Law Firm as Executor?

[razztazz]

Problem is, who is going to file obit in the newspaper?

That's probably the last place the executor will find your name. It takes days at least to get an obit to run in the paper. Hospitals, local "police blotter" and sources like that will show up first. Now, if I were to die out of town, say, in a surfing or trapeze accident, not sure how the bank here would get that right away but, two things here: I will still be found and identified. Wallet, medic alert card, and all those other things, unless you're David Jansen, you can't just lose will tip everybody off. My wallet has a card in it that specifically says who to call.

If I am harder to ID (burned beyond recognition, no fingerprints due to hands-chopped-off, died while imitating Boy George etc) Dr Quincy's local equivalent will chase me down via / dental stuff. That'll take longer but Social Security and the VA will be notified and the bank/executor will eventually catch it. Situations like dying without a trace, meh, I can't worry about everything but let's face it, that possibility is vanishingly small. Especially for an old person.

 

[Sunset]

That’s why you need a lawyer to draft your DNR document. They’ll have specific description of what they will do in that event.

For example, they may add a specific time limit. “No chance of recovery “ is a bit vague as it depends on someone’s opinion.
But if “unconscious and on life support for a period of 7 days” is not. Depending on the complexity of your estate, it could be a significant amount of time to liquidate properties, taxes,etc....could be expensive. I would have a life insurance policy to pay the executor and have this spelled out. Insures they get paid and will be a fixed amount, ie they can’t run up hourly charges.

Don't know about other States, but in IL they have a standard gov. supplied form that gives a person a bunch of choices about DNR and more, like ventilation, feeding tubes, etc.

It's easy to fill out and take with you every trip to the hospital.

A big issue with DNR's is until the hospital sees it, they go by their own rules, so if you have a DNR at home and crash your car, or have an accident on vacation, it does no good.

 

[razztazz]

Don't know about other States, but in IL they have a standard gov. supplied form that gives a person a bunch of choices about DNR and more, like ventilation, feeding tubes, etc.

It's easy to fill out and take with you every trip to the hospital.

A big issue with DNR's is until the hospital sees it, they go by their own rules, so if you have a DNR at home and crash your car, or have an accident on vacation, it does no good.

As in your statement this might vary State-to-State but here in Iowa it is recommended right in the instructions of the state "Living Will" form that a copy should be given to your primary care doctor and kept on-file at the office. They usually ask you who your PC doc is whenever you get admitted so you can tell them then. If you are indisposed a medic-alert style card on you somewhere will tip them off on who to call.

In my case I not only have a medic-alert card but an additional list of notifications plus as slightly shrunk down copy of the notarized Iowa Living Will form. Locally, any hospital I might end up in, if they have to, will simply call around to find my PC MD. He's got the thing on file.

Again, I've done everything I possibly can. If something falls through the cracks it still beats working for a living!

 

[Amethyst]

Was just thinking the same thing. I'm sure plenty of people never get one, because those who disposed of their bodies and effects did not see it as their duty. Think of the extreme case: homeless persons. When they die, the state disposes of the body but do you think anyone puts a notice in the newspaper?

Problem is, who is going to file obit in the newspaper?

 

[RunningBum]

For example, they may add a specific time limit. “No chance of recovery “ is a bit vague as it depends on someone’s opinion. But if “unconscious and on life support for a period of 7 days” is not.

My attorney strongly suggested keeping it more vague. She had a few examples supporting that. I don't recall them specifically, but using yours, I might be unconscious for 7 days but have a very reasonable chance to recover. I'd have to go get a copy and see how it's worded but it gives my son and a doctor some latitude to make the right choice rather than a rigid criteria that ties their hands. Of course you have to trust the person who makes that call. I do. If that ever changes, I'll update the document.

 

[Ready]

We also have no children and find ourselves contemplating the same issues. Currently SIL is our executor but she lives in Florida and it would be pretty burdensome for her to handle all of the issues if we both passed at the same time. We have some friends that are local but are concerned with burdening them. Of course we would leave them some money in the will to compensate them but it still is a lot of work.

We live in a large house full of stuff. Sometimes I think about what would be involved in just sifting through everything in the house and figuring out what to do with it all. I wouldn’t want that responsibility for someone else’s estate.

 

[RunningBum]

We live in a large house full of stuff. Sometimes I think about what would be involved in just sifting through everything in the house and figuring out what to do with it all. I wouldn’t want that responsibility for someone else’s estate.

