Advance Your Wealth - Should You Be An Executor?
In the newest installment of Advance Your Wealth, Homer and Ryan explore the inner-workings of what it means to be an executor. When asked by a family member or close friend, it may be difficult to say no to this role. However, it's crucially important that you understand the role itself, and the responsibilities it comes with, before accepting the position.
When an individual becomes an executor for a given estate, they are tasked with numerous things. Not only do they need to track down the assets linked to the estate, but they also need to ensure any outstanding debts or liabilities are paid off. Not doing so, presents an element of personal risk for the executor themselves.
So sit back, relax, and enjoy yet another provoking conversation surrounding the duties of an executor, which will have you considering if you're fit for the job.
Timecodes:
0:07 - Overview on the topic of the day
1:51 - What is an executor and what does their position entail?
3:00 - Why someone shouldn't accept this responsibility immediately
4:16 - The initial steps an executor needs to take
5:35 - The challenge of finding all of the estate's assets
6:40 - Advice for executors searching for all the assets
8:45 - Advice for executors when dealing with debts and taxes
11:30 - What the level of risk looks like personally for the executor
14:14 - When approached by someone and asked to be an executor, how to handle that conversation
15:43 - Closing remarks
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