Are You Prepared? A Quiz for Future Executors

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.

Top 5 Estate Planning Tweets for June 2010

By Executor's Resource, Inc.

In case you missed the action in June, here’s a listing of the Top 5 Estate Planning tweets (from our perspective) for June 2010:

1. @Jack65203 Banks are offering comprehensive care to their clients as a way to deepen ties with their clients. Via @wsj http://ht.ly/2452s #estate planning

2. @EstateLogic From good to great: your #estate #plan. http://bit.ly/azpqpO

3. @BlackLewisLaw 5 #Property Types that Cannot Be Left in a #Will http://ht.ly/22LPo #estateplanning #estate #planning

4. @trustlawgroup RT @lichtermanlaw Cost of raising a child: $475,680 - this is why life insurance and proper estate planning is critical http://ow.ly/1WqGg

5. @FAmagazine Financial Advisors Spending More Time On Clients' Kids: Advisors are dedicating more time to the spending and savi... http://bit.ly/cszh5N

7 Ways to Find an Estate Attorney

Congratulations. You've finally decided to set up an appointment with an estate attorney to get your basic package of legal documents created. Problem is, you don't know an estate attorney.

Here are some ideas that can help you identify a pool of candidates with whom to speak (unless you live in a small town with only one practicing estate attorney). I use the term "pool of candidates" because it's only natural that you want the right blend of personality, style, specialty area and experience to suit your needs. While this list is not exhaustive, it should allow you to identify a few names:

1) Speak with your financial advisor or accountant. They will often have network of professional connections and can provide you a referral.
2) Talk to your friends, relatives and other trusted parties. Ask for recommendations and references as to why they thought a particular estate attorney was good.
3) Review your employee benefits or speak with your HR representative. Pre-paid legal assistance plans are popping up in worksites all across the country. They may offer discounts.
4) Check with your bank. Your bank or credit union may have a relationship with an estate attorney, which again could translate into savings.
5) Review the benefits offered through your life insurance policy. Some forward-thinking insurance companies like MetLife have begun to make estate attorneys available to group policy holders at a discounted rate.
6) Visit your local Chamber of Commerce website.
7) Last, but not least, the obvious -- do an online search. You can do a Google search for estate attorneys in your city or visit an attorney referral site like Lawyers.com.

Once you identify a pool of 3 to 5 candidates, it'll be time to conduct some interviews. It is perfectly fine and acceptable to have a phone call or meet in person with the estate attorney with whom you're contemplating a relationship.

Why? Remember, the concept of one-and-done estate planning is old hat. Plan to be working with this professional over your lifetime to regularly review (every two years) and make relevant updates to your legal documents.

In our next posting, we'll address how to prepare for your interview and what questions to ask.

10 things to ask my advisor about estate and legacy planning

By Executor's Resource, Inc.


Do you work with a financial advisor? If he or she hasn't already brought up the topic, it's time to discuss estate and legacy topics with him or her at your regular meetings. The questions below can serve as a guide of discussion points to cover when you meet.

1. What  are key considerations in selecting an executor, personal representative or trustee?

2. Do you offer any centralized information of all the accounts I have with you?

3. Can I list you as a key contact and direct my executor/personal representative to you in the future when he has questions?

4. Are there any of my accounts that need additional features added – transfer on death instructions; duplicate statements; automatic bill pay or wire instructions – to make it easier for my executor/personal representative?

5. When did I last update my beneficiary designations? Can you give me copies of every beneficiary designation form so I can keep them all in one safe place? Or can I just direct my executor to contact your office?

6. (If applicable) I recently set up a trust for certain assets. Can you help me with any requirements to retitle my accounts so they are consistent with the trust?

7. Can we meet about setting up more appropriate estate planning accounts – Conversions to a Roth IRA? Rolling over my former employer 401(k)s?

8. Can we discuss insurance options that I should be thinking about to protect my family once I’m gone – life insurance, long-term care, disability, etc.?

9. Can we review the options I have in my employer’s pension plan and decide on best choices for me and my spouse?

10. What information/ resources do you have about dealing with older parents who need to do their own legacy and estate planning?