I think I've read in past threads that estate auctioneers are good at going through stuff like this and getting it sold, or junked if it has no value.

My folks got rid of a lot of stuff when the sold their house and went into independent living. They've further downsized with 2 more moves to smaller spaces and there's really not much left. Items that had sentimental value but not used by them have already been distributed among us.

 

[Amethyst]

I've posted before about how we engaged an online auction service to get rid of nearly everything in our Maryland home, other than the furniture and effects we were taking. Wish we had known about this from the beginning - it was a tip from a real estate agent. Up till then, we wasted a lot of money on paying people to haul stuff away.

You still need to go through everything, but at least you don't have to worry about actually disposing of it. Buyers come and pick up the lots they've won; the auction company disposes of whatever didn't sell, which in our case was minimal. It's amazing what people will come and remove, if they can get it for very little. And there was even a bidding war for some of Mr. A.'s vintage audio equipment. Sure, we could've made more by selling privately but I just couldn't face it at that point. Too much else to do.

It helps that I am one of those people who doesn't mind going through and sorting things, but there's no getting around that it's a lot of work.

We also have no children and find ourselves contemplating the same issues. Currently SIL is our executor but she lives in Florida and it would be pretty burdensome for her to handle all of the issues if we both passed at the same time. We have some friends that are local but are concerned with burdening them. Of course we would leave them some money in the will to compensate them but it still is a lot of work.

We live in a large house full of stuff. Sometimes I think about what would be involved in just sifting through everything in the house and figuring out what to do with it all. I wouldn’t want that responsibility for someone else’s estate.

 

[Boothie]

Wow, timely thread for us as we were just discussing this last night. I didn't realize banks provided this service, thanks for that bit of info razztazz.

Yes they do. When my final parent passed, I was the executor. I was left administering a trust. Because of the family dynamics, I ended up using the Bank folks because they were fiduciaries.

I also used lawyers, but I tried to minimize my use of them because they tended to be very expensive. In general, I've found that Lawyers have no incentive to be efficient in wrapping up an estate and therefore things tend to drag out (and cost more).

 

[ychuck46]

By law executors are only allowed to charge something around 2% of the estate's final value as a fee. It varies only slightly from state to state according to my lawyer.

It can actually vary quite a bit from that. Click on NY as an example. And virtually all states allow more than they post if the estate is complicated.

https://executor.org/resource/executor-fees-by-state/

 

[RoBo]

FloridaJim57,

ms gamboolgal and I in the midst of revising our Wills Trust now.

I just retired 1-Feb-21 and we have one Daughter who is our Executor.

We have named the Law Firm to be Executor if both ms gamboolgal and our daughter is deceased.

We too went thru the same thought process on potential folks to use, e.g., other relatives but those were not good choices due to be too young/immature or older than us. We considered some very good friends but they are our age and we did not want to put that kind of responsibilities on them.

So just this week, we met with the attorney for final revisions and alignment to prepare the revised documents.

We have named our Daughter as Executor with the Law Firm next in line.

in the event that we and our Daughter is deceased, the Law Firm will take care of our final wishes. Cost will be billed per hour and paid from our Estate.

We will discuss with the Law Firm how we should put the Steps/Actions in place for our Daughter in the event that ms gamboolgal and I have Crossed Over The Jordan.

We have spent a good bit of time and money getting to this point. We feel that we have done everything we can to plan as best we can at this point in our lives.

All the best in your endeavors to get your affairs in order.

gamboolman....

Please be sure to check your documents and/or the applicable state law to see what fees the executor gets. It is usually a percentage and often quite high.

 

[Ablatus]

Try your beneficiary.

My wife and I have no children, nor do we have any close relatives except people who are significantly older than us. Nor do we have any friends that we could ask to be our executor of our will. The only thing I can think of is having a law firm handle this once the survivor passes. Does anyone have any experience in handling their will this way? Immediate question that comes to mind is how would the law firm know that the survivor has passed and it is time to implement the will? Someone suggested carrying a card in our wallets saying to notify the law firm of our passing. Any advice?

Ask your main beneficiary, ie a college, if they would do it, since you are leaving them so much money. A Law firn would be billing $250 an hour, or more!

