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Old 02-14-2017, 10:12 AM
 
Location: 5,400 feet
2,627 posts, read 2,585,455 times
Reputation: 3685

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Quote:
Originally Posted by FloridaDad View Post
There are companies out there that will handle this for you. You have 5 yrs to shop them. I don't know any but I ran into one when I did a closing and the trustee had no relationship with the seller but handled it for her. Good luck.
We're looking at a couple of these now, as we have no children and there are no close relatives nearby to handle it. They don't do much while you are alive unless you ask, but step in when the need arises. They will administer wills, be trustees and some will even be health care advocates.
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Old 02-14-2017, 11:25 AM
 
16,720 posts, read 14,727,707 times
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Quote:
Originally Posted by kavm View Post
My wife and I have been postponing creating our will. The main reason is that we don't have a clue who the executor should be...
As a former executrix on my father's will, please have an attorney be the executor. While I didn't mind doing the work, having to be between family members and having it all heaped on me was no fun.

I would never ask my children to have to do the work it takes to get all of that stuff done.

I really wish my dad had thought of that and paid an attorney to handle it instead.
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Old 02-14-2017, 11:38 AM
 
Location: Tampa, FL
27,798 posts, read 26,244,921 times
Reputation: 14611
Quote:
Originally Posted by jiminnm View Post
We're looking at a couple of these now, as we have no children and there are no close relatives nearby to handle it. They don't do much while you are alive unless you ask, but step in when the need arises. They will administer wills, be trustees and some will even be health care advocates.
what's the name of this sort of service? Is a Elder Law sort of law practice? A social worker service?

thanks
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Old 02-14-2017, 11:43 AM
 
Location: California
4,556 posts, read 5,478,999 times
Reputation: 9623
Default Overseas inheritance questions to research

Quote:
Originally Posted by dothetwist View Post
Who do you want your estate to go to? Family overseas?
I'm not sure what the laws are regarding inheritance outside of the U.S. but if allowed, there will probably be a huge tax bite. Even a foreigner living here will pay high taxes to prevent the money from leaving the country since there is no guarantee they will stay.
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Old 02-14-2017, 01:35 PM
 
Location: Haiku
4,189 posts, read 2,599,410 times
Reputation: 6166
Quote:
Originally Posted by convextech View Post
As a former executrix on my father's will, please have an attorney be the executor. While I didn't mind doing the work, having to be between family members and having it all heaped on me was no fun.

I would never ask my children to have to do the work it takes to get all of that stuff done.

I really wish my dad had thought of that and paid an attorney to handle it instead.
That sounds like good advice to me. We have been wondering the same thing.
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Old 02-14-2017, 10:20 PM
 
Location: SLC
467 posts, read 428,564 times
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Thank you so so much for all these helpful comments. They give me renewed motivation to get this project started, and the right idea about the backup executor (lawyer).

We still need to find the attorney - for the will and for the executor role. Don't know many attorneys; one that we know is in such poor health that we might outlive him... Not totally clear how to go about that, what kind of attorney we should be looking for, etc. Like to do things myself, so am half tempted to do a do-it-yourself will. Our assets - aside from the condo, etc. - are all in straightforward financial instruments (banks, retirement accounts, brokerage, mutual funds, etc.) - with one exception of a partnership share. So, it is not a very complicated situation

In response to a question that came up: if neither of us is alive, we expect to leave a majority of assets to our families - who are all abroad.

Quite interested in the answer to the question BucFan raised above on the type of lawyer/service to look for. Kind of sheepish about getting a lawyer out of yellow pages (or modern day equivalent) to fill this type of role...
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Old 02-15-2017, 04:30 AM
 
Location: The Triad (NC)
28,547 posts, read 62,287,227 times
Reputation: 32303
Quote:
Originally Posted by kavm View Post
Don't know many attorneys;
one that we know is in such poor health that we might outlive him...
Not totally clear how to go about that, what kind of attorney we should be looking for, etc.
Start with asking for specific recommendations from the attorney that you do know.
Then ask the other professionals that you know CPA, Financial Advisor, etc.
Whether you are their client or not... you have reason to know they re okay.

Focus on ones your age or a bit younger who have a younger associate to take over if/when.

Then there are likely to be attorneys who specialize in elder care law.
The local ABA and law schools should have lists.

Meet a few of them.
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Old 02-15-2017, 08:43 AM
 
Location: Florida
4,376 posts, read 3,714,793 times
Reputation: 4116
Quote:
Originally Posted by kavm View Post
Thank you so so much for all these helpful comments. They give me renewed motivation to get this project started, and the right idea about the backup executor (lawyer).

We still need to find the attorney - for the will and for the executor role. Don't know many attorneys; one that we know is in such poor health that we might outlive him... Not totally clear how to go about that, what kind of attorney we should be looking for, etc. Like to do things myself, so am half tempted to do a do-it-yourself will. Our assets - aside from the condo, etc. - are all in straightforward financial instruments (banks, retirement accounts, brokerage, mutual funds, etc.) - with one exception of a partnership share. So, it is not a very complicated situation

In response to a question that came up: if neither of us is alive, we expect to leave a majority of assets to our families - who are all abroad.

Quite interested in the answer to the question BucFan raised above on the type of lawyer/service to look for. Kind of sheepish about getting a lawyer out of yellow pages (or modern day equivalent) to fill this type of role...
As mentioned look for an attorney that practices in the Elder law area. I would avoid an attorney that puts on a free dinner and offers trusts. But you might want to go to learn some general info, but remember this is a sales pitch.

When you meet with the attorney I would have written down on a sheet of paper what I want done with my assets or your questions that you need answered to determine what to do with your assets. Include name of beneficiaries and contact info. Ask about a separate writing. This will be referenced in the will and you can update it on your own as you like. It covers items such as furniture, clothing, a special gun to be left to some one. Items that normally would not go in the will

Bring copies of your financial statements, deed to home, car registration etc. If (as you should) you have named a beneficiary for some of these bring that information. The idea is not to miss anything and to let the attorney see how the assets are titled. Print outs from web sites may work if you do not have the paperwork. The better prepared you are the less work the attorney has to do and hopefully that will lower your costs.
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Old 02-15-2017, 11:53 AM
 
Location: 5,400 feet
2,627 posts, read 2,585,455 times
Reputation: 3685
Quote:
Originally Posted by BucFan View Post
what's the name of this sort of service? Is a Elder Law sort of law practice? A social worker service?

thanks
Some probate and estate planning attorneys do this as part of their practice, other have a separate business line (usually with legal assts) - this is one we have not yet spoken with Trusts & Estates . Some banks have begun doing this as part of their trust administration business.

This organization was suggested by an attorney I know, and we will see them before long - Zia Trust Inc. Zia Trust Inc. The Advisors' Trust Company® .

I am listing those sites because they are examples of those who offer those services, but I have not used either one.
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Old 02-15-2017, 05:16 PM
 
Location: Virginia
3,987 posts, read 2,047,265 times
Reputation: 10969
I used to have the attorney who drew up my and my late husband's wills as my executor. Normally he didn't perform this function, but he was willing to do it for me (for a fee, of course.) Since I have transferred my estate to a trust, the law firm associated with the trust attorney will act as the executor for my estate. In my case, finding a person for the Advanced Medical Directive has been much more difficult, because I have no-one local or personally close enough to do it. Fortunately my GP has volunteered to be my Medical POA. She is an absolute doll!
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