How to choose an executor for a will?

[Guest]

As of this time, my will names my step-mother as executor for my will. However, she's going into her late 80's, and I'm going to have to pick someone else at some point, but I don't know who. Right now, my main beneficiaries are some long-standing friends and charities. Assuming my beau (fiance?) keeps his promise to me and comes out to his friends and family, I suppose he'll become my main beneficiary (especially if and when we marry, of course). I don't know who to pick if my step-mother won't be able to do it. Can I name one of the beneficiaries as an executor? Or are there professional executors?

[+ azdr0710]

https://www.forbes.com/sites/robclarfeld/2018/05/16/choosing-an-executor-for-your-estate/#67c06d263200

 

https://www.kiplinger.com/article/retirement/T021-C032-S014-7-tips-for-choosing-the-right-executor.html

[+ quoththeraven]

No, don't name beneficiaries as executors. Even if it's allowed, it's a bad idea.

 

It's not uncommon for lawyers to be executors if you don't have relatives who are contemporaries or younger.

[Lawkid3889]

Just remember that fiduciaries (executors, trustees) are usually entitled to commissions (usually a percentage of the assets distributed) which are set by statute in some states (in NY for example). You can add a provisions in your will noting that your executor is to serve without commission. I also recommend having an alternates set in your will should the person appointed not be able to serve.

[+ bigjoey]

Just remember that fiduciaries (executors, trustees) are usually entitled to commissions (usually a percentage of the assets distributed) which are set by statute in some states (in NY for example). You can add a provisions in your will noting that your executor is to serve without commission. I also recommend having an alternates set in your will should the person appointed not be able to serve.

 

Suggest a living revocable trust with all of your assets titled in the trust. On your death, assets flow immediately to the beneficiaries. No executor, no probate, no fees, no long delay in beneficiaries getting assets. The lawyer can be the trustee to handle paperwork at his normal rate which should be cheaper than an executor.

 

A will is needed only as a side document for assets left out of trust.

[Rudynate]

As of this time, my will names my step-mother as executor for my will. However, she's going into her late 80's, and I'm going to have to pick someone else at some point, but I don't know who. Right now, my main beneficiaries are some long-standing friends and charities. Assuming my beau (fiance?) keeps his promise to me and comes out to his friends and family, I suppose he'll become my main beneficiary (especially if and when we marry, of course). I don't know who to pick if my step-mother won't be able to do it. Can I name one of the beneficiaries as an executor? Or are there professional executors?

 

 

There are professional fiduciaries, who among other things, manage their clients affairs for them. Often, they act as an executor for a client.

[+ Keith30309]

Suggest a living revocable trust with all of your assets titled in the trust. On your death, assets flow immediately to the beneficiaries. No executor, no probate, no fees, no long delay in beneficiaries getting assets. The lawyer can be the trustee to handle paperwork at his normal rate which should be cheaper than an executor.

 

A will is needed only as a side document for assets left out of trust.

 

I was very surprised at the percentage of an estate some probate attorneys charge and I suspect if an attorney or accountant is chosen as trustee the cost would be similar.

If the bulk of an estate is in a trust and not “on the table” then the amount of work and therefore fee should be proportionally reduced.

Is this the way it works in practice?

[Rudynate]

I was very surprised at the percentage of an estate some probate attorneys charge and I suspect if an attorney or accountant is chosen as trustee the cost would be similar.

If the bulk of an estate is in a trust and not “on the table” then the amount of work and therefore fee should be proportionally reduced.

Is this the way it works in practice?

 

In California, it is set by statute. A friend of mine is a professional fiduciary and knows this stuff inside and out. She told me down to the dollar the maximum fee I can bill the estate of a friend for whom I am the executor.

[+ quoththeraven]

In California, it is set by statute. A friend of mine is a professional fiduciary and knows this stuff inside and out. She told me down to the dollar the maximum fee I can bill the estate of a friend for whom I am the executor.

