#14 - Remember Being a Beginner?
Reluctant Executor News
Do you remember what you didn't know when you started a new project? Or a new job? Or had your first kid? As time went on, you learned a lot. Those early questions faded away.
When you've taken time to learn about a subject, it's easy to lose sight of what it was like to be a beginner. You answer a basic question with a complex response. You skip over the 101 level stuff, because it's common knowledge, right?
There are so many people that are not knowledgeable in the same things as you. Try to remember what it was like when you started, especially when explaining things to your parents. Below are some things that might not trip you up, but are not readily known by everyone.
LinkedIn post from November 20, 2023
It's eye opening when you realize that things you take as common knowledge can be completely foreign to others.
Do you know the difference between insurance deductibles and limits? Not everyone does.
If a surviving spouse never dealt with insurance, figuring out their auto or homeowners policy can be a challenge.
Not to mention all of the other household tasks that now fall to them.
Figuring out these things on your own can be overwhelming, frustrating, and confusing.
If you have aging parents, encourage them both to learn about what household tasks the other handles.
If you take on specific duties that your spouse has little visibility into, let them know how to take over should something happen.
Legacy planning, or documenting where things are and how they work, can save tons of stress after losing a partner.
If you need help getting started, you can download a free template from the link in the comments.
Is there anything you thought was common knowledge, only to have to explain it when the subject came up? Leave a note in the comments.
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LinkedIn post from January 3, 2024
Finding unclaimed property in your name can feel like winning the lottery.
But this is often overlooked when administering an estate.
Unclaimed property refers to property that was "abandoned" by the owner. Often this property was left in a financial account and the company lost communication with the owner. Examples include bank accounts, stocks, insurance policies, royalties, and more.
You can search for unclaimed property by entering your name in your state's unclaimed property website. If there is a match, you can start a claim by verifying your identity, then the state will send you the property.
The reason this is overlooked by executors is not because they don't run a search after a loss. It's because it can take years for property to show up in the state's database.
My mom received a letter about a very small amount of money left in their mortgage escrow account.
The problem? The mortgage company sent this letter FOUR YEARS after their account closed. She had 30 days to claim it from the mortgage company before they turned it over to the state.
So even if an executor runs a search before probate closes, unclaimed property could still show up years later. How do you prevent this?
The best way is to not only know what accounts you have, but also the details of those accounts. Do you pay into an escrow account? Do you know all life insurance policies that you have? Do you know all of your 401k accounts? Did you change a bank account that was receiving mineral right payments?
If you need help getting organized, you can download a free spreadsheet to get started. If you need more help, schedule a coaching session with me.
Click here to comment or like this post on LinkedIn.
After Loss Support
If you feel like a beginner, or just don't want to take the time to learn about all of the hassle that comes with being an executor, you're not alone. I remember what it was like a few years ago when I had to learn. Since then I've built up experience dealing with these tasks, but I try not to lose sight of what it was like at the beginning.
If you or someone you know needs this type of support, contact me at Bill@ReluctantExecutor.com