What does an Executor do?

Q: What do I have to do if I am Executor of the estate for my parent, spouse, or sibling?

A: Being an executor can be a big job, depending on the assets in the estate and the family dynamics. This is a general list of the tasks required.  [Read more…]

The Job of Executor

Many people think that the job of being an executor for a friend or family member is more an honor than it is real work. Not true. The job can be very difficult, time-consuming and can strain relations with beneficiaries.

Choose your executor carefully. If you choose an individual, that person should have some business, legal or financial experience. They should be detail-oriented and have time available to spend on the job. If you don’t have a friend or family member who meets this description, it may be best to choose a corporate executor, such as a bank or trust company. A corporate executor will charge a fee but will do a careful and professional job and relieve your friends and family members of the responsibility.  [Read more…]

Guidelines for Keeping Financial Records

Many people have their financial documents scattered all over the house – on the kitchen table, in stacks of old newspapers, the hall closet, the basement, the garage. This type of “organization” makes it difficult, if not impossible, to keep tabs on your finances.

Sorting and filing financial papers is no one’s idea of fun. Fight the urge to procrastinate and make the time to put things in good order. The financial professionals who work with you will be better able to advise you if they have accurate and up-to-date information. When you pass away, your loved ones will have an easier time locating the important documents needed at that time. One large file cabinet may suffice for storage. Some prefer a few storage boxes or stackable units. Whatever you choose, here is what you should keep:  [Read more…]