100 episodes

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Simple Money Wins Anthony Park

    • Investing
    • 5.0 • 18 Ratings

Earn and grow your money more easily. With Anthony Park.

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    3 Best Free DIY Will Software

    3 Best Free DIY Will Software

    Many people who ask me to be their executor commonly make their will using do-it-yourself methods. DIY estate planning can be tricky, so here are some tips on how to maximize the chances your DIY estate plan will actually work.
    Our Methodology We created identical estate plans using 3 popular free DIY will sites. Here is the fictional persona we used:
    John Doe is a solo ager. That is, he's unmarried with no children Unless your will is super-simple, you should work with a lawyer. So John's plan is very basic: he'd like to give his estate in equal thirds to two friends and one charity John would like to nominate me as his professional executor John will hire a lawyer to supervise his signing, as we recommend. Therefore, we did not review each site's signing instructions We generated John's will on the 3 free sites. Then, my trusted colleague Maureen Pritchard, Esq. and I reviewed the results.
    FreeWill.com
    Our top pick for DIY will software is FreeWill.com. The site is well-designed, and pleasant to navigate, and John's will had zero errors.
    The only caveat is the constant requests for donations. The site was funded by various charities, and they're not shy about asking to be named in your will. We were interrupted several times with prompts asking if John would like to add charitable beneficiaries to his will.
    But if you're thick-skinned and can ignore the pushy requests, or if you plan to give to charity anyway, this is a great choice.
    Pros Very professional product. The will did not have any typos or substantive errors Well-designed site. A very pleasant user experience Includes health care documents, too Cons Barrage of requests for charitable donations Your will includes signatures lines and initials on each page. These are not legally necessary, and feel like overkill DoYourOwnWill.com
    DoYourOwnWill.com is truly a 100% free option for making a DIY will. You don't even have to give you email address (unless you want to save your will). This means that you're not even paying with your personal data.
    But, just as in most of life, you get what you pay for. It may be completely free, but it has a few problems.
    Pros 100% Free. Not even an email required Most private option Easy-to-follow user-interface Includes health care documents, too Cons Several typos in John's will. Despite the typos, the will was substantively fine John's burial instruction is written into his will. In real life, this doesn't make much sense, since in many cases no one even looks at the will until after the funeral,. RocketLawyer.com
    RocketLawyer is the most well-known brand on this list but be prepared to be up-sold from their free option to one of their more profitable packages.
    It doesn't feel like they spent a lot of effort on this free version. The user-experience is very clunky, and John's will has substantive errors. Maybe the plan is to nudge free users to a better, paid version?
     
    Pros RocketLawyer is big name in legal DIY You may already have a RocketLawyer account and feel comfortable with their platform Cons You must create an account, and it feels like you'll get up-sold a lot John's will had a substantive error (the will treated the charity as an individual. Not necessarily fatal, but can cause headaches later during the probate process) We couldn't find healthcare documents as part of the free package There are many DIY estate planning sites out there. We hope that our review and recommendations will help you pick the one that's right for you. To learn more about the process of planning your estate, complete the info below to receive a FREE copy of my best-sellingbook.
    FREE Copy of “The Solo Ager Estate Plan”
    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 13 min
    Who Will Bury Me If I Have No Family?

    Who Will Bury Me If I Have No Family?

    This is an important question for Solo Agers, or for anyone without family nearby.
    Friends, Neighbors, Community Pros Your close friends, neighbors, etc. probably know your wishes best. And they also most want to honor you, have a nice remembrance.
    Cons It’s a big ask, even for close friends. Tending to final remains, and organizing a funeral service is a big and emotional job. Your friends may prefer to attend your funeral, not run it.
    Distant Family Pros Blood is thicker than water, right? You may feel than any relative, even estranged, is most appropriate.
    Cons Just like with close friends, it’s a big ask. And distant relatives won’t know much about you or your final wishes.

    Hired Professional Pros Want something done as you like? What better way then to hire someone? With friends and family, it’s either an honor or an obligation. Hire a pro, and it’s their job. A professional with a reputation to protect will reliably carry out your final wishes.
    Cons A professional may not have the same warmth as a friend or family. But remember, someone like a professional executor is just organizing burial and the funeral. Your friends are still in attendance, and free to focus on remembering you.
    The Public Option: Pauper’s Funeral Pros Well, it’s free. Yes, the state has a burial option of last resort for anyone with no family or no money.
    Cons It’s in the name: this is a pauper’s funeral. Typically for the homeless, your burial will be carried out by New York’s incarcerated.

    FREE Copy of “The Solo Ager Estate Plan”

    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 8 min
    How to Name a Bank as Your Executor

    How to Name a Bank as Your Executor

    Want a professional executor, but prefer an institution such as a bank or trust company? Here’s what to expect.
    The application process Like all other bank interactions, you must complete lots of forms and paperwork. It’s a lot of documentation, it may feel like you’re applying to college all over again.
    And just like applying for college, you may feel like you’re applying for acceptance. Banks do not accept all executor nominations, and they have internal committees to decide which estates they will serve.
    Bank minimums The lowest minimum I’ve seen is $1 million liquid assets, and it usually must be invest with the bank. But more usually the minimum will be in the range of $2-5 million, liquid and invested.

