Executor School

People sometimes ask me if a will is valid. I'm not a lawyer, I can't say. But a better question would be: Does it reflect your plans for your legacy and distribution of your assets? That's its function after all. Things can change. Did you move, buy or sell@property, gain or lose a family member, get married or divorced? A will may still be legal, but does it still match your wishes? A will is a living document. Review it any year you experience big life changes.

The best gift you can give your executor isn't money (although they are absolutely entitled to compensation), it's clarity! Don't make them have to build a roadmap or play detective to close your estate. Tell them where stuff is, what your wishes are, and who to reach out to. A little preparation today can go a long way to relieve some stress while they're grieving.

"When do I get my inheritance?" is a common question executors hear. Makes sense. Beneficiaries want what they're entitled to as quickly as possible. The problem is they're at the end of the estate payout queue!
Funeral expenses, estate administration costs, taxes, and any other debts the estate owes must be paid out first. And sometimes that expected inheritance needs to be used to pay those obligations. A good executor follows the right distribution sequence. A good beneficiary knows that paying out in the wrong order puts the executor in legal and financial jeopardy.

Sometimes when I talk to estate owners about prepping their executor, they say something like, "They're cool. They'll meet with a lawyer and settle the estate."
But from the executor's point of view: settle what exactly?!
The paperwork. The taxes. The creditors. The bank accounts. The beneficiaries. The house. The property maintenance. The closets. The paper clutter...
Many executors are unaware executorship is dozens of little jobs that should happen in a particular order. So if you were handed the task list tomorrow, would you know where to start?

Did you know that many executors think they're required to do everything themselves? Research everything, fill out all the forms, understand the legal and financial requirements. Or alternatively hand it all off to a lawyer. Imagine trying to do it all when you're grieving and your brain isn't firing on all cylinders! The truth is, executors are expected to ask for help. To delegate. To engage professionals. To ask questions. Because the best executors act as project managers. They know when it's time to ask for help. Think about who needs to be on your executorship team.

Have you discussed your funeral arrangements with those closest to you?