Choosing Your Estate Executor
One of the most important decisions you must make when planning your estate is selecting an executor. An executor's duties include determining the value of your estate, paying outstanding debts, filing tax returns, maintaining a record of all transactions, and ultimately, distributing the remaining assets to your heirs.

Your choice generally comes down to a family member, friend, or professional. Each alternative has its advantages and disadvantages. A family member or friend may be familiar with your intentions and usually expects little or no pay for settling your estate. However, he or she may lack a knowledge of estate administration and may be too close to the situation to be able to effectively settle family disputes or collect debts from relatives or friends.

A professional administrator has experience dealing with estate administration and can be held to a higher standard of conduct than a friend or relative. However, he or she may be unfamiliar with important personal circumstances affecting your estate. Also, his or her services can be costly.

Perhaps the best idea, especially for those with larger estates, is to choose an estate planning team that includes both personal and professional representatives.

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Life Goals: Financial Essentials For Your 60s

Here are several financial steps you may want to consider taking right now:

1. Re-evaluate budget and cash flow.

Creating a budget is crucial to fulfilling your plans for retirement. Be sure to plan on a reserve for emergency situations when evaluating your needs.

2. Review your Will and Living Will.

Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.

3. Review estate plan.

Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.

4. Consider income-potential investments.

Depending on your tolerance for risk and your retirement cash needs, explore higher-return investments with your advisor.

5. Look into part-time employment.

Depending on your plans, you can supplement your savings with part-time employment. Volunteer work can also help you by building a support network within your community.

6. Make sure long term care needs are met.

Plan and discuss your desires and needs for possible long-term healthcare needs with your family.

7. Supplement Medicare.

Medicare may not be enough to provide the level of care you need; work with an agent to determine an affordable level of coverage.

8. Review business agreements and transfer plans.

If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.

9. Consider annuities.

Annuities are insurance products that can guarantee you a fixed income after you retire. They can be an excellent supplement to other savings plans.