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This is an odd predicament for me, having lived so long, and not
knowing the answer to this:
I just lost my best friend. And the only really competent friend I
have. He was the executor of my will, and also had possession of my
life insurance policies, in case something happened to me. But now he
is dead. I have taken back the original copy of my will, and the
policies. I have them in my house now.
It looks as though I have no really good friends left--none who would
be capable of handling anything like this. I have rental houses, my
own home, nice furniture, an IRA, savings account, etc. The lawyer
who prepared my will has also passed away.
So what do I do now? What do old friendless folks like me do? Do I
call up a lawyer out of the yellow pages and ask him to be my executor
for a fee? Do lawyers work like that? Is that what lawyers do? What
should my next step be? How much do lawyers get paid for doing this?
(Is it a percentage of the loot, or hourly or set fee?) I don't want
to get taken, but need someone who can represent my interests after I
am gone.
Any suggestions would be appreciated.
--Karen
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Executors are entitled to compensation, fixed by law or regulation in
various jurisdictions (states, territories). Most lawyers prefer not to act
as executor unless they are related to you or both know your family well and
consider so doing will be noncontentious. New York law (for example)
requires specific acknowledgment by the testator (the person whose will it
is) that you are aware of the cost and the potential for conflict.
Banks and trust companies gladly act as executor, at least where there are
substantial assets. The Public Administrator (I imagine most or all states
have these) acts where nobody else can be found, or where (as in your case)
the nominated executor is dead. Or a family member can volunteer and the
Will admitted to "administration with Will attached" (as they say in
England, the terminology may differ elsewhere).
The executor or administrator will select the attorney to advise and act for
the estate, and to see that any estate taxes are paid. Often attorneys who
draft wills for clients keep the original, both for safekeeping and to try
to get the probate business when the client dies. Probate is profitable work
for lawyers.
If you name a charity as beneficiary of all or part of your estate, that
charity will be glad to help you and they will have executors and attorneys
to nominate -- and probably an arrangement where the executor and attorney
work for less than the legal maximum.
You can avoid probate by setting up (or having set up for you by a trusts
and estates lawyer) a "living trust" (inter vivos trust); you need to have a
trustee but that can be you while you live; and you can nominate a successor
trustee. Or if you can't find one, leave it to the court to do so after you
die (not a good idea, though). Such trusts are very common in California
where probate is costly, less so in New York where it is cheap.
On 01/04/2008 08:14, in article jnn3v3ldittqvc8o6nsv3c6gci6vmucj3p@4ax.com,
"Kathy Lund" <klund@evu.net> wrote:
This is an odd predicament for me, having lived so long, and not
knowing the answer to this:
I just lost my best friend. And the only really competent friend I
have. He was the executor of my will, and also had possession of my
life insurance policies, in case something happened to me. But now he
is dead. I have taken back the original copy of my will, and the
policies. I have them in my house now.
It looks as though I have no really good friends left--none who would
be capable of handling anything like this. I have rental houses, my
own home, nice furniture, an IRA, savings account, etc. The lawyer
who prepared my will has also passed away.
So what do I do now? What do old friendless folks like me do? Do I
call up a lawyer out of the yellow pages and ask him to be my executor
for a fee? Do lawyers work like that? Is that what lawyers do? What
should my next step be? How much do lawyers get paid for doing this?
(Is it a percentage of the loot, or hourly or set fee?) I don't want
to get taken, but need someone who can represent my interests after I
am gone.
Any suggestions would be appreciated.
--Karen
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This is an odd predicament for me, having lived so long, and not
knowing the answer to this:
I just lost my best friend. And the only really competent friend I
have. He was the executor of my will, and also had possession of my
life insurance policies, in case something happened to me. But now he
is dead. I have taken back the original copy of my will, and the
policies. I have them in my house now.
It looks as though I have no really good friends left--none who would
be capable of handling anything like this. I have rental houses, my
own home, nice furniture, an IRA, savings account, etc. The lawyer
who prepared my will has also passed away.
So what do I do now? What do old friendless folks like me do? Do I
call up a lawyer out of the yellow pages and ask him to be my executor
for a fee? Do lawyers work like that? Is that what lawyers do? What
should my next step be? How much do lawyers get paid for doing this?
(Is it a percentage of the loot, or hourly or set fee?) I don't want
to get taken, but need someone who can represent my interests after I
am gone.
In addition to the excellent advice of papadillos, you have another option,
the cheapest and easiest. You don't have to change your will. Just send
the original will to the primary beneficiary named in the will. Be sure to
keep a copy or another original for yourself. In the event of your death,
the primary beneficiary will take the will to probate and will petition the
court to name that beneficiary as the executor. The court will agree and
that's that.
This idea won't work if the primary beneficiary is a person that you don't
want to inform now that he or she is to be a beneficiary.
This answer must not be relied on as legal advice for the reasons posted
here: http://mcgyverdisclaimer.blogspot.com . And I am not your attorney.
McGyver
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I don't know where McGuyver lives and is licensed to practice law (or
perhaps I do: his posting host is verizon.net in Virginia, USA) but I have
to say that having "two originals" of a will is the worst possible thing to
do because "a destruction of a duplicate original constitutes a revocation"
and if one of the originals is lost a probate court may presume that it was
deliberately destroyed.
Here's a link to the first page of a relevant law review case report:
http://tinyurl.com/yqn3jn
And here's a discussion on the Web site of a leading trusts and estates
lawyer:
http://tinyurl.com/2arecu
McGuyver's advice is usually excellent so perhaps the lapse is due to this
being Poisson d'Avril, or as they say in English "April Fool's Day".
(On the other hand, it IS a good idea to execute a duplicate original of a
Trust agreement or declaration. Somehow trust documents are always getting
lost and it causes havoc when, for example, you try to collect on an
insurance policy payable to it when the settlor has died.)
On 01/04/2008 15:40, in article TPrIj.10717$Eq.3629@trnddc05, "McGyver"
<Greyprof@msn.com> wrote:
Be sure to keep a copy or another original for yourself.
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