FINANCIAL HOUSEKEEPING | Learn the duties of an executor
Many people take on the role of executor for the estate of a friend or loved one without knowing much about what the job entails. That can make the situation difficult if there are any complex issues to deal with, situations that the volunteer executor may not even be aware of when accepting the task.
To help with that situation, MainStay Investments has developed a series of educational materials and worksheets on the difficult subject of death. “You’ve Been Named Executor – Now What?” and “A Death in the Family” are not light reading, but they’re good to have in the house when the time comes, so that they can be an easy-to-read reference.
Part of MainStay’s much larger collection of booklets and checklists, the booklets are available free in the investor-education area at or by calling 800-624-6782.
SHORT COURSE | Due diligence
A fancy term for background and research, “due diligence” is the amount of digging or investigation that is considered reasonable and necessary for a prudent person to determine whether a business deal or investment makes sense.
Part of “doing your due diligence” involves looking into the possibility that the information provided about the business arrangement has misstatements or omissions.
Due diligence can include looking through public documents, interviewing people with a know ledge of the business or industry and more. Failing to do this kind of background work, the investor or consumer can fall into the legal territory of “buyer beware,” where a court may hold that they would have known better – and avoided problems – had they properly completed their due diligence.
