Managing your own personal finances can be tough. If you had to explain your finances to another person, well, that would be even tougher; so you can only imagine how difficult it can be when you become the executor of someone else’s estate.
It is prudent to learn from the mistakes of others. In this spirit, there is much wisdom to be gleaned from a recent autobiographical article in Forbes titled “What My Dad's Death Taught Me About Money.”
As you read this article, there are many lessons the daughter and only child of the decedent learns in her role as executor. The unfortunate fact is that these lessons were learned the hard way - and unnecessarily. I highly recommend reading the full article, but here are the essential takeaways:
1. Everyone should have an estate plan, or at least a will.
2. Having adequate medical insurance is a must.
3. Mental breaks trump burgeoning bank accounts.
It is less painful and less expensive to learn from the mistakes of others, especially when it comes to estate planning. One of the best and last gifts you can leave your loved ones is a well-planned and organized estate.
For more information about estate planning in Florida, please visit my estate planning Web site.