Some Minnesota residents may not find out until a loved one's death that they have been named as the executor under the testator's will, while others learn this well ahead of time. An executor has a number of responsibilities that include paying creditors, filing tax returns and paying what is owed, locating assets and distributing them to beneficiaries. If there are debts, it might be necessary to sell some assets to pay them off. The executor also has a fiduciary duty to manage the estate effectively. The tasks can seem overwhelming, but an executor can seek assistance from professionals, such as a financial adviser and an attorney, if needed.
Credit card debt increases as default rates fall
It appears that consumers in Minnesota and around the country are taking on more debt as the economy continues to grow. Total consumer debt in the United States has grown for 16 consecutive quarters and is now approaching $14 trillion according to the New York Federal Reserve's second quarter Household Debt and Credit Report. However, consumers seem to be coping with this increased debt load as default rates are essentially flat and credit card delinquencies are actually falling.
