If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
You should be aware of what a will can’t or shouldn’t do.
For parents who have a child with special needs, planning for their loved one’s life after they themselves are gone can be overwhelming. Breaking the process down into manageable parts and working with specialized professionals and companies can help.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes.
If the deceased has a will, it usually names a close relative, friend, accountant, attorney or financial institution to act as executor of the will.
While no one is ever ready to lose a loved one, proper planning in advance of a loss may help ensure that finances may be one less concern during such a trying time.
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’