What You Should Know Before Naming or Being an Estate Executor
Digest
This episode of the Wall Street Journal's Money Briefing delves into the crucial role of an executor in managing the estate of a deceased individual. The episode emphasizes the importance of selecting a suitable executor, considering factors such as family dynamics and potential conflicts. It highlights the responsibilities of an executor, including gathering assets, paying off debts, and distributing inheritances to heirs. The episode also explores the complexities of handling estates involving minors and the consequences of not having a will. The discussion emphasizes the importance of open communication and preparation, including having a clear list of financial accounts and passwords, to ease the executor's burden. The episode concludes by providing resources and online tools that can assist individuals in drafting wills and navigating the executor process.
Outlines
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Feeding America PSA
This Chapter is a public service announcement from Feeding America, highlighting the organization's mission to end hunger and the impact of their work on individuals and families.
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Money Briefing: Executor Responsibilities
This Chapter delves into the responsibilities of an executor, explaining their role in managing the estate of a deceased individual. It covers tasks such as gathering assets, paying off debts, and distributing inheritances to heirs. The chapter also discusses the importance of selecting a suitable executor, considering factors like family dynamics and potential conflicts.
![](https://s3.castbox.fm/webstatic/images/book.5d108c35.png)
Interview with Ashley Ebbling
This Chapter features an interview with Wall Street Journal personal finance reporter Ashley Ebbling, who provides insights into the complexities of the executor role. She discusses the importance of having a will, the challenges of handling estates involving minors, and the potential for conflicts among family members. Ebbling also offers advice on how to prepare for the executor role and resources available to help individuals navigate the process.
Keywords
Executor
An executor is a person appointed by a will to carry out the terms of the will, including managing the deceased person's estate, paying debts, and distributing assets to beneficiaries. The executor is responsible for ensuring that the deceased person's wishes are carried out according to the will.
Estate
An estate refers to all of the assets and liabilities of a deceased person. It includes real estate, personal property, financial accounts, and any outstanding debts. The executor is responsible for managing the estate and ensuring that all debts are paid and assets are distributed according to the will.
Will
A will is a legal document that outlines a person's wishes for the distribution of their assets after their death. It names beneficiaries, designates an executor, and may include specific instructions for the management of the estate. Having a will is crucial to ensure that assets are distributed according to the deceased person's wishes and to avoid potential conflicts among family members.
Beneficiary
A beneficiary is a person or entity named in a will who is entitled to receive assets or benefits from the deceased person's estate. The executor is responsible for distributing assets to beneficiaries according to the terms of the will.
Feeding America
Feeding America is a nationwide network of food banks that provides food assistance to millions of people in need. The organization works to combat hunger and food insecurity by providing food to families, individuals, and communities across the United States.
Public Assistance
Public assistance refers to government programs that provide financial or other forms of support to individuals and families in need. These programs can include food stamps, housing assistance, and medical care. Public assistance programs play a vital role in supporting vulnerable populations and ensuring their basic needs are met.
Wall Street Journal
The Wall Street Journal is a leading American business newspaper known for its in-depth coverage of finance, economics, and business news. The newspaper is widely respected for its reporting and analysis, providing insights into the global economy and financial markets.
Ashley Ebbling
Ashley Ebbling is a personal finance reporter for the Wall Street Journal. She specializes in covering topics related to personal finance, including estate planning, wills, and executor responsibilities. Ebbling's expertise provides valuable insights into the complexities of managing estates and the legal aspects involved.
Q&A
What are the key responsibilities of an executor?
An executor is responsible for managing the deceased person's estate, gathering assets, paying off debts, and distributing inheritances to beneficiaries according to the will.
Why is it important to choose a suitable executor?
Selecting a suitable executor is crucial because they play a significant role in ensuring the deceased person's wishes are carried out. Factors to consider include family dynamics, potential conflicts, and the executor's ability to handle the responsibilities involved.
What happens if a deceased person has not left a will?
If a person dies without a will, the court will appoint an administrator to manage the estate. This process can be more complex and costly than having a will in place.
What are some tips for preparing for the executor role?
It's essential to have open communication with the executor, provide them with a clear list of financial accounts and passwords, and ensure they are prepared for the responsibilities involved. It's also helpful to have a roadmap laid out to simplify the process.
Are there any online resources available to help with estate planning and executor responsibilities?
Yes, there are online tools and software packages available to assist individuals in drafting wills, managing estates, and navigating the executor process. These resources can provide guidance and support throughout the process.
Show Notes
An executor plays a key role in managing the distribution of a deceased person’s belongings, but many people underestimate the time, cost and potential family tension involved. Wall Street Journal personal finance reporter Ashlea Ebeling joins host J.R. Whalen to discuss.
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