Preview Mode Links will not work in preview mode

Jun 25, 2019

 

When you are considering estate planning and making a will, one of your first decisions is to decide who will be your executor. There are many things to consider when hiring an executor, including choosing a person who is smart, dependable, and trustworthy. However, the executor of today will face a role that has greater complexity, and even personal liability if things are not done correctly. This means that the decision of accepting the position of executor needs to be thought through and the duties need to be carried out precisely.

 

Today, I share one of the biggest mistakes that executors make. I reveal the role and duties of the executor when an estate plan has incorporated creating a will. I highlight how extensive and time consuming the part of the executor can be along with the skills needed to resolve disputes. I also describe the four vital steps you should take if you are named the executor of an estate.

 

 

“One of the biggest mistakes of an executor is they get a copy of the will, but they don't read it from cover to cover and understand what it actually says.” - Colleen O’Connell-Campbell

 

 

 

Today on I’m A Millionaire...So, Now What?:

 

  • The role of the executor when there is a will.
  • The duties of the executor.
  • Preliminary steps the executor must take.
  • Why it is vital to safeguard the estate's assets.
  • Choosing a suitable executor who has the time for the role.
  • The personal liability of the executor.

 

 

Resources Mentioned:

 

 

 

 

 

Get Ready for Fun Networking & Fundraising!

 

Kick off your high-heels ladies, lace up your golf shoes, and get ready for an exciting, fun way to network with your business peers while raising money for a worthy cause. Join me, Colleen O’Connell-Campbell and Shelley True on September 5, 2019 for the all-women’s golf tournament, FORE-Play for Charity - the annual event supporting The Royal Ottawa Foundation for Mental Health.

 

The FORE-Play for Charity event features fun ways to network with other Ottawa-based business leaders such as Open Mic, Cocktail Hour, the Red Carpet event, and a unique Makeup and Beauty Bar as well as a Gala Dinner.

 

So if you’re ready to lace up your golf shoes and tee off to support The Royal Ottawa Foundation for Mental Health, visit www.truedotdesign.com/foreplay to register today - or, become a sponsor to show the community you’re serious about mental health.

 

Be sure to subscribe to our newsletter and follow FORE-Play for Charity on Facebook so you never miss an update on this important event.

 

Registration opens on April 1, 2019

 

 

Subscribe to the I’m A Millionaire, So Now What Podcast!

Thanks for joining us for this episode of I'm A Millionaire, So Now What Podcast - the show bringing you inspirational stories, practical strategies, and fun, frank advice for self-made millionaires and wealthy families. If you enjoyed this episode, please subscribe to the show on iTunes and leave a positive review. Don’t forget to share your favorite episodes with other wealthy families and self-made millionaires on social media!