Would you quit your client to be his executor?

Would you quit your client to be his executor?

Would you quit your client to be his executor?
 
“It would be a conflict of interest. It is double dipping if I was paid on the insurance or the investment side, and collecting money as a trustee or executor,” he said. “Let’s be honest, there’s too much going on these days. People are ripping off the public … and more often than not, they are people that are dealing with money.”
 
With that in mind, MacCoy recommends advisors considering making the leap over to executor or trustee, ensure that all their ducks are lined up before doing so. This includes, he says, establishing a legal agreement between you and the beneficiaries, seeking out proper legal representation and adequate coverage for your services.
 
“If you’re looking to make a couple of extra bucks, be careful what you wish for because there is an awful lot of time involved,” said MacCoy, adding that it took 2.5 years to settle the estate he took over. “If things are not done correctly, so the beneficiaries are happy, you are going to be taken to task.”

Would MacCoy take on the roles as executor again?
 
“It would depend on the circumstance,” he said.




 
 

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