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00:00:03 an executive operates under your will so after you pass somebody gathers all of your stuff and distributes it in accordance with your will that’s the executive or as we call it in Colorado the personal representative typically you name your spouse your spouse can refuse to do it but typically it’s not a hard job so they’ll take it on but you also want to name some alternates just in case your spouse has already passed or refuses so typically that’s your children so you can decide in the order that you want

00:00:35 them to serve so you you pick the ones that are the most responsible and maybe you have someone you don’t want to serve as a personal representative you can put that in there now the key here is the court is going to decide who your personal representative is going to be I have a case right now where someone who is the older brother who is a is entitled to do it but we’re fighting it in court because he’s not a good guy probably would steal the money so the court is probably going to say no you

00:01:04 can’t do that but you choose who you want to have do that typically it’s just someone who’s responsible and that you trust if you have questions about wills trusts who should be an executive give me a call no charge for the call and we’ll uh see if we can answer your questions and if I can help you great if I can’t I’ll see if I can refer you to someone who can

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00:00:03 what most people think after looking on the Internet is that somehow you can sequester all your assets and protect them from all your creditors forever doesn’t work that way there are ways you can do that and come close to that by using trust in Wyoming or Alaska and some other states but once people see the limits that are put on them when they put their Assets in that kind of trust they say no I don’t want to do that so the real answer there is first of all isolate those risk taking activities that you have into another

00:00:38 entity like an LLC or a corporation so if you’ve got rental real estate and you’re afraid tenants might sue you great put it in an LLC respect the LLC and the odds are very good that a court ultimately is not going to allow someone to come after your personal assets they’ll limit the recovery to the assets in the LLC and then what you do is you buy proper insurance insurance on the property in the LLC and then you buy an umbrella policy for yourself so if it does come outside of the LLC and you’re

00:01:12 attacked you’ve got a million or two additional coverage to handle that problem so if you have more questions about how to protect yourself from creditors and judgment creditors particularly give me a call we’ll talk it through no charge for that call and we’ll see if we can help you