May-June2020 Issue

From FPA Your Executor, Successor or Co-Trustee In the context of estate planning, Klein explains, “An executor or trustee is responsible for making sure all assets are accounted for and transferred to the right party and paying debts and taxes—your own, your spouse’s or both. An executor is legally obligated to follow your instructions and to act in the best interest of all beneficiaries. This is a huge responsibility. Choose wisely and review your choice every five years or so to be sure the person is still the best player for your team.” Someone From Your Network A financial role model or mentor, someone who has shown stewardship with their own finances, can help you develop and maintain healthy financial habits. That person could be a friend, neighbor, professional contact, work colleague, etc. Employer They may not ever provide you with financial guidance, but as the primary source of your income, and potentially, workplace benefits, such as health insurance, the entity that employs you is of course a key “person” in your financial life. An employer becomes a positive force in your financial life when they provide perks, such as matching retirement plan contributions, shares of stock or an ownership stake in the company, etc. Some employers even offer access to a professional adviser for guidance on selecting retirement plan investments, workplace benefits and the like. You! Earning an income, spending and saving habits, goal- setting and goal-attainment, investing decisions. When it comes to most of the key factors that determine your financial standing, the buck ultimately stops with you. All the advice and guidance you receive from professionals and other people in your life will amount to little without thought, commitment and follow-through by you. This column is provided by the Financial Planning Association® (FPA) and the FPA of Central Pennsylvania chapter, the principal membership organization for Certified Financial Planner™ professionals. FPA seeks to elevate a profession that transforms lives through the power of financial planning. Through a collab- orative effort to provide members with tools and resources for pro- fessional education, business support, advocacy and community, FPA is the indispensable resource in the advancement of today’s Certified Financial Planner ™ professional. From FPA continued from page 7 8 REVERSE MORTGAGE / MAY-JUNE 2020