#25 - Learning Through Bite-Sized Information
Reluctant Executor News
A professor once asked my class if you could eat a bowling ball. My response was, "No, it's unhealthy and wouldn't taste good."
This was the wrong answer. Most people think that the bowling ball is too large and too hard to bite into. However, you could grind it to a powder, making it smaller and ingestible. He didn't comment on the health aspect.
This professor was looking to see how you could tackle a seemingly impossible job. Dealing with the administrative and logistical tasks after a death is an overwhelming and seemingly impossible challenge for many families. One way to handle this large and immense challenge is to break it into smaller, more manageable tasks.
Below are some bite-sized nuggets to keep in mind when tackling estate administration and planning.
LinkedIn post from August 5, 2024
Quick tip, a Power of Attorney (POA) expires upon death.
If you're managing your parent's finances under a POA, this ability expires when they pass away.
In order to continue, you'll need to be the executor or administrator of their estate. Then you need to be recognized by the court through a letter of testamentary.
An estate lawyer can help you with this, just be careful about making any financial moves after a death and before officially being named executor.
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LinkedIn post from August 30, 2024
Your will becomes a public document once it enters probate.
Keep this in mind if you are considering putting sensitive information into your will.
If there are things that need to stay out of the public eye, look into trusts.
Talk to an estate attorney to make sure everything is done correctly.
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After Loss Services
Closing an estate is not only overwhelming, but it's something that you just don't want to deal with. If you need help breaking these challenges down into smaller, manageable tasks, we can help.
If you or someone you know needs this type of support, contact me at Bill@ReluctantExecutor.com.