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Realize as indicated in the provided link provided by stressedout the commission is optional and taxable. So as suggested your niece may be better off being in the will and not taxed.
Thanks for the info.
@ Stressedout, we have two heirs. Daughter and grandson. My niece is the person who I would trust with our estate. She would definitely be compensated for her efforts. I just wasn't sure if it was a pre-determined percentage. As mentioned above, it might be better to leave her a fair amount in the will to avoid her needing to pay taxes.
Oregon allows Transfer of Death Deeds, which we'll do for our home, which is paid off. We can also do the same with our investment and savings accounts. So none of that will go thru probate. An executrix would have nothing to do with those.
You could single premium a life policy that way you can change the beneficiary at will and the money will go to her tax free or whom ever you make executor. You can buy a policy for a single payment of say $1500 and the death benefit may be about maybe $2500 depending on your age and health or if you have a life policy already just give her a percentage.
Even with a will, probating an estate is a pain in the neck. There is mounds of paperwork.
True this, plus those bothersome appearances in probate court. I've been executor of several estates and wouldn't dream of consenting to doing so again without guaranteed compensation beyond expenses. Those 'expenses' can be a joke. It's a thankless job at best, and - honestly - there's no incentive for an executor to complete the process without a financial incentive.
True this, plus those bothersome appearances in probate court. I've been executor of several estates and wouldn't dream of consenting to doing so again without guaranteed compensation beyond expenses. Those 'expenses' can be a joke. It's a thankless job at best, and - honestly - there's no incentive for an executor to complete the process without a financial incentive.
If all the property and bank accounts are already deeded or named to an "after death" relative, what would an executor need to do in court? We'll only have personal property and the overseeing of our cremation. And as someone above mentioned, we'll not name personal property in the will, just leave a letter with our wishes.
I would put her in the will fox x dollars and let her know why. Will should only if alive.
I would also say any out of pocket expenses incurred by executor are to be reimbursed.
I would put her in the will fox x dollars and let her know why. Will should only if alive.
I would also say any out of pocket expenses incurred by executor are to be reimbursed.
I was thinking that I will name her as owner of our checking account after we're both dead. It will automatically be hers and hers alone. She can use that money to do whatever needs to be done. I can leave as much in that account as I want. It will never become a part of our estate. I have to go to the bank tomorrow and see how to go about all this.
kadylady, after reading your link I now understand how Oregon does things. Your transfer-on-death deed functions the same way as our "joint tenants with right of survivorship" deed, meaning that the property is automatically transferred to the surviving owner, which is usually the spouse. Here in NY, for bank and brokerage accounts the same effect is usually achieved by naming one or more beneficiaries on the account; those people have no ownership in or control over the account until after the account owner dies. For real property, though, a JTWROS deed means that one owner has the same rights over the property as any of the other owners and can transfer their share in the property to someone else if they so choose, even during the other owners' lifetime.
I second the recommendation of arranging (and paying for, if you can afford it) your funeral(s) in advance. Several years ago I not only bought my cemetery plot but also had the headstone made and inscribed, leaving out only the date of death. The only burial expense that my son will have will be the liner which is required by our state and can't be purchased in advance; that costs about $1000 nowadays. I also made arrangements with the funeral home so that they have all of my preferences on record, even down to whether or not to put a notice in the paper (a thousand times No!)... all the things that my son would otherwise have to pick out and choose himself at the time. I also gave him a sealed envelope with detailed instructions as to where to find everything he will need, and what anything of value is currently worth (because otherwise he will have no clue whether it's good stuff or junk, LOL).
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True this, plus those bothersome appearances in probate court. I've been executor of several estates and wouldn't dream of consenting to doing so again without guaranteed compensation beyond expenses. Those 'expenses' can be a joke. It's a thankless job at best, and - honestly - there's no incentive for an executor to complete the process without a financial incentive.
