16
For Advisor Use Only
March/April
2014
Wealth Management
/ Planning
parent’s death. If the parent was disorganized, this can be
a daunting task, requiring the executor to search through
home offices and old mail for anything that could indicate
ownership in an asset.
What Next?
Of course, these are just some initial steps to consider; there’s
much more to the role of executor. In Commonwealth’s
Financial Planning Playbook, you’ll find more detailed
resources on the executor’s duties that you can share with
your clients. Our client-approved Executor Guide and
Executor Checklist are available on COMMunity Link
®
at Financial Planning & Research > Financial Planning >
Playbook > Life Events > Coach Your Clients > Death/End
of Life.
Remember, the functions of an executor can range from
simple to very complex, and each state has its own set of
rules. Although our Playbook resources provide useful
guidance, navigating your state’s probate code may require
the assistance of a professional. If the process becomes
overwhelming for a client, he or she should consult a
qualified attorney. (You can request peer referrals for
attorneys in your area through the Commonwealth Forum.)
The Best Advice? Plan Ahead
Although the role of executor may seem daunting, taking
appropriate steps to ensure that the process goes smoothly
will pay tremendous dividends when the time comes to
act. It’s important for clients to discuss the process openly
with family members and to put an action plan in place.
By encouraging them to do the prep work ahead of time,
you’ll help save your clients headaches down the road.
Justin Duft is an advanced planning consultant. He is
available at x9857 or at
.
Millennials are confident in their future and
67 percent believe they will achieve a greater
standard of living than their parents.
— Wells Fargo Retirement
