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Old 02-20-2017, 07:50 AM
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This info about a fiduciary is absolutely helpful, thank you so much! This forum can be so useful!
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Old 02-20-2017, 12:17 PM
Location: SW US
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Old 02-20-2017, 05:39 PM
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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.
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Old 02-21-2017, 11:23 PM
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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!
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Old 02-22-2017, 02:41 AM
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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..
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