I believe every state has a statutory maximum.

[+ Keith30309]

Oh well.

I'm working toward the plan of making sure that the last check I write before I die bounces.

[+ FrankR]

Suggest a living revocable trust with all of your assets titled in the trust. On your death, assets flow immediately to the beneficiaries. No executor, no probate, no fees, no long delay in beneficiaries getting assets. The lawyer can be the trustee to handle paperwork at his normal rate which should be cheaper than an executor.

 

A will is needed only as a side document for assets left out of trust.

This is exactly what I recommend. Living revocable trust and a pour over will that takes care of any small items not yet in the trust by funneling it straight to the trust for distribution. Avoid probate and all the related expense and drama...

[+ Topseed]

Name a person you hate as your executor. It’s a shitty job.

 

Seriously, I arranged to have the firm where my financial assets reside be my executor. They will sell my home and my stuff. Yes, there’s a fee. So what?

 

I then named a close friend as my Trust Protector. My friend has the legal standing to ensure that my firm (as executor) fulfills my wishes. My friend has legal standing, but is spared the time needed to distribute my assets and do all the horrible paperwork.

[+ nycman]

Name a person you hate as your executor. It’s a shitty job.

Amen. What a pain in the ass.

 

And if you REALLY hate someone....name two “co-executors”.

 

It’s a living hell that lasts well over a year.

[RM]

My Mom's estate was about $500,000 and we paid the lawyer about $15,000. I was executor and was entitled to almost as much by statute, but didn't charge anything.

[Guest]

There are professional fiduciaries, who among other things, manage their clients affairs for them. Often, they act as an executor for a client.

Should I ask one of my financial advisers if someone in their office will act as executor? Or my accountant? I guess one of them should at least know who'd do this. There aren't other relatives other than my step-mother I'd like to ask. They're either minor beneficiaries or distant relatives in far-away lands.

 

This is exactly what I recommend. Living revocable trust and a pour over will that takes care of any small items not yet in the trust by funneling it straight to the trust for distribution. Avoid probate and all the related expense and drama...

My situation is too fluid right now for me to want to set up a trust. If and when I marry (and, yes, of course there will be a prenup), then I will feel confident to set up a trust. Right now my domestic partner could leave at any time (he's on a temporary/student visa anyhow), but if we get hitched, things would feel very different for me.

[FurryDude]

Depending on what state you're in, you may be better off going with the lawyer, or a lawyer as your executor, than a financial advisor. If you're in California, for instance, the lawyer can't double-dip and take a fee as the lawyer and as the executor. That kind of depends on what your estate is composed of, though. If you have securities, the lawyer may take it on, but if your wealth is tied up in Beanie Babies, probably not. A professional fiduciary is a good way to go. Northern Trust takes on a lot of these. https://www.northerntrust.com/ There might also be an independent professional fiduciary in your area. If you're in California, you can also check out. https://pfac-pro.org/ If your lawyer is primarily an estate planner, they will know some decent fiduciaries in your area. Good luck!

Edited March 23, 2019 by FurryDude

[OneFinger]

This may be a little off topic but I recently retired, lost my only sibling last month (parents died years ago), and want to establish a trust. But WHERE do I execute the trust? I still own my home in Utah and own a condo in Oregon. So I basically have 2 "residences". I also have multiple credit union accounts in both states. But, about 75% of my estate (401Ks, retirement, etc.) are in neither state.

 

So, how do I setup a trust and which state should I use?

[robberbaron4u]

Why bother with a will, probate and executors or personal representatives? Avoid probate: put your assets in joint tenancies with right of survivorship or payable on death; in some states, "TOD"s (Transfer on death) are in force. Personal property, reserving a life interest for yourself, can be deeded to the person of your choice.

[+ azdr0710]

Why bother with a will, probate and executors or personal representatives? Avoid probate: put your assets in joint tenancies with right of survivorship or payable on death; in some states, "TOD"s (Transfer on death) are in force. Personal property, reserving a life interest for yourself, can be deeded to the person of your choice.

