In the newest episode of Advice You Can Trust, James and Ryan tackle a new topic surrounding the roles and responsibilities of an executor.

When faced with this role, oftentimes, individuals are unaware of the full extent of responsibilities that accompany this role. Additionally, an executor faces an apparent level of personal risk when assuming this position. Listen as James explains the duties of the role, as well as the assortment of variables to consider.

So sit back, relax, and enjoy a thought-provoking conversation that will leave you considering whether or not you're suited for the role of an executor.

Timecodes:

0:07 - Overview on today's topic

2:00 - What is an executor and what does this role entail?

3:54 - Why someone shouldn't automatically accept this responsibility without careful consideration

6:00 - What is involved with filing a will and setting up the estate bank account

8:00 - Issues that can be challenging for an executor, particularly finding all the assets

9:49 - Advice for an executors hunting for all the estate's assets

11:56 - The roles and responsibilities surrounding paying debts and liabilities tied to the estate

14:36 - People tend to be surprised when learning all that an executor is responsible for

16:15 - Executors should be concerned with a level of risk associated with the position

21:20 - Closing remarks and final tips for executors

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In the latest installment of Advice You Can Trust, James and Ryan dive back into the family dynamic, specifically challenges facing family businesses today. Through discussing these challenges, James has uncovered five specific mistakes that successful families are making.

Despite being a successful family business, oftentimes, unforeseen issues can arise without proper planning and wealth management overall.

So sit back, relax, and enjoy another enlightening conversation that is bound to leave you considering whether or not your own family business is making these critical mistakes!

Timecodes:

0:07 - Overview on today's topic

2:05 - How important wealth planning is for family businesses overall

3:21 - The risk for mistakes to arise along the way

4:40 - What traits should a family business be looking for in a wealth manager

6:10 - The mistake of relying on one specialist or technician that is hyper-focused on a single element of wealth planning

7:40 - Mistakes surrounding succession planning and philanthropic goals

9:00 - How secretive communication can create issues within a family business

10:50 - The mistakes surrounding the area of wealth protection

12:30 - What a family business should do to ensure their wealth plan isn't outdated

14:30 - Not being aware of the nuances surrounding entrepreneurial philanthropy

19:33 - Closing remarks

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In the sixth installment of Advice You Can Trust, James and Ryan explore the complex nature surrounding inheritances, specifically how to prepare heirs for receiving the inheritance itself.

It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be harmful to the overall wealth. A family needs proper planning and clear communication to alleviate any potential issues that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards.

While the idea of inheritances is relatively straight-forward, this episode unveils the intangible circumstances at play, including both the internal and external challenges an heir may face when the family wealth is passed down.

So sit back, relax, and enjoy another thought-provoking conversation on a topic we all thought we knew!

Timecodes:

00:05 - Overview on today's topic

01:52 - Why there appears to be a double-edged sword when it comes to inheritances

03:20 - The internal and external conflicts an heir may face along the way

06:16 - How to begin addressing these issues and helping the heirs face these challenges

07:12 - What affluent families are doing, or not doing, when it comes to inheritances

09:15 - How to start fostering a level of financial intelligence among the heirs

11:40 - It's important to note how the heir themself handles their own finances

13:51 - An approach to educating heirs that is more appealing and effective

16:03 - Additional education efforts a family matriarch or patriarch needs to be considering

18:30 - These lessons should apply to all families with varying levels of net worth

21:47 - Who families should be turning to for help with preparing the heirs for their future inheritance

23:30 - Final remarks

Connect with James Nichols:

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LinkedIn