 

[imnontrad]

Check the laws in your state. IN some states, if a lawyer is the executor, they get a percentage of the estate as their fee. Depending on the size of your estate, that could be a great payday.
Also, make things easier by doing the "Swedish death cleaning" to get rid of /pass on items in advance.
You can make things easier by having beneficiaries designated on accounts plus a "Transfer Upon Death" for car and house. But ensure that there is enough left in the estate to pay final expenses and funeral costs.
In my family ,when my grandfather died, everything went to auction. If someone wanted something then they needed to be at the auction to bid on it. So distributing all household goods was over in a day (and the money split between heirs). This might be a good way to lessen the burden for the executor.
Also, since any money in IRAs will be subject to the 10 year withdrawal rule, have any donations to non profits from pre-tax retirement funds to lessen the tax burden for your heirs.

 

[GladToBeFree]

We have selected our financial advisor as our executor. We are without any children and leaving our money to various charities. He is much younger than us so I don't think we will out live him. I don't know how much he will get but since I will be gone, I don't care.

 

[Elizrogers]

What about pets?

I'm glad to see I'm not the only one who has no one to leave things to or to name as executor. I am single, only child and am not close to cousins. I have only one 1st cousin, and she will pull the plug and notify everyone in my contact list. She does not want my house, however, and as she is out of state will not want to go through decades of stored stuff. I have cats who are spoiled and I'd like any that outlive me to be allowed to live in the element and style they are accustomed to. There are currently 3, one of whom is already in his teens, so only one or two may outlive me (barring any unexpected accidents). I am willing to leave the house to anyone that will let them live here and care for them till they die naturally, then I don't care what they do with the house.

I thought this would be the hardest thing to arrange before my death, but you all have given me even more to worry about. I now have plenty to fill my days in retirement.

 

[2177V]

My wife and I have no children, nor do we have any close relatives except people who are significantly older than us. Nor do we have any friends that we could ask to be our executor of our will. The only thing I can think of is having a law firm handle this once the survivor passes. Does anyone have any experience in handling their will this way? Immediate question that comes to mind is how would the law firm know that the survivor has passed and it is time to implement the will? Someone suggested carrying a card in our wallets saying to notify the law firm of our passing. Any advice?

I would consider Five Wishes for a final directive to doctors and hospital personnel. click https://fivewishes.org/five-wishes/individuals-families/individuals-and-families.

As far as assets and the executor of your will, a law firm can do this. However, I heard some financial institutions can also perform this function if you have assets in a bank, an investment firm, etc. If you have significant assets with an investment firm, I would contact that firm.

 

[big-papa]

I am an estate lawyer and would NEVER pick an estate lawyer as my executor/trustee. We charge way more per hour than an executor/trustee. Look for a professional fiduciary or highly trusted friend. Name a few backups. Maybe a bank as last choice.

This!
My father in law, being estranged from his daughter (my wife), chose this route. And while the estate wasn't all that big, being charged attorney rates for being the executor was a big drain on what little there was to begin with...

Cheers.

 

[Markola]

This!

My father in law, being estranged from his daughter (my wife), chose this route. And while the estate wasn't all that big, being charged attorney rates for being the executor was a big drain on what little there was to begin with...



Cheers.

I’ve seen this in philanthropy, too, with attorneys taking forever, to the point that one wondered if they were just racking up billable hours. A major national charity that I worked for, which typically received $100 million/year in bequests, formed a team of internal lawyers whose job was to push along estate resolutions quickly. They took the simple point of view that the deceased donor intended for their money to flow to their beneficiaries, not their executor, and they really pushed. I saw some cases where it was a real service to all the beneficiaries of a given estate, who didn’t have a team of legal advocates themselves.

 

[Amethyst]

We currently have no pets, but when we had a cat, we had a clause in our will, specifying that the executor was to provide care for the cat and bill the estate. Of course you need to feel some confidence that your executor will not simply murder the pet and take the maintenance money.

I'm glad to see I'm not the only one who has no one to leave things to or to name as executor. I am single, only child and am not close to cousins. I have only one 1st cousin, and she will pull the plug and notify everyone in my contact list. She does not want my house, however, and as she is out of state will not want to go through decades of stored stuff. I have cats who are spoiled and I'd like any that outlive me to be allowed to live in the element and style they are accustomed to. There are currently 3, one of whom is already in his teens, so only one or two may outlive me (barring any unexpected accidents). I am willing to leave the house to anyone that will let them live here and care for them till they die naturally, then I don't care what they do with the house.

I thought this would be the hardest thing to arrange before my death, but you all have given me even more to worry about. I now have plenty to fill my days in retirement.