    Trusts only Anecdotally, we’re beginning to hear that banks prefer to accept trustee appointments, and not executorship.
    Some financial institutions flat-out reject clients who ask them to serve as executor, even when that client has millions invested with them.
    Apparently some banks have acknowledged that being an executor is tough work, and perhaps not worth it for them.
    Customer (higher) fees Most states have laws that set the executor’s compensation. But banks will usually ask you to sign a contract with it’s own fee schedule. Higher fees, of course.
    Banks have many advantages (“immortality,” private client perks such as fine dining, tickets, etc.), just be aware of what it entails.
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    • 7 min
    Why is Being an Executor Difficult? The Statistics

    Why is Being an Executor Difficult? The Statistics

    Here are the results of a survey and statistics to illustrate why folks think being an executor is so difficult.
    Is being an executor difficult? The average executor doesn’t think the job is particularly difficult to understand. But, they do think carrying out the role can be difficult.

    Source: https://www.statista.com/statistics/281604/difficulty-in-being-an-executor-of-an-estate-among-wealthy-americans/

    Based on a survey by Statista, non-professional executors feel the most difficult parts of serving as an executor or trustee of an estate are:
    Commitment of time required Many tasks seem simple, and would be if you were doing them for yourself (closing a bank account, getting financial records, etc.). But many executors realize how difficult those tasks are with an estate.
    Insufficient legal or financial knowledge Yes, you can hire an attorney or CPA to advise on most matters. But what executors really want to know is: what are my chances of getting sued if I make the wrong decision?
    Filing tax returns Executors must get tax clearance, to avoid being haunted by the IRS later. This can frustratingly take months.
    Managing disagreement among heirs This is particularly awkward and stressful if it’s your own family. Thanksgiving gets even more awkward!
    How much time does it take to be an executor? According to a survey by EstateExec.com, the average non-professional executor spends 570 hours to settle an estate.

    Source: https://www.estateexec.com/Docs/General_Statistics

    How long is 570 hours?
    71 full workdays 14 full work weeks 3 1/2 months of work Make sure you’re ok with this level of disruption to your job or leisure time, before accepting executorship.
    How long do estates take to settle? On average, 16 months. In our experience, 16 months sounds low.

    Source: https://www.estateexec.com/Docs/General_Statistics

    Also be aware that it’s not a steady stream of work. Rather, there will be bursts of hectic activity, with long gaps of waiting in between.

    FREE Copy of “The Solo Ager Estate Plan”
    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 12 min
    Did Her Estate Plan Work? A Solo Ager Example

    Did Her Estate Plan Work? A Solo Ager Example

    Let’s take a look at a real world example of whether a Solo Ager’s estate plan worked towards the end of her life.
    Ms.H’s Plan: DIY Will + Professional Executor Background Ms. H is a solo ager (unmarried, no kids, over 60 years old) who’s been estranged from her closest relatives (siblings and nieces and nephews) for decades.
    She made a do-it-yourself will leaving everything to charity. Thankfully, she hired a lawyer to supervise her will signing.
    Ms. H named me her professional executor in her will, and over the past 10 years her wishes have remained largely the same.
    Recently Sadly, age has caught up with Ms. H, and she was recently hospitalized for lack of self-care. Her doctors agree they cannot discharge her to live alone anymore, so we’re making arrangements for Ms. H to move into assisted living.

    She’s understandably anxious about all this, and even contacted her long-estranged niece and asked her to visit.
    What Went Right with Her Plan? Ms. H avoided a few problems by naming me her professional executor.
    First, she won’t have to deal with any “court-appointed strangers,” such as a guardian. Instead, she can turn to me, someone she’s chosen and has a relationship with.
    Second, she felt comfortable reaching out to estranged family, without fear they’d try to sneak into her inheritance. Since Ms. H already has a will and an attorney-executor standing by, her niece has focused solely on reconnecting with Ms. H emotional, not financially.
    And lastly, Ms. H’s doctors, hospitals, and social worker have all been grateful to have me as a main point of contact for her care.
    What Went Wrong with Her Plan? Her plan does have a couple of weaknesses.
    Since an executor steps in after death, I don’t have authority to help Ms. H now. For example, I can’t help make financial arrangements for her to access a better assisted living. She much choose among the options thru Medicare.
    Also, if unscrupulous and aggressive family comes out of the woodwork, I have fewer tools to fend them off. We’d have to battle in court, which could waste Ms. H’s time and money, and cause her stress.
    Why a Trust Could Have Been Better If Ms. H had made me trustee, I’d be better to avoid any court-appointed strangers for her. And more ability to upgrade her care, and deter unwanted family, without having to go to court.


    FREE Copy of “The Solo Ager Estate Plan”
    Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”

    • 13 min
    3 Examples of How Co-Ops Are Worse (an Executor’s Perspective)

    3 Examples of How Co-Ops Are Worse (an Executor’s Perspective)

    Most NYers know the deal with co-ops: they’s less expensive than condos, but they come with a lot of rules and headaches. Here are 3 real world examples:
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    • 13 min

Customer Reviews

5.0 out of 5
18 Ratings

18 Ratings

cl-bk ,

Very practical podcast

Really great podcast and covers all the big topics that every grown up adult should be thinking about. My wife and I need to get a will ASAP!

RealMomNYC ,

Real answers to real life questions

Learned more from one episode than I could have in 10+ hrs of reading a book on the same topic! Love the straightforward and honest style too. Keep ‘em coming!!

sangkpark ,

Covers topics I feel I SHOULD know

Covers the finance topics that while I may not need or applies to me directly, but it was good to hear them cover some of these topics

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