Show Notes
Who would make the best executor for your estate? In today’s Finance Moment Podcast, Syverson Strege’s Managing Director Lance Gunkel shares the various aspects and situations to consider when deciding whom to ask whether they will take on this incredibly important role.
When a relative passes away, managing their estate can be a complex and emotionally taxing process. The person designated to handle the estate—typically the executor named in the will—must determine what the deceased owned and owed, pay creditors and taxes, and distribute assets to heirs. This job is often unwelcome and sometimes comes as a surprise.
Many Americans underestimate the expense and time required. Often, a lawyer is needed, or a court must oversee the process, which can cost thousands of dollars and take months or even years. If there is no will, extra costs and delays are common.
In many cases, people named as executors don’t want the job or decline it. I recommend that people writing their wills ensure their named executors are up to the job and revisit the choice every few years.
Naming a family member feels natural, but a grief-stricken relative might not be able to cope with the task. Picking one child can lead to resentment from siblings, while having co-executors can result in stalemates.
Especially in situations where conflict between heirs is likely, it is better to choose an impartial third party, such as a friend, lawyer, accountant, or trust department.
Choosing an estate executor is not a decision to be taken lightly. It requires careful consideration and clear communication with the chosen individual to ensure they are willing and able to handle the responsibilities during a challenging time.
That’s all for today’s Finance Moment. Thanks for tuning in, and remember, the most important thing is to make smart financial decisions that align with your goals and values. For further information on this topic, I recommend contacting your Syverson Strege financial planner at (515) 225-6000, or visiting us online at onlyworkforyou.com.
