Wed, 29 July 2020
Have you ever had to deal with closing an estate? Mark Ross happens to have the unfortunate experience of helping to close out 4 different estates in a short period of time. Since experience is the best teacher, Mark joins me today to discuss his experience with the probate process. He’ll share how he dealt with his feelings during the process, how long it took, how he managed, and what he thinks you can do to organize your own estate. Give your heirs the gift of an organized estate by learning all you can now to help ease the probate process.
Organization can be a gift to your heirs
In helping to close out 4 different estates in a short amount of time, Mark Ross learned a lot about the differing levels of organization in estate planning. Probate is a long and complicated process that can be even more challenging if you don’t have all of the pieces of the puzzle. Mark learned that when an estate is well organized the process is so much easier. He feels like that organization was a gift that helped him through the probate process.
How should you organize your own estate plan?
Mark’s main piece of advice in organizing your own estate plan is to get an attorney that is a good fit for you and your personality. He also recommends that you keep meticulous records of all conversations regarding your estate.
Since family dynamics can play a role when money is involved it is important to be clear about the flow of money.
One last piece of advice he has is to never be a coexecutor. He found that that situation could drag out the emotional journey even longer than it needs to be. An executor needs to be able to have the accountability to make difficult decisions.
How organized is your estate plan? Is it updated to reflect your current situation?
3 things you can do to gain confidence in your financial plan in retirement
If you don’t have confidence in your financial plan you won’t be happy in retirement. There are 3 things you can do to gain more confidence in your plan.
How confident are you in your retirement plan?
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT’S THAT MEAN?
PRACTICAL PLANNING SEGMENT
COACHES CORNER WITH BW
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This Episode
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center