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Last will and testament question

Dominus

Dominus

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Don't know why. Woke up this morning and I have the urge to make a last will and testament. Did a google search. So, I need an executor.

My question is this. Can the lawyer that I hire to draft the will act as an executor? What kind of fees am I looking at? I'm late 30s... am I jumping the gun? Like, is it an annual fee for the executor from now to when I'm like 80? How does it work exactly?
 
No.

You pay one amount to create a will. You get a copy, or multiple copies, and the lawyer retains one.

If he acts as executor, he'll charge fees for that at that time. The probate court can appoint an executor if your named executor is no longer living or competent mentally.

Never a bad time to create a will. Just remember to change it as things change in your life. Not a bad idea to name contingency executors.
 
I had a will made awhile back ago before my dad passed away then just a couple months ago I already updated my will and it's all done with
 
At any age it's good to initiate one. You can tweak it as years go by.Especially if you own a home,property or have a cabbage empire.
 
You specify what the executor is to be paid, in the will, so discuss with whoever you give this task to. Usually it is a fixed percentage of all your assets paid when your debts are settled after desth. An executor can refuse to take on the job at the time you die , so specify an alternative.

If your will is simple, you can just copy a template.

The law varies depending on where you live. It likely needs to be signed by two witnesses who are not beneficiaries - ideally people who know you and can vouch for your soundness of mind if there ever arises a contention.
 
Don't make your lawyer an executor. If you have any doubt, read Dickens' Bleak House.

Choose a family member or incredibly close friend.

I would much rather pay my heirs to be executor than a lawyer.
 
/\ I'm sure that far more often than not, executors hire a lawyer.

In that regard, you are just passing the chore/expense of hiring a lawyer to your heir.
 
That's kinda funny. I woke up this morning and was updating my Trust for an hour or so.. Must have been in the stars.

What State are you in? I only know about Florida,
 
Vannie said:
have a cabbage empire
Click to expand...
The tough part with a cabbage empire is finding someone who'd want to inherit it! :lol:

me203 now dives for cover to avoid the volley of cabbages tossed at him...
 
pigface said:
If your will is simple, you can just copy a template.
Click to expand...

A high school classmate is an attorney, and I don't think he'd approve of this based on some of his commentary. I gather's he's seen too many problems with people doing htis an running into unintended consequences. A lot, though, might depend on the local laws--for all I know, some places might be more forgiving than others.

pigface said:
The law varies depending on where you live.
Click to expand...
True. And I think my high school classmate turned lawyer has mentioned another pitfall to keep in mind--if there is property in different states, then the estate plan needs to keep than in mind so all the legal needs are met.
 
One thing worth noting--wills are only one way of dealing with estate planning. There are other things one can do that might have benefits. For example, I've inherited a couple of financial accounts that were set up with "pay on death." One advantage of a good lawyer is that they know all the possible tricks.
 
rareboy said:
Don't make your lawyer an executor. If you have any doubt, read Dickens' Bleak House.

Choose a family member or incredibly close friend.

I would much rather pay my heirs to be executor than a lawyer.
Click to expand...
Just tell me why I shouldn't use lawyer as executor.
 
It is typical to appoint a relative or close friend to be your executor, but there isn't any rule. If you don't have an executor I believe that the court will appoint one, usually a lawyer. It may be possible for an unscrupulous lawyer to run up expenses that would eat up most of your assets, but I am just guessing. I believe the the executor gets their fee from your estate after you die. In some cases it may be possible to make some of your assets payable on death to certain people and those assets avoid probate. This may depend on your state laws, but I know that my bank accounts and retirement account are like this. I am not a lawyer but this is what I get from experience and word of mouth.
 
Incidentally, there are two charges, one for writing up the will which you pay at that time and one for executing your estate after your death. Many lawyers have a standard set fee for a simple will, but a more complex will will cost extra.
 
I got one in my thirties, and that was long, long ago, LOL.

You will pay a one time fee for the preparation of the will. There is no annual fee. If you choose your lawyer as executor, he or she will get a fee for distributing the remaining assets after your death. Typically the fee is a small percentage of the estate value. If you are the USA, there is likely a sliding scale set by the state, typically 2-5%. Alternately you could choose a relative or friend as executor. They could do it for free, or could be paid a small percentage. I have served as an executor. It is a ton of work.
 
Dominus said:
Just tell me why I shouldn't use lawyer as executor.
Click to expand...

It is just an added risk to your estate. Without living relatives to hold the lawyer accountable, he can abuse the office of executor and drag out the probate of the will, adding expenses over time unethically. And, he can even embezzle funds. The number of unscrupulous lawyers when there is no accountability is worrisome. Even if a named executor uses a lawyer to assist in probate, that relative is still the executor and oversees the execution of your intent. Without that reliability, the chance of abuse increases, since lawyers are notorious for being materialistic, even if you're not Shakespeare.

And, it's entirely possible you will outlive your lawyer, possibly unaware, and his assigns will handle your estate, with no regard for you personally, and no connection to you or insight beyond the printed words.
 
Pretty much all of this. Some tips. Including how to include a lawyer or professional Trust executor:

There's a ton of stuff on line about this:

Some excerpts from the OSC guidelines...

  1. Consider naming an estates professional as your executor. Many people choose to appoint family members or close friends as their executor. ...
  2. Consider naming more than one executor. For example, you could name a family member and a lawyer or trust company as co-executors.
  3. Name a back-up.
www.getsmarteraboutmoney.ca

Choosing an executor

Your executor is responsible for protecting and administering your estate, and distributing your assets to your beneficiaries. These are key duties that require a substantial amount of time and effort – and the ability to make intelligent decisions.
www.getsmarteraboutmoney.ca www.getsmarteraboutmoney.ca
 
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