U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 02-20-2017, 07:50 AM
 
13,352 posts, read 25,621,216 times
Reputation: 20637

Advertisements

This info about a fiduciary is absolutely helpful, thank you so much! This forum can be so useful!
Quick reply to this message

 
Old 02-20-2017, 12:17 PM
 
Location: SW US
2,228 posts, read 2,044,826 times
Reputation: 3839
Agreed!
Quick reply to this message
 
Old 02-20-2017, 05:39 PM
 
363 posts, read 225,160 times
Reputation: 629
Several states have limits on how an attorney can charge when s/he is executor of the estate. For instance, in Arkansas it is 5%. You might be paying much more in total if you have to hire a professional fiduciary and still have to have a lawyer to do probate.

Many things such as IRAs are outside the 'estate,' and you could name a beneficiary directly, either individual including foreign nationals or an organization.

Suggest you review your state's laws. You may be able to avoid probate and structure a trust fund that essentially dissolves itself when both of you have passed.
Quick reply to this message
 
Old 02-21-2017, 11:23 PM
 
7 posts, read 2,641 times
Reputation: 38
Having handled two estates as an executor for two different friends I can tell you it's a LOT of work and can take a lot of time to completely settle an estate. So it's well worth hiring a professional executor, or trustee and expect to pay them a reasonable fee for their services. Great advice that it should be a fiduciary. Many states dictate what the fee can be. Others have looser guidelines so you should check with your state rules and discuss with your attorney whether you can specify the fee or fee structure in your will(s). Also great advice to get files and affairs in order so executor can find documents needed. And be very detailed and specific about your wishes. The clearer the better so the executor can make sure your intentions are executed. Both my friends died unexpectedly. Both left pretty complicated estates behind. One took 20 mo to settle. The other took 4 years! Real estate had to be sold in very bad markets. One of the biggest challenges was dealing with family members who had their own ideas of what their relative wanted. Also figuring out all of their online accounts and how to access them and close them. They each had dozens of accounts and sign ins and I had no passwords. So this took many months of detective work. Good you are thinking about this now but hopefully you won't need anyone's services for a very long time!
Quick reply to this message
 
Old 02-22-2017, 02:41 AM
 
15 posts, read 18,704 times
Reputation: 110
Right on Misquito!!

Last year my 83 year-old, divorced and childless, aunt passed away after a 6.5 year battle with Alzheimer's and Dementia. I was the trustee (fudiciary) of her affairs. She had a trust prepared, prepaid cremation insurance, and her home and personal files were organized and in order (she had placed her house, which was paid off, and her bank account in a trust). It made stepping in and managing her affairs a helluva lot easier. I am in the process of preparing her final tax return as I post this message. The experience of dealing with an ailing relative who has Alzheimer's is EXTREMELY stressful! I do NOT want to even think about what that experience would have been like if she did not put her affairs in order before hand. When I created my trust and living will, I followed her example. Since I don't have friends/family that are up to the challenge of acting as my fudiciary, I hired a professional to step in and take over when I can no longer take care of myself. Tomorrow is NOT promised people! Get your affairs in order sooner rather than later!

Last edited by Punkinpie; 02-22-2017 at 02:57 AM..
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top