By Executor's Resource, Inc.
Have you been an executor? If you haven't, chances are you will be.
The majority of Americans typically choose a close family member or friend for the role. Most of us accept without thinking about what it really means. Will you be up for the job when the time comes? Take this quick quiz to find out:
1. As the future executor for your loved one, do you know where to find the following:
a. Final instructions (i.e., funeral arrangements and preferences)
b. Will or trust agreement, and other legal documents (e.g., powers of attorney)
c. A key to residence(s) and the passcode to the home alarm system
d. Insurance policies, banking accounts and other assets and liabilities
e. A listing of digital assets - passwords for computers and online accounts
f. Valuables and collectibles
g. Family photo albums and other important personal and heritage information
h. Safe deposit box key(s)
i. Contact information for the estate attorney who drafted the will
j. Contact information for other professionals (e.g., financial advisor, insurance agents)
2. Are you aware of any hidden items of importance in the home or elsewhere?
3. Do you talk with your loved one about this information at least once a year or when there are updates?
If you answered yes to many of the questions, serving as executor, personal representative or trustee should be easier for you. If you marked "no" more times than "yes", it's time for you to have the talk with your loved one. We'll address how you go about doing that in our next posting.
In the interim, tells us how you fared on this quiz by submitting a comment.
