Motley Fool Turns to McManus to Answer, “Who Should Be Executor?”

Daily Finance

Michele Lerner, a contributing writer to The Motley Fool, this week turned to McManus & Associates Founding Principal John O. McManus to answer the question, “Who Should You Ask to Be Executor of Your Estate?” From the article:

“A common adage in the industry is to name your enemy as your executor as a means of revenge,” says John O. McManus, an estate attorney and founding principal of McManus & Associates in New York City. “It’s a thankless job. If you appoint someone you love as executor, get your house in order. Otherwise, appoint someone you do not.”

Lerner points out that many people choose their closest relatives, but “before you decide, think hard about what you’re asking this person to do.”

She goes on to share that she talked to McManus about “what it means to be an executor and how to go about choosing one.” Below are the questions for which she shares answers from McManus & Associates:

Q: What are the responsibilities of an executor?
Q: Do you need to have a financial or legal background?
Q: How much time does it take to be an executor?
Q: Should you have more than one executor or is it best to have only one?
Q: Is it best to ask someone before you name them in your will as executor?
Q: Can someone turn down the job of executor?
Q: Can you get compensated for the time you put in as an executor?
Q: Can you be sued as an executor?
Q: Is there anything an executor can do to reduce family fights over personal property?

To find all of our answers to Lerner’s questions, check out the Daily Finance article here.

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McManus & Associates in New York Times article, “Growing Up With A Trust”

The New York Times today published an article with the headline “Growing Up With A Trust,” written by well-known “Wealth Matters” columnist Paul Sullivan. The story appeared online and in print, as well, on page F9 of the publication’s New York edition.

McManus & Associates worked hand-in-hand with Sullivan on this story, both in facilitating a conversation with one of our clients who shared insight on an anonymous basis and in providing expertise on preparing heirs for inheritance. From the article:

Steve, whose wealth was earned in financial services rather than inherited, is still working out a plan with his wife for telling their three sons about their inheritances. He asked that his name be withheld because he did not want his neighbors in the New York area to know about his money.

In his 40s and retired for more than a decade, he appears to be a model client for any trust and estate planner: he has already put more than $10 million in various trusts. “He’s a thoughtful, meaningful guy, and he has more time than our normal client,” said John O. McManus, his lawyer at McManus & Associates.

He is proud of the provisions written into the trusts for his children, which will keep them from having full access to the money until they are 35. Yet, though he has not done so, talking to his sons about his wealth is also important, even though all three are not yet 10.

To read on, visit http://www.nytimes.com/2013/03/26/your-money/trust-fund-children-need-an-education-about-money.html?pagewanted=all.

Top AV-rated Attorney John O. McManus was happy to weigh in on this important topic, because the firm is committed to helping its clients transfer not only assets, but also family values. As discussed in the piece, conversations with beneficiaries about wealth are part of an ongoing process, not just a one-time event. Through the creation of a Family Mission Statement, McManus & Associates can help you initiate these critical discussions and best prepare your heirs for a productive life filled with success that positively impacts society.

McManus & Associates is ready to talk you through this challenging, yet important process. Give our office a call at (908) 898-0100 to get started.

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