write his book. David wants to teach others how they can choose or be a fantastic executor.
If you ask someone to become your executor, you must ensure that they have all the tools they need to perform their duty. Make sure to have an up-to-date will in place. Talk with your beneficiaries so that they know what to expect when the time comes. Your digital assets and files should be organized and easily accessible. No one wants to be looking around for missing paperwork when they are dealing with the loss of a loved one. Make it as easy as possible for the executor to get the job done.
Families can fall apart when it’s time to settle an estate which is why it is important to carefully choose an executor. You could choose a family member, a friend, or a third party. If you choose to hire a third party there will be many fees involved. If you choose one of your children over another it is important to communicate with both the chosen executor and the other children to ensure that you help to keep the family harmony after you pass.
There is no one right way to choose an executor, but you should consider the health and age of the chosen executor. It is important to choose someone who can keep the dynamic that you want to set for the estate and that can get the job done.
If you have been chosen to be an executor you need to ask plenty of questions. It is important to understand where important documents, passwords, and information are. Insist that the will is up to date and that everything is labeled in an easy-to-find location. David’s book has a wealth of resources that can walk you through the process of being an executor. He explains the protocols for shutting down social media, bank accounts, and other online accounts. You can also check out David’s Executor Help podcast.
Family dynamics can fall apart when a loved one passes. Doing the proper preparations for your passing may be challenging now, but it will pay off in the long run. Doing so will ensure that you leave a legacy and not a mess.
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