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That is, the one chosen in the family to handle large amounts of money such as the signee and distributor for the estate money of the family.
This is more a personal aspect of it as oppose to the actual $$$$ and I am wondering about others who have been in such positions and how they have handled it. It is probably a position that comes with age because through the years, one has demonstrated if they are thrifty or spendthrift. Or maybe, those that granted us this had the insight to see that such a trait, responsibility, was just ingrained into us. Is it that our ability to embezzle is absolutely zero?
Or is it that we are so hard to charm that we aren't likely to be conquered by a fortune hunter?
I do not deny the responsibility and that may be partially for the traits discussed above......and how irresponsible I have seen the others with money. It does bug me somewhat, as previously noted in other threads, how much the money is wanted with me providing most of the footwork......but C'est la vie.
Are we picked because, if not wise users of money, then because our minds don't work as "Look at all this money, what can I spend it on?".
How do others of this responsibility, this age, handle it?
As to the title? "Clear and Present Danger" where Jack Ryan (Harrison Ford) is told he can take the Huey if he lays down 2 million dollars.
If I'm chosen as executor it is because my family views me as responsible, which I am.
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If your job is to unwind an estate, it’s tedious at worst. You may not get a lot of sympathy simply due to large amounts.
If you’re been tasked to manage the estate for some period of time before it’s distributed and the amounts are significant, perhaps interviewing and hiring a professional money manager who can present both the upside and the downside is the better option.
What are our coping techniques or techniques before we have to cope for handling so much money? Who do we turn to so we don't feel so alone?
A financial adviser. Was that really a question?
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The executor is allowed to charge fees for doing the job, so you can at least get paid for your work. Or you can turn the job down if you don't want to do it. Let one of the wasters and cheats take over the finances and ignore what they are doing,.
Is it that our ability to embezzle is absolutely zero?
Or is it that we are so hard to charm that we aren't likely to be conquered by a fortune hunter?
Are we picked because, if not wise users of money, then because our minds don't work as "Look at all this money, what can I spend it on?".
People are picked for various reasons.
The eldest. The only surviving son. The only daughter.
With one relative, all of the relatives were trustworthy to handle execution of the estate. Four of the five were competent. She chose her son, who was competent, and trustworthy.
With another, all 5 were reasonably competent (some more than others) and trustworthy (all of them.) The only daughter was chosen, she was also geographically closest.
A 3rd relative had many siblings and nieces and nephews, but no spouse or children. She left two co-executors, one where she lived and one where she owned property (separate states several hours apart.) They were both nieces. She didn't want to worry that one of her own siblings would be too old/infirm/whatever.
Quote:
Originally Posted by TamaraSavannah
How do others of this responsibility, this age, handle it?
The key is to be professional and detached. You're executing the wishes of the deceased in accordance with the probate laws of your state.
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