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or upset by what they hear. But keeping everyone in the loop is the best way to prevent conflict after you’re gone. THINK HARD BEFORE APPOINTING CO-EXECUTORS OR CO-TRUSTEES. Sometimes, an estate or trust dispute happens not because of what the decedent chose to do with their property but because of an issue involving how the estate or trust has been managed. It goes without saying that you should be careful to select someone you trust to serve as an executor or trustee after you’re gone. However, another category of disputes we see regularly is conflict between co-executors or co-trustees. There are certainly benefits to appointing two people to fill those roles. But there are big risks, as well. For example, we see many wills and trust documents that appoint two co-fiduciaries and provide that both must agree before any action can be taken. What happens when they just can’t agree? We get a phone call from a frustrated co-fiduciary ready to litigate. Appointing co-fiduciaries and providing that they each may act alone is also fraught with potential problems. What if one does something the other doesn’t like? Again, we get a phone call. So, unless you have a very good reason to appoint co-executors or co-trustees, it may be better to just appoint one person to serve in those roles. Although there is no 100% foolproof way to prevent estate and trust disputes after you’re gone, these are a few common ones we see in our practice. If you have questions about your specific situation, please feel free to give us a call. –Benjamin P. Kyber
READY TO TAKE UP THE NOMADIC L I FESTYLE AFTER RET IREMENT?
HERE ’ S HOW TO PLAN FOR I T
You’ve worked hard for years to arrive at this moment: retirement. Now that you’re free of your 9-to-5 job, you have a lot more time for activities you enjoy. That extra time is what leads many people to turn to a nomadic lifestyle after retirement. Touring in an RV, sailing around the world, or even just retiring to a cabin in a remote locale are all popular options for new retirees. If the spirit of adventure is calling you, here are some financial tips to set you on the right path.
DOWNSIZE BEFORE YOU GO
Some folks choose to sell their home and use the income to fund their travels, staying in apartments and rentals as they go. If that seems too drastic, downsizing to a smaller home is also a good option, especially if you plan to travel in intervals but want a home base to return to. This also gives you the option of renting your home while you’re away and using the money to continue traveling.
ASK OTHER NOMADS
Crowdsource advice from friends and family members who’ve taken the leap. Lots of other people have shared your dream and made it a reality. Many have turned their experience into books or blogs, like Lynne Martin, who’s been traveling around the world with her husband, Tim, for the last three years. The Martins used the sale of their home to finance their travels. They also take cruises to cut down on travel costs and often dine in to save money.
DO YOUR RESEARCH
If you have a specific place in mind for your retirement, like Hawaii or Texas, look at rental costs and other lifestyle changes that can affect your budget. For example, Hawaii’s cost of living is cheaper than other popular retirement states, like Florida, but basic commodities may be more expensive. If a boat or RV is more your style, be sure to add repair and fuel costs into your budget. As you go about researching and planning, be sure to consult with your financial advisor so they can help you look at your current situation and make adjustments. With the proper planning, you’ll be living your nomadic dream in no time.
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