 

THANK YOU RB4U.........bank accounts should have a 'payable on death' designation.....real estate should have a 'transfer on death' designation recorded (one simple side of a page in my state).......all these assets are then NOT included in the 'resulting' estate (thus lowering the estate value possibly subject to 'death taxes' (estate taxes)).......

 

when our mother died, my sibling and I just went to the various banks and brokerages with a death certificate and ID and checks were written......nobody asked to see a will (wasn't necessary with the 'payable on death' designations)........make sure the real estate 'transfer on death' designation is recorded!!.......

 

admittedly, states may have different rules.....I presume some require a lawyer?????......my state doesn't

Edited March 24, 2019 by azdr0710

[Guest]

Why bother with a will, probate and executors or personal representatives? Avoid probate: put your assets in joint tenancies with right of survivorship or payable on death; in some states, "TOD"s (Transfer on death) are in force. Personal property, reserving a life interest for yourself, can be deeded to the person of your choice.

As I mentioned previously, my designations are going to be in flux for a while. While I have introduced my intended to most of my friends, he's only introduced me to his one local gay friend (has told another gay friend who lives in Europe and will apparently be staying with us next month), so I have had to take his declarations of love and intent to marry with a grain of salt. Tonight, we went out with this friend, and he did tell him of (1) his intention to marry me, and (2) his intent to come out to his family shortly (although he expressed a lot of anxiety over that). I'm slowly getting more comfortable with the idea that our life together will be permanent, although will be incredibly relieved when he comes out to his family (and introduces me to his straight friends from his country here). I don't want to do a trust or joint tenancy until I know for sure that what we have is permanent.

[+ bigjoey]

As I mentioned previously, my designations are going to be in flux for a while. While I have introduced my intended to most of my friends, he's only introduced me to his one local gay friend (has told another gay friend who lives in Europe and will apparently be staying with us next month), so I have had to take his declarations of love and intent to marry with a grain of salt. Tonight, we went out with this friend, and he did tell him of (1) his intention to marry me, and (2) his intent to come out to his family shortly (although he expressed a lot of anxiety over that). I'm slowly getting more comfortable with the idea that our life together will be permanent, although will be incredibly relieved when he comes out to his family (and introduces me to his straight friends from his country here). I don't want to do a trust or joint tenancy until I know for sure that what we have is permanent.

 

A revocable trust can be changed daily if you want. Imagine you die today, what would happen. Taking care of things in the future is nice but you need to think in the moment.

[+ FrankR]

This may be a little off topic but I recently retired, lost my only sibling last month (parents died years ago), and want to establish a trust. But WHERE do I execute the trust? I still own my home in Utah and own a condo in Oregon. So I basically have 2 "residences". I also have multiple credit union accounts in both states. But, about 75% of my estate (401Ks, retirement, etc.) are in neither state.

 

So, how do I setup a trust and which state should I use?

Your situation is clearly more complex than most. Seek out an attorney for a consultation and take a list of assets with you so he can help you navigate the state specific nuances. Any answer I give here would not serve you well...

[Floridasexman]

As of this time, my will names my step-mother as executor for my will. However, she's going into her late 80's, and I'm going to have to pick someone else at some point, but I don't know who. Right now, my main beneficiaries are some long-standing friends and charities. Assuming my beau (fiance?) keeps his promise to me and comes out to his friends and family, I suppose he'll become my main beneficiary (especially if and when we marry, of course). I don't know who to pick if my step-mother won't be able to do it. Can I name one of the beneficiaries as an executor? Or are there professional executors?

To be on the safe said...let your lawyer do it.

[robberbaron4u]

"Gay", "Bi", "Straight", be smart and have a prenuptial agreement.

[+ tassojunior]

Is it possible to name your beneficiaries in a will and authorize them to choose an executor?