Today, I’m writing about and article I found after being inspired by an article on CNNMoney.com titled What an executor must know before a parent dies. Basically, I found the article on CNN Money to be lacking, and so I did some digging around and found a more in depth and comprehensive checklist (obviously not meant to replace the advice of a lawyer or accountant, but helpful for the DIY-er) for an executor (trix) of a will.
I myself am currently named as an Executrix of an estate, although I hope not to have to be saddled with the job for many, many years, and, after I got to reading the little article on CNN Money, I began to wonder what the basics of executing a will were, and whether or not I knew any of them. I mean, I have no doubt that I can and will carry it out to the best of my ability, but I am no expert, and therefore, would like to have some tips on the process and legal issues that might arise. The article I found surpassed my expectations. From contacting the funeral home to contacting a lawyer (if necessary), this checklist has a little bit for everyone. An important question raised is how to pay for the funeral if it has not been paid in advance. Life insurance “isn’t paid in a week” as it says, and therefore the author recommends that the owner of the estate have money set aside for these expenses if they don’t pay for them ahead of time! What a great suggestion!
This article not only has tips for the executor of the will, but also, at the bottom of the checklist it has some tips for the person with the estate. This is fantastic, if you ask me, because more often than not, the issues that arise from a will (other than people being petty over material mementos) are because the deceased person doesn’t have their affairs “completely” in order. For those of you with a will, I would double check this list to be sure you haven’t missed something. The best tip (in my humble opinion) was to have a specific folder, binder etc. that is stored in a place that the executor and another family member know of that has ALL of your important information in it, from wills to passports to divorce decrees…and not copies either! They need to be the originals!
I suggest to all of our readers to check out the article. This just seems like information that could be useful for most of us in the future, especially if you follow our suggestions and get yourself our of debt and start building wealth. You could have a “nice chunk of change” to leave to your family, and you don’t want them to get a headache from your gift! Happy reading!
Tags: accountability, Family, Financial planning, Money tips, Personal responsibility
