Today's guest, Mike Chesworth, was recently the executor of his fathers' will. He was generous enough to share his story and the things he learned along the way.
Hi Bec, I listened to Mike and your podcast today and found it interesting. However, Mike has only seen half of the work involved as his mother is still alive making the transition from a combined estate to single estate reasonably straightforward. Having acted as a third party ( i.e. non family) Enduring Power of Attorney and Will Executor, I learnt one has to be careful after the death certificate has been issued. The temptation is to scan the QR code so all interested parties are notified. However, it is much better to identify each item of the estate that has to be processed and systematically transfer control from Enduring Power of Attorney ( which ceases on the death of the individual) to Will Executor. Also, even if the person has a prepaid funeral there are still costs involved so keeping the estate bank account alive until all expenses have been paid avoids any interested parties thinking monies have been paid to the Executor for the wrong reason. My advice would be to identify all the changes to be made, tick them off one by one and keep detailed records of everything you do so you maintain control through the whole process. At the end of the processthe Will beneficiaries are paid out and there are no disputes.
Hi Bec, I listened to Mike and your podcast today and found it interesting. However, Mike has only seen half of the work involved as his mother is still alive making the transition from a combined estate to single estate reasonably straightforward. Having acted as a third party ( i.e. non family) Enduring Power of Attorney and Will Executor, I learnt one has to be careful after the death certificate has been issued. The temptation is to scan the QR code so all interested parties are notified. However, it is much better to identify each item of the estate that has to be processed and systematically transfer control from Enduring Power of Attorney ( which ceases on the death of the individual) to Will Executor. Also, even if the person has a prepaid funeral there are still costs involved so keeping the estate bank account alive until all expenses have been paid avoids any interested parties thinking monies have been paid to the Executor for the wrong reason. My advice would be to identify all the changes to be made, tick them off one by one and keep detailed records of everything you do so you maintain control through the whole process. At the end of the processthe Will beneficiaries are paid out and there are no disputes.
Ian Kilpatrick
That’s the spirit. Longer, better, and bolder — that’s how the second half should be lived