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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,690 posts, read 57,994,855 times
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A 'money / legal' savvy friend, who is not hindered by asking for help. (not for the proud and kocky)
You can make it worth their while, as it is legal to take reasonable fees. No one is gonna get rich off my estate... I put it in a family charitable trust at about age 40, it gives me good practice in living cheap. My kids aren't totally impressed
well, all my financials won't need a will. The brokerage house has a "designated beneficiary" plan and I have already designated the beneficiary. So, my will would be quite simple, a small house and contents, vehicle. Our family is getting old. I could die with no relatives. And the lawyer that handles my will could retire after my death, but before my will is executed after 13 months of probate. He happens to work alone with his wife, so I am not sure what lawyer would take over all his cases.
I was advised to never let the lawyer who prepared the will be the executor.
Others say a lawyer is ok.
flyonpa: since my $ is taken care of now, as far as who it goes to, then with house and contents and vehicle = estate under $75,000. So no elaborate estate and 1-2 beneficiaries and maybe only 1.
As StealthRabbit said, choose a friend with some smarts/experience or at least the intelligence to know what they don't know who will hire any experts needed at the time. OR, you can even appoint a bank as Administrator or dispose of everything now. You can put things into a trust that you control until your death and then the new trustee takes over. If, for example, you want your house to be sold and a charity to get the proceeds, you can do that now through a trust.
Be careful in Florida. A non-resident friend can't be your personal representative:
In most cases your adult family members related to you by blood or marriage will be allowed to serve (but see the restrictions listed below for certain types of trusts.) With friends, however, you need to make sure that your state doesn't have any specific laws restricting non-family members from serving on your behalf. For example, in Florida, your Personal Representative must either be related to you by blood or marriage or a Florida resident in order to serve. Thus, if you're a Florida resident and you name your friend in Maryland to serve as your Personal Representative, your friend won't be allowed to serve.
Interesting to see this, since I am in the midst of changing my will. I'm an only child and my mother had been my executor, but she's 88 now. My son is old enough, but not very responsible, and wouldn't have a clue how to be an executor. A few years ago I had named my cousin, but she's very judgmental and I couldn't stand the thought of her going through my "stuff", even if I WAS dead. So I named a friend of 20+ years who's a project manager -- she would not be intimidated and is a no-nonsense, get-it-done type.
As for distribution of my "estate" (ha ha), after my mother and son, I had originally named my first cousins. Then I started thinking, heck, they don't include me (the only child) in most of their events or think of inviting me for holidays (the FRIEND/executor does!), so if my mother and son would pre-decease me, whatever's left goes to two charities of my choice.
I would never have an attorney or bank as an executor of my will--or handling my trust--their interest is in money for their own pockets and will likely charge the estate more than you'd like. If you have no relative or relative-in-law you'd choose as executor/executrix, a trusted friend would be a good choice--ideally someone who is legal/business savy but that is NOT a requirement; what is important is that they are trustworthy.
Be careful in Florida. A non-resident friend can't be your personal representative:
In most cases your adult family members related to you by blood or marriage will be allowed to serve (but see the restrictions listed below for certain types of trusts.) With friends, however, you need to make sure that your state doesn't have any specific laws restricting non-family members from serving on your behalf. For example, in Florida, your Personal Representative must either be related to you by blood or marriage or a Florida resident in order to serve. Thus, if you're a Florida resident and you name your friend in Maryland to serve as your Personal Representative, your friend won't be allowed to serve.
Just out of curiosity, how do they know if someone is blood related or not. My best friend and I refer to one another as sisters; and I plan to have her execute my last will.
Just out of curiosity, how do they know if someone is blood related or not. My best friend and I refer to one another as sisters; and I plan to have her execute my last will.
Maybe *they* don't. But an aggrieved relative would. And - when you're signing documents in probate court and elsewhere - you're basically swearing to tell the truth. Don't know the consequences if you don't. Robyn
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