Cash, Communication, and Capability: Preparing Your Family for an Estate
Three lessons from my conversation with Tony Steuer, Financial Preparedness Advocate
I recently had the opportunity to speak with Tony Steuer, Financial Preparedness Advocate on his podcast, Get Ready: Before Life Happens to talk about my experiences settling my dad’s estate.
Watch or Listen to the episode here: What It Really Takes to Settle an Estate
My stories kicked off discussions about what people can do right now to make things easier for those they leave behind. Here are three takeaways in our conversation.
Consider the best way to provide cash to the executor and/or those responsible for bills soon after your death.
There are many types of bills your beneficiaries may need to pay before your affairs are settled and they receive an inheritance. These include one-time expenses for the funeral and obituary along with ongoing expenses for upkeep of homes, vehicles, and businesses.
Cash to pay these bills may not be available for several weeks because of legal processes that prevent early access.
Tony and I discuss a few of the options to provide this cash, such as life insurance policies, joint accounts, and transfer-on-death (TOD)/payable on death (POD) provisions on brokerage and bank accounts.
Share your desires with your family and deal with expectations now
Tony mentions that many family ties are broken in the weeks and months following a death, often related to disagreements about inheritances.
I discuss what I’ve observed: parents cultivate family harmony when they share their desires clearly and consistently.
Prepare your family to manage money well.
Just because a person inherits financial wealth doesn’t mean the money will make a positive difference in daily life.
When Tony asks me for my number one tip in getting ready, I turn to the notion of adulting, honing skills in taking care of ourselves and our resources, whether our finances, our livelihoods, our homes, our gardens, our communities, or all of these.
Encourage loved ones to develop good money habits now and handle decisions wisely. Areas of discussion may include saving regularly, evaluating employee benefits and insurance policies, choosing an advisor, and investing.
Practical skills, such as reviewing medical bills, engaging financial and legal professionals, and hiring and overseeing contractors, can also prepare executors to deal with an estate to maximize its value.
Estate planning isn’t merely about deciding who gets what. It’s also about preparing the people you love—with accessible cash, clarity, and practical skills—to handle what comes next.
Watch or Listen to the episode here: What It Really Takes to Settle an Estate
What skill do you use today that a parent or adult taught you?