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Posted March 12, 2011
Important information to know before saying "yes"
Although this book is geared toward the reader being a trustee or executor I feel it is an equally important read for anyone assigning these positions as well. Knowing what the person chosen will have to do will allow you to choose the right person to carry out the duties.
Death is inevitable and preparing for it is a must, whether you are young or old. Often young people don't realize they need to prepare for death and not leave it until they are old. It's not an easy thing to think about but it must be done. Understanding the process is of utmost importance.
Gerald Shaw covers everything: roles, documents, probate, administering the estate, tax considerations, administering trusts, investing the trusts, and termination of the trustees duties. As well, he gives examples of trusts: revocable/irrevocable, testamentary, charitable remainder, spendthrift, totten, and many others.
I believe this book fulfills two purposes. One is to encourage us to make the most vital decision in our lives and the other is to choose the right person to carry out our wishes. I believe this book should be given by the person appointing a trustee or executor to the person they feel would be best for them before the commitment is made. And, I also believe the person that was asked will be much more cognizant of what is expected of them before he or she agrees to the position. This is an extremely important book and I encourage everyone to consider reading it.
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