Estate/Independent Admin Final Accounting Error

[Dimsumkid]

No you do not... if you never took on the job it is (or should be) in the will... if not, then the judge will appoint someone...


Now, if you meant resign.... well then maybe this is true...

For what's it's worth, this is what my atty gave me as options. I had to go through the other heirs to identify someone else as a replacement if I decided to withdraw. I was also told the Judge could decline my withdrawal too. Of course, this was just my experience. This was as an independent administrator (when there's no will) and all heirs had to sign off agreeing on who would fulfill this role, I'm sure this selection process is different than an executor.

 

[Martha]

Can anyone tell me if you can transfer a trust to another atty? How hard is this to do and what how expensive will it be?

There is no reason you can't switch attorneys. Expense depends on what work needs to be done on the trust.

You mentioned in one of your posts that a different lawyer handled the litigation from the lawyer you worked with in the first place. This is not unusual, as estate planner and people who do probate often do not litigate disputes.

 

[Westernskies]

There is no reason you can't switch attorneys. Expense depends on what work needs to be done on the trust.

You mentioned in one of your posts that a different lawyer handled the litigation from the lawyer you worked with in the first place. This is not unusual, as estate planner and people who do probate often do not litigate disputes.

+1
One thing I've learned about our legal process is that the best litigators aren't necessarily the best lawyers.

(Don't ask me how I know this...)

 

[Martha]

How does one decline being an executor (if they were asked and agreed originally)?

This sounds like an area where a 'disinterested third party' is well worth the money.

-ERD50

It is easy to decline before you take on the responsibility. Just don't take on the job. Once you are in it can be harder to resign as you now have a duty to the estate.

Disinterested third parties are rarely the answer. It likely would be very expensive, with the disinterested party likely charging very high rates. And who would the disinterested person be? I acted as representative for the estate a non-relative. I kept track of my hours. If I had billed them hourly I would have drained the estate. I know trust officers from financial institutions that have been personal representatives/executors and they charged very high hourly rates.

On the other hand, the personal representative I have named in my will is a friend, rather than a relative. The friend is very close, would do the work for nothing (except I have arranged for payment). However, I have no expectation at all of a dispute among heirs. It is just that the heirs either live too far away to act or are not suited or competent for the job. I would not name my friend if I expected a problem. As I and my friend approach old age, I am not sure what I will do.

 

[Dimsumkid]

There is no reason you can't switch attorneys. Expense depends on what work needs to be done on the trust.

You mentioned in one of your posts that a different lawyer handled the litigation from the lawyer you worked with in the first place. This is not unusual, as estate planner and people who do probate often do not litigate disputes.

Martha,
Maybe to clarify, since I established my trust with this firm, the trust then can be transferred to any other atty I choose? From how it was described to me, they'll always have the master trust docs. I don't have any current work that needs to be done on the trust, but I'm concerned about doing any future work with this firm as my trust would be the only legal item that connects us. If I want to move it to another legal firm, it's as simple as just going to the new firm and giving them a copy of my trust docs?

 

[Martha]

Martha,
Maybe to clarify, since I established my trust with this firm, the trust then can be transferred to any other atty I choose? From how it was described to me, they'll always have the master trust docs. I don't have any current work that needs to be done on the trust, but I'm concerned about doing any future work with this firm as my trust would be the only legal item that connects us. If I want to move it to another legal firm, it's as simple as just going to the new firm and giving them a copy of my trust docs?

They did the work but they did it for you. You own those trust documents, not the lawyer.

I do not know the practice in your state, but in my state you would go to the new lawyer and that lawyer would ask the former lawyer to send the file (with the original trust documents) on to them. The new lawyer might have you sign a letter directing the old lawyer to make the transfer.

 

[Dimsumkid]

They did the work but they did it for you. You own those trust documents, not the lawyer.

I do not know the practice in your state, but in my state you would go to the new lawyer and that lawyer would ask the former lawyer to send the file on to them. The new lawyer might have you sign a letter directing the old lawyer to make the transfer.

Martha,
Thanks, hopefully it's the same here. Just seemed too simple a process to transfer.

 

[Dimsumkid]

Just had a phone conversation with the owner of the legal firm. He's going to make sure about no being billed for this work and will get back to me, seems to be wanting to not make things whole, since I'll only be out $564 if only 1 party doesn't pay me back. Also added the atty that worked on my case did a great job. Mentioned they don't do any collections work. When I mentioned that I had sent a lot of work his way, he said he has eight attys and that if it wasn't me, then it would be someone else's work. So, I don't get a warm and fuzzy feeling that he really cares to make me whole if the last party doesn't want to repay me.

Definitely sealed my decision to move my trust to someone else.

Also, forgot to mention that since I found this accting error, he's not blaming me for finding it, but seemed to imply why I didn't find it when I reviewed and sign it. I asked him why his firm didn't find it, nor the Judge or my mom's guardian didn't find it either! No answer to this.

 

[haha]

Just had a phone conversation with the owner of the legal firm. He's going to make sure about no being billed for this work and will get back to me, seems to be wanting to not make things whole, since I'll only be out $564 if only 1 party doesn't pay me back.

Do I understand that you are OK except for $564?

I know it must hurt, but if this is true consider yourself lucky and get out of that situation just as soon as you can. Another week of fretting will cost you $564 worth of life energy.

Ha

 

[Dimsumkid]

Do I understand that you are OK except for $564?

I know it must hurt, but if this is true consider yourself lucky and get out of that situation just as soon as you can. Another week of fretting will cost you $564 worth of life energy.

Ha

Right now it's $564 * 2, just started the process of collecting from the other party. I still need to recover the money to resend out all the distributions to the other heirs.

 

[Westernskies]

Right now it's $564 * 2, just started the process of collecting from the other party. I still need to recover the money to resend out all the distributions to the other heirs.

Maybe just tell them they each need to collect $ from that party...spread the joy around.

 

[Dimsumkid]

I sure wish I could do that, but 1 party has payment w/county treasurer (other one we're seeking repayment) and another has a bank guardian appointed by the court.

 

[Dimsumkid]

UPDATE - I finally got the repayment of the $564 this week. Check cleared the bank as of today. What I thought was interesting, a cashiers check was purchased 1/13/2011, all the while claiming he couldn't come up with the money until 3/31, he mailed it on 4/4. Not sure what his motive was for stringing this out, other than to be a real PITA. The attorney wasn't happy that I'm withholding his payment for the other lawsuit (we owe him a little over $2000, my share is 50%), I told him he delayed getting this money, and we were going to pay him from our distributions (me and another sibling). As far as I'm concerned he caused these delays, so it's his fault. We weren't going to pay him unless it came from this distribution, he found it incredible we withheld $2000 over only $564! I think I'll wait another few weeks to pay him back.

 

[Nords]

I think I'll wait another few weeks to pay him back.

You're going to buy the cashier's check tomorrow and then sit on it for a few weeks, right?