#MoneyMasterClass Recap–Week 30
Gail covered some more heavy topics this week, including finding a guardian for your children if you have them, the necessity of making a will, and what it means to be an executor of an estate.
Guardianship
This is something no one wants to think about, but it’s also something not to leave to chance. Gail offers some really practical advice on making this choice.
Confronting Death
If choosing a guardian for kids wasn’t enough of a difficult topic, Gail reminds us we are all going to die. She, of course, has a purpose for saying it, but I love her bluntness!
When we were originally talking about wills in Week 27, I wasn’t sure what I would need one for because I don’t have kids or assets really that it seems a will is for. But as Gail lays out this week, there are a few more practical details that a will covers, such as naming what will happen to your household contents.
Executor of Your Estate
Gail explains some of the details behind what it means to be an executor of an estate. I’ve learned a lot this week that I hadn’t considered before.
Some of the warnings she gives are:
– You can be held personally liable for mess ups when fulfilling the role of executor.
– Wait to pay out bequests so you know there is enough to cover debts and taxes–otherwise you might have to pay out of your own pocket!
– A special tax return needs to be filed every year the estate makes money.
– You can turn down the role if you do get name as executor of an estate.
What steps have you taken towards estate planning?
New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Check out Gail Vaz Oxlade’s books here:*
Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids
6 Comments
Diffusing the Tension
We have guardians chosen and got their permission but we still need to get wills done. Thanks for this reminder!
A Sustainably Simple Life
That’s fantastic you’ve taken those steps!
Anika May
Very interesting post! And thanks for sharing the links to Gail Vaz Oxlade’s books, I’m definitely going to look into those.
Anika | chaptersofmay.com
A Sustainably Simple Life
Gail has such fantastic advice! I hope you enjoy the books!
Roni
Gail seems like she’s got some great advice, I’m going to have to check out her books!!☺️
A Sustainably Simple Life
She really is fantastic! Some of her old TV shows are on YouTube too 🙂