Unfortunately, most of us will find ourselves in the position of settling the estate of a loved one after they pass. The logistics of closing a financial life are daunting and complex. There are many how-to’s available on the internet and the bookstore. I even attempted to write one of those ‘white papers’ to help set a clear path for the executors of an estate. However, after seeing the incredible pain and agony that the DIY approach brings, I have come up with a simple, three step solution:
1. Give yourself some space. Don’t rush, don’t jump in, just let it be.
2. Assemble a team specific to your needs. Use experts that you pay for to reduce stress and avoid mistakes. Consider yourself a general contractor. You call the shots, but don’t do the work.
3. Find liquidity. Time is on your side only when you can afford it!
Good luck, and our condolences.