The fact that my life had instantly transitioned into a foreign, new reality was finally processed for me when my dad’s business partner showed me around their recycling business—a venture that I knew absolutely nothing about.
Managing your own personal finances can be tough. And if you had to explain those finances to another person, well, you may both be scratching your heads trying to keep things straight. So you can only imagine how difficult it can be when you become the executor of someone else’s estate.
Since we will not live long enough to make all of life’s mistakes, 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 her are the essential takeaways:
Lesson #1: Everyone Should Have an Estate Plan … or at Least a Will
Lesson #2: Adequate Medical Insurance is a Must
Lesson #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.
Reference: Forbes (April 19, 2013) “What My Dad's Death Taught Me About Money”