• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
MENUMENU
  • Home
  • About Us
    • Our Philosophy
    • Choosing a Financial Planner
    • Legal and Regulatory
    • Team
    • Careers
    • Awards & Recognition
    • Contact Us
  • Our Services
    • Financial Planning
    • Ongoing Financial Guidance
    • Portfolio Management
  • Financial Planning Basics
    • Continuing Care Retirement Communities (CCRCs)
    • Retirement Planning and Cash Flow
    • Social Security
    • Taxes
    • Insurance & Risk Management
    • Investments
    • 401(k)
    • Real Estate
    • College
    • Liquidity
    • Divorce
    • Estate Planning
    • Sensible Updates
  • Resources
    • Blog
    • Financial Planning for Older Adults
    • Webinars
    • Videos
    • Financial Planning Guidebook
    • Continuing Care Retirement Communities Guidebook
    • Primers
    • Financial Planning Links
    • Client Login
  • Contact Us
Sensible Financial Planning

Sensible Financial Planning

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
Client Login

Call Us Today
781-642-0890

6 Questions to Ask if You’re the Executor

by
Laura Williams
CFP®, ChSNC® - Senior Financial Advisor

May 24, 2021

This is the second part of a two-part series on executors. Read part one.

When an individual creates a will, they typically appoint an executor or personal representative. If they choose you as their executor, it is important to speak with them, so you are prepared to carry out their wishes efficiently. Taking initiative and having conversations now can save time and unnecessary stress in the future.

Even if you don’t anticipate ever serving as an executor, you may find this article helpful when preparing your own executor.

1. Where are the estate planning documents?

Ask if the individual can supply a binder or other assemblage of copies of their documents, or a clear description of where to find them when the time comes. Many people keep these things in the family safe. Others may use a safe deposit box. Important documents may include wills, trust documents, birth certificates, marriage certificates, divorce decrees, military discharges, etc.

Knowing where to find these documents is essential. An executor needs to be able to find and access the documents easily. For example:

  • Safe: The executor should know the combination.
  • Safe deposit box: Who owns the box?
    • If the box is solely in the testator’s name, family members will need to go to court to get the box open.
    • If the box is in the name of a revocable living trust, the successor trustee can access the box without going to court.

It may be wise to keep copies of these important documents with an estate planning attorney.

2. What are the assets and liabilities?

Accounting for assets and liabilities is an executor’s primary responsibility. If the information about assets and liabilities and their location is current and accessible, it’ll make everyone’s life easier. Asking the testator (maker of the will) to maintain an updated list along with their estate planning documents can be helpful in guiding you as an executor.  

Common examples of assets and liabilities include:

  • Assets
    • Bank accounts
    • Investment accounts
    • Real estate deeds
    • Vehicle titles
    • Insurance policies
    • Partnership documents
    • Pension documents
    • Sentimental assets
  • Liabilities (debt information can often be obtained by running credit reports)
    • Credit cards
    • Auto loans
    • Mortgage and home equity lines of credit
    • Student loans

3. What and where are the digital assets?

Digital assets may not immediately come to mind when you think about estate planning! Nevertheless, most people have an online presence. If the testator has not updated their estate plan recently, they may have neglected to include their digital assets.

Common examples of digital assets include:

  • Email accounts
  • Social media accounts (Facebook, Twitter, Instagram, etc.)
  • PayPal and Venmo accounts
  • Rewards programs (credit cards, hotels, airlines, etc.)
  • Cryptocurrencies

It can be helpful to keep a complete list of accounts, usernames, and passwords in a safe place. Online password storage services can assist with maintaining this information securely and in one location.

4. Who are the testator’s trusted professionals?

These professionals can assist you with the estate settlement process. You might ask your loved one to provide you with contact information for their trusted professionals including their estate planning attorney, financial advisor, tax accountant, insurance broker, etc.

5. What are your loved one’s wishes for their memorial?

  • Do they already own a burial plot? Where?
  • Would they prefer cremation?
  • What kind of service would they like? Where?
  • Would they like donations sent to charity in lieu of flowers? What charity?

