#16 - 20% of Executors’ Relationships Fail
Reluctant Executor News
Market research and analytics are typically used by companies to support a business decision. But stats like the preferred weight of a phone or the percent of users that click a blue button don't have the same personal impact as stats from research like Empathy's Cost of Dying Report.
It is highly likely that you will either be an executor, or closely help someone that is an executor. Over half of executors said that resolving matters took longer and was more complex than expected. This burden can lead to physical and mental health issues, such as ending a marriage.
The posts below pull industry stats from this and other reports. You can download the full 2024 Cost of Dying Report at https://www.empathy.com/costofdying.
LinkedIn post from January 18, 2024
We all know that stress from dealing with a loss can be overwhelming. But I was shocked to learn that 20% of estate executors reported that this role led to an end of their marriage or relationship.
One of the best research reports for the After Loss industry comes from Empathy. They recently published their 3rd annual Cost of Dying report. Much of it focused on how being an executor impacts physical and mental health, and the resulting impacts on work and family.
This report is a great way to put numbers to qualitative things that we already know. For example, 20% had trouble concentrating at work after a loss, and 18% reported being significantly less productive.
Overall, 92% of executors said that their work life was impacted in some way.
What can companies do to help? The most requested benefit was additional days off, followed by a more flexible schedule.
Do you think larger companies offer better benefits? Maybe not.
The average number of days off for bereavement at companies with 5,000 - 50,000 employees is 5.9, with smaller companies reporting 5.5. For companies with over 50,000 employees?
Only 3.8 days.
It takes an executor 18 months to fully close an estate according to the report.
How are you going to juggle these responsibilities when the time comes?
Click here to comment or like this post on LinkedIn.
LinkedIn post from July 18, 2023
Burial or funeral expenses are top reasons workers dip into their 401k accounts early.
But younger workers are doing this more than TRIPLE that of older workers. What's going on?
The 23rd Annual Transamerica Retirement Survey showed that 12% of all workers cited "burial or funeral expenses" as a reason for taking a loan from their 401k or similar plan.
When broken down by generations, 19% of Gen Z and 14% of Millennials cited this reason. However, only 4% of Gen X did.
Why are fewer Gen X workers taking out money for funerals compared to younger Gen Z and Millennials?
It could be that:
1. Younger workers have less liquid cash than older workers
2. Gen X can't access new loans because they still have outstanding 401k loans or hit the max limit
3. A higher number of deaths are occurring in the younger population
4. The younger generations are more aware of 401k withdrawal rules
5. Gen X are opting for less extravagant funerals
Do you agree with these reasons? Tell me what I missed in the comments.
Click here to comment or like this post on LinkedIn.
Estate Map
You never know exactly what to expect as an executor, but you can prepare. The easiest thing to do is document you and your loved ones important items. Knowing where to start can significantly ease the burden.
You can download an Estate Map template to get started, or contact me at Bill@ReluctantExecutor.com for one-on-one guidance.