Transcript
This is money talks with Chad Olivier.
Sponsored by Olivier Group.
Hi. I’m Chad Olivier, CEO and certified planner with Olivier Group. When most people think about estate planning, they think about wills and trusts, and those are important. But there’s another place that often gets overlooked.
Who’s actually gonna be carrying out your wishes once you’re gone? That person is called the executor of your estate and their role is critical. An executor is the legal representative responsible for settling your estate according to your will. Their job is to step in during a very emotional time and make sure everything is handled properly, fairly, and legally.
So what does an executor actually do? First, they must locate and gather all assets, bank accounts, investment accounts, real estate, insurance policies, and all personal property. They obtain death certificates, notify financial institutions, and file the will with the probate court if there isn’t a trust in place. Next, they’re responsible for paying outstanding debts and expenses, things like medical bills, credit cards, loans, funeral costs, and filing final income and estate tax returns.
Only after that is done can the executive distribute assets to the beneficiaries exactly as outlined in the will. Throughout the process, they must keep detailed records for legal and tax purposes. Sounds straightforward, but it rarely is. One of the biggest challenges executives face is finding everything, especially if records aren’t organized.
That can mean digging through emails, mail, old files, and even public records. In some cases, professionals like accountants or advisers need to step in. Another challenge is family dynamics. Even with a clear will, emotions can run hard.
The executor has the legal duty to follow the plan, not opinions, and that can create tension. And finally, there’s a time commitment. Settling in a state can take months and sometimes years, depending on its complexity. This is why planning ahead matters.
Choosing the executor and organizing your estate isn’t just a legal decision, it’s a planning decision. A will tells people what you want to happen, but a solid plan makes sure that it actually does. At Olivier Group, we help families think through these details ahead of time so loved ones aren’t left dealing with confusion, conflict, or chaos later. If you want confidence that your wishes will be carried out the right way, the time is to plan now, not later.
Visit us at olivier group dot com to start the conversation, And that’s why money talks, the planning pays.
This has been money talks with Chad Olivier.
