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My best friend died and his family are a bunch of goofs, so he named me executor.
It wasn't bad.
I just did exactly what his will said without exception and completely ignored his whiny kin. It got resolved in about a year.
My lawyer said I was a very good executor and did a very fine job.
We have no children and just named a charity as POD or TOD on our various accounts.
No probate, no wills, in the U.S. We did need a will for our condo here in Ecuador, but named the same charity. Very easy and the beneficiaries appreciated the no probate ease.
Whomever said 5% - wow!!!!! Google it to make sure that is correct.
In my state, last time I looked, it is whatever is considered "reasonable" and might be 1 or 2 percent.
On the other hand, banks can charge whatever they want - last time I checked a bank (couple of years ago), it was 3 percent.
There are also financial planners who specialize in this, and I found someone with very reasonable, hourly rates (can't recall now what it was - maybe $100 per hour?)
As I stated, we do not have family members in the USA. The countries my wife and I are from have very different systems - and they would have no idea how to deal with these type of issues...
We will find a law firm/lawyer to name as backup executor.
Why not each of you name someone from out of the country for the last survivor to come to the states and handle the estate settlement? Set aside some funds or an insurance policy.
If they are going to get the goods why not handle the business? Then if retired there is the consideration of selling all you have and moving close to family.
Whomever said 5% - wow!!!!! Google it to make sure that is correct.
In my state, last time I looked, it is whatever is considered "reasonable" and might be 1 or 2 percent.
On the other hand, banks can charge whatever they want - last time I checked a bank (couple of years ago), it was 3 percent.
There are also financial planners who specialize in this, and I found someone with very reasonable, hourly rates (can't recall now what it was - maybe $100 per hour?)
Do more research!
That was me:
Quote:
Compensation for an executor in Virginia is the sole discretion of the court which has jurisdiction over the estate. As a general guideline, an executor is entitled to whatever fee is fixed by the will. Where a specific fee was not fixed, the courts have considered reasonable a fee equal to 5% of the assets.
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