I have been responsible for administering an estate for the last 20 months.
This was not the choice of the person whose estate I am administering. I was even a little surprised to find that I was mentioned in their will, but I was, and I am grateful. However, the person in question managed to leave a will that was entirely valid, but had executors who were either already dead or who were too old to feel able to act. All the other remaining beneficiaries decided, in their wisdom, that I should act on their behalf, and out of a sense of duty, I have, with the consent of the relevant Court, which is a time-consuming process, not greatly helped by lawyers (who I did not choose) who did not seem to really know what they were doing.
Yesterday, I had to spend much time dedicated to the affairs of that estate, and if everything goes well, matters should be wound up within the next few months, and those with an entitlement should finally receive what they are due, and my extra admin burden will come to an end.
There are three reasons for mentioning this. The first is to quietly beg everyone to get a will. It really is important.
The second is to remind people to choose executors who do have a chance of outliving them, or who at least might have the energy to act at the time when you are no longer around. The sense of doing this would seem obvious, but over many years, I have seen people appoint their friends and peers of a similar age to this role, and the truth is that once you reach a certain age, it is wise to look to the next generation for assistance.
The third reason is that, possibly because I was doing something that felt burdensome rather than something I really wanted to do yesterday, I realised that I am really tired at present. The last few months have been a period of intense thinking and productivity, and I don't regret for a moment the effort expended in that process. But I am human, and the number of hours I spend on writing both this blog and the related videos, plus the thinking on the projects underway, inevitably have an impact, and this morning I am feeling that. I am, therefore, taking a long weekend from Friday.
The truth is that James and Tom do, anyway, want to use what we euphemistically call the studio space for some experimentation of their own. So we are leaving them in charge of the fort and are heading for some birdwatching. No doubt some long walks will also be taken to take time to work out precisely how we think the relationships between the insights in quantum biology can be properly related to economics, as we think they can be. That's what we call leisure.
There will also inevitably be some blogging because I cannot stop writing, plus videos, because they always have to be made before the day of publication, but if moderation is slow this coming weekend, now you know why. I inevitably get complaints when that happens, but please believe me, I am human, and rest is needed occasionally.
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We had an executor named, and they’re handling the process, but there’s still various pieces of communication around the will and beneficiaries…
Until you run into the process you wouldn’t guess that the process would take anywhere near as long as it does.
Aside from leaving a will, if there is a decent sized estate consider a professional executor – which will cost thousands at least but they’re paid to do it, or maybe leave a consideration for the effort involved in the will for the nominated executor.
Noted.
Bloody hell Richard, I simply am at a complete loss to know how you do all the work on political economy and tackle your duties as an executor and be a family man. And here I am thinking I might have taken on too much by starting an OU degree in Environmental Studies. Compared to you I am a lazy so and so.
Your output is prodigious. And yes, I keep putting off making a will. Aaaargh. One of my many failings. I suppose it’s because it brings our own mortality into clear view. Rationally we know it, but emotionally we don’t want to know. I need to get a grip. Thanks for that reminder.
Please get a grip….with that degree
I’m certainly going to try Richard. And I must do that will.
I am 69, and my partner and I have just done wills for the first time. I have also put my house in trust for her, so she doesn’t have to go through probate when I go.
Enjoy your break, Richard.
I am off to one of my happy places tonight. Ronnie Scott’s, to see a trio led by Christian McBride with a tribute to Ray Brown.
Sounds good
Have fun
I also wonder how you keep it up. But I think I know why.
As for wills I was tempted by the ‘£100 by phone’ deal but the Higher Authority persuaded me to use a local solicitor. I think she was right. Executors are my middle daughter and step-son who are local with business experience. They will do it well. I don’t have to threaten them with haunting if they get it wrong.
Today I am helping a friend sort a house which belonged to a former colleague who changed her will and left it ambiguous. My advice is take professional advice.
Enjoy the break. We will all be here afterwards.
Correct
This is something where professional advice does help – although I find lawyers decidedly variable in quality
My parents met when working at the Midland Bank Executor and Trustee Company so have heard many many stories of what can go wrong and the joys of being the executor.
My mother used to greet my father with ‘Any Good Deaths Today Dear?’ which might account for my rather strange sense of humour.
But its the last thing you can do for someone and perhaps something of a compliment to be chosen to do it in this case.
Have a good time birdwatching
Thanks
Having just gone through over 2 years acting as a sole executor for an estate that should have been straightforward but was not, due to circumstances largely out of my control (flatlining housing market, incompetent solicitors, faceless bureaucratic process, and 18 months wait for “expedited” first registration with Land Registry), I can fully sympathise with you Richard.
I would also repeat what you suggested about recognising the significant burden, in terms of time, energy, and expense that is placed on executors when writing a will and decided who to name. It is not a duty that can be undertaken lightly.
Having a tidy filing system also helps….
I was executor for my mother’s estate a few years ago, and it is a significant load. And it will have been worse for you with presumably no prior knowledge of your friend’s assets.
I assume those proposing a tax on wealth as such have never taken this role. If they had they would never suggest it, it would involve effectively getting a grant of probate every single year.
Selling a property you have never lived in and visited rarely is interesting….the caveats I had to attach to warranties were heavy. I just could not know.
Thanks for sharing, Richard. We did our wills when we were 30 years old shortly after having our children and updated these since as we’ve grown older and have now appointed our three children as executors. Thanks for reminding folks to do this!
Finally, as we in the Art of Hosting community advise (there is something we call the 4-Fold Practice) is to follow the step one which is to host yourself! So, please enjoy hosting yourselves for a few days.
🙂
Come off it ‘Richard’ – you’re obviously not human. Given your current output, you must be a whole team of lefty radicals, that has cunningly adopted the avatar of a conservative-looking, rather cuddly middle-aged gentleman…
🙂
I suspect some if the more extreme right wing trolls Richard attracts the attention of would like that kind of conspiracy theory twaddle.
Maybe the ASI and IEA are now thinking that is the truth.
Have a very well earned break Richard.
Thanks
Enjoy your break Richard, hopefully with good bird watching!
Fingers crossed. But North Norfolk usually delivers.
My big brother died suddenly last year, He lived in NY 40 yrs. Made a will in 2003 after divorce. Named best pal and wife as executors. Pal now terminal ill him n wife divorced too. We are now just waiting on payout after condo sold in April and IRS etc settled. Had to get will notarised and another UK/US court recognition. God knows how much harder it would have been if he’d not made a will.
That must have been tough. I am sorry – but at least there was a will.
Aye, its been hard. Healthy 77 yr old only had voice problem. Neighbour phoned us, took him to ED as was not well. Sister brother went over. Diagnosed ALS died a week later! Out of the blue! Siblings had to stay and clear condo. God knows what we would have done if no will or USA executor. He had investments not written into will but B in law is on it. Had to open business account in NY or pay 30% tax on it! Just waiting on closure! Brother actually sat in his hospital bed paying his monthly bills via laptop before died! Pragmatic Scotsman eh? lol
Also make sure you have prepared up to date powers of attorney. A member of our family learned he had terminal cancer and only a short time to live. He and his wife activated their powers of attorney before he died. This has allowed their daughter to do a lot of the heavy lifting involved with organising the funeral, dealing with the estate, and managing the household budget.
Agreed