The individual may have included these preferences in their will, but it’s helpful to have their wishes spelled out in a separate document, as well. In general, the more specific they can be, the better. Family members and loved ones may have different recollections of someone’s wishes. Having a clearly documented plan can help to ease any tensions that may arise.

6. Has the testator informed family and friends of their wishes?

It’s important for them to communicate their wishes to all the important people in their lives. Friction during a time of grief can lead to irreparable relationship damage. If everyone is on the same page about a testator’s wishes, and no one is surprised, there’s less chance of conflict. You might consider encouraging your loved one to hold a family meeting or have conversations that clearly communicate their wishes to all their loved ones.

Losing a loved one is never easy. Having a clear understanding of their wishes, relationships, and situation can help make a difficult time easier.

“Big question mark” by benjaminreay is licensed under CC BY-NC 2.0.

More articles by Laura Williams Filed Under: Estate Planning Tagged With: estate planning, executor, testator, wills

Primary Sidebar

Sign up for our newsletter

Recent Posts

The picture shows a college campus and students because the article is about FAFSA.

The FAFSA Simplification Act and Financial Aid

The FAFSA Simplification Act makes adjustments to the FAFSA. How will it affect your college student and their financial aid?

The picture shows an older couple hiking on a beautiful day to represent retirement and the SECURE Act.

The SECURE Act 2.0 and Retirement

The SECURE Act 2.0 builds on the initial SECURE Act of 2019, changing the retirement planning space, and increasing retirement flexibility.

Categories

  • College Planning
  • Cybersecurity
  • Estate Planning
  • Financial Planning Basics
  • Financial Planning Videos
  • Insurance & Risk Management
  • Investments
  • Retirement Planning and Cash Flow
  • Sensible Updates

Topics

401(k) Annuities bond returns Bonds Charitable Giving College Planning Company Updates Credit Health Disability Insurance diversification Divorce Donor Advised Funds Economy estate planning Federal Reserve Financial Goals Financial IQ financial planning Financial Strategy Forbes.com housing inflation Investments Investment Strategy IRA Legislation Liquidity Long-Term Care Medicare Mortgage Older Adult Living Recommended Books remote work Retirement Choices retirement planning Retirement Savings Risk Management Securities Social Security Social Security benefits Staff News Stock Market Stocks sustainable portfolios taxes

authors

Rick Miller
Sensible Staff
Frank Napolitano
Rick Fine
Josh Trubow
Chris Andrysiak
Marie St. Clare
Laura Williams
Gyb Spilsbury
Chuck Luce
Aimee Plouffe Polley

Footer

Services

  • Financial Planning
  • Financial Guidance
  • Portfolio Management

About Us

  • Our Philosophy
  • Team

Resources

  • Blog
  • Financial Planning Guidebook
Sign up for our Newsletter
Awards & Recognition

Follow Us

  • Facebook
  • LinkedIn
  • Twitter

Locations

Massachusetts

203 Crescent Street, Suite 404

Waltham, MA 02453

Phone: (781) 642-0890
Fax: (781) 810-4830

 

California

600 B Street, Suite 300

San Diego, CA 92101

Phone: (619) 573-4131​

Disclaimer

This content reflects the opinions of Sensible Financial®. We may change it at any time without notice. We provide this content for informational purposes only. Although we endeavor to keep the information up-to-date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability for a particular purpose or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. We do not intend the information contained in this website as investment advice and we do not recommend that you buy or sell any security. We do not guarantee that our statements, opinions or forecasts will prove to be correct. Past performance does not guarantee future results. You cannot invest directly in any index. If you attempt to mimic the performance of an index, you will incur fees and expenses which will reduce returns. All investing involves risk. You can lose any money you invest. There is no guarantee that any investment plan or strategy will succeed.

More important additional information and full disclaimer.

Copyright © 2023 Sensible Financial · All Rights Are Reserved
Legal Disclosure