| Author |
Message |
    
LilLB
Citizen
Username: Lillb
Post Number: 1186
Registered: 10-2002
| | Posted on Wednesday, January 18, 2006 - 9:11 am: | 
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We're making out our will and we need to name an executor in case we both go at the same time, but don't really want to burden a family member with this responsibility.
Has anyone hired a lawyer or other professional to act as executor? What is involved? Pros/Cons? Is it expensive to retain someone for this?
Any info is appreciated! |
doulamomma
Citizen
Username: Doulamomma
Post Number: 804
Registered: 3-2002
| | Posted on Wednesday, January 18, 2006 - 9:15 am: |
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I was an exec. for my grandmother's will - could have handed over the job to her attorney (I'm still a licensed atty in NJ, but not OH) but by statute in OH (where she lived), that would have meant paying a much bigger chunk to the atty - so you might want to check out the $ involved if someone acts as exec. in NJ. |
greenetree
Supporter
Username: Greenetree
Post Number: 6566
Registered: 5-2001
| | Posted on Wednesday, January 18, 2006 - 9:42 am: |
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You can have the lawyer who is doing the wills be the executor.
I'd rethink the family member thing; there can be a lot of discretion left to the executor and do you really want a stranger making those decisions?
We have someone from each other's family as our executor. My executor is TS's brother-in-law who is an attorney. Her executor is my brother who is an attorney. It doesn't have to be a lawyer, tho. We trust each one of them to carry things out in the spirit which we would want it done. |
phantom
Citizen
Username: Phantom
Post Number: 24
Registered: 10-2002
| | Posted on Wednesday, January 18, 2006 - 9:23 pm: |
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expense. well I believe that is set by law: 6% of the estate. you can check with your lawyer |
golden
Citizen
Username: Golden
Post Number: 139
Registered: 5-2001
| | Posted on Wednesday, January 18, 2006 - 9:56 pm: |
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If you have a lawyer make out your will but name a family member as executor, is the executor entitled to a % of the estate or does the will have to specify it. |
peteglider
Citizen
Username: Peteglider
Post Number: 1709
Registered: 8-2002
| | Posted on Wednesday, January 18, 2006 - 10:03 pm: |
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No, a family member as executor is not "entitled" to a fee.
That said, its customary to pay something (more a token, certainly not 6%) -- as a thank you, cause its really a big job. And thats not specified in the will necessarily -- its for the heir(s) to decide.
/p |
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