Ask Liz Weston

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Liz Weston

Q&A: Executor duties

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Dear Liz: My best friend made me her executor. She has no relatives. She has listed people to receive money, possessions and her house. She has left me money as well. Once everything is disbursed and bills paid, there will be leftover money. If she wants me to have it, what needs to be written in the trust?

Answer: Her will should include a phrase that disposes of her residuary estate. After listing specific bequests, she would include a phrase such as “the rest and residue of my estate goes to” followed by the name of the person she wants to have the remaining estate. This clause isn’t without its problems, however, since receiving the residuary estate could tempt you to stint the other beneficiaries. Keep in mind that as executor, you have a fiduciary duty to all the beneficiaries, which means you cannot put your own interests first.

Friday’s need-to-know money news

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Today’s top story: Are high-deductible Medicare supplement insurance plans worth it? Also in the news: Are older workers a solution to the labor shortage, 2022 best cities for freelancers, and two of the biggest financial regrets women say they have.

Are High-Deductible Medicare Supplement Insurance Plans Worth It?
Compare premiums to check whether high-deductible Medigap Plan G and Plan F could offer savings.

Are Older Workers a Solution to the Labor Shortage?
Older workers, a large segment of the U.S. labor force, can deliver valuable benefits to businesses of any size.

2022 Best Cities for Freelancers
The pandemic has created more opportunities for remote, self-directed and freelance work than ever.

Here are two of the biggest financial regrets women say they have — and what you can do to avoid them
Fidelity’s 2022 Money Moves survey polled women between the ages of 18 and 35.

Thursday’s need-to-know money news

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Today’s top story: Tweaking your tech settings to protect your privacy. Also in the news: What to do if there’s a mistake on your business taxes, how to avoid Zelle scams, and the cheapest U.S. cities with major airports to rent cars.

You Can Tweak Your Tech Settings to Protect Your Privacy
Making life difficult for Big Tech.

What to Do If There’s a Mistake on Your Business Taxes
Here’s what two small-business pros say small-business owners can do to cope with an error on a tax return.

How to Avoid Zelle Scams, Plus What to Do If You Can’t
Scams using Zelle and other peer-to-peer payment services are popular. Learn how to protect your money and what steps to take if you experience a scam.

The Cheapest U.S. Cities With Major Airports to Rent Cars
The difference in price from city to city and airport to airport can be stark. Where you rent matters.

Wednesday’s need-to-know money news

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Today’s top story: Crypto could be coming to your 401(k). Also in the news: When it comes to your car contract, the devil is in the details, the Travel Nerd on what oil prices mean for your summer travel, and the majority of adults support mandatory personal finance education in schools.

Crypto May Be Coming to Your 401(k) — Here’s What to Know Now
You may soon have access to Bitcoin as an investment in your 401(k). But think about how you react to losses before jumping in.

When It Comes to Your Car Contract, the Devil Is in the Details
Avoid bogus fees and additional charges in your car contract by reading carefully before you sign.

Ask a Travel Nerd: What Do Oil Prices Mean for My Summer Travel?
Airfares are rising, car rentals will cost you. Maybe try a city with good public transit?

88% of adults support requiring personal finance education in high school, survey finds
Starting off on the right foot.

Tuesday’s need-to-know money news

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Today’s top story: Skipped college in 2021? Enroll this fall. Also in the news: Kickstarting your online clothing reselling gig, getting on board with travel subscriptions, and what it really costs to propose on the jumbotron.

Skipped College in 2021? Enroll This Fall
If you didn’t enroll or reenroll in college during the pandemic, this fall is the time to get back on the path to higher education.

Millennial Money: Kick-start your online clothing resale gig
With the recent rise of resale apps like Depop and Poshmark, the idea of selling old clothes online is becoming more fashionable.

Subscriptions are coming to travel, should you get on board?
Welcome to the Netflixification of travel.

What It Really Costs to Propose on a Jumbotron (and Better Ways to Spend That Money)
Financial literacy takes many forms, and sometimes it’s about the money you don’t spend.

Tweak your tech settings to protect your privacy

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So much of our sensitive personal data is being tracked and sold that trying to protect our privacy can seem like a pointless exercise.

We can disable the location tracking on phone apps only to find new apps stalking us the next time we check. We can turn off personalized advertising and still get bombarded by marketers that ignore our wishes. We can be fooled by language that’s designed to protect companies’ access to data rather than our privacy.

All this surveillance allows advertisers to manipulate us into spending more. People who are struggling financially can be targeted by predatory lenders and other seedy companies. If there’s a database breach, criminals can buy our information for just a few dollars and use it to impersonate or target us for various scams.

As individuals, we have limited ability to stop the prying. Meaningful action typically must come from regulators and lawmakers. In my latest for the Associated Press, what steps we can take to reclaim small but significant chunks of privacy and send a signal to companies that we don’t like what they’re up to.