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If your lawyer is your executor, what if he/she dies, as mine did, or retires? Does the responsibility automatically go to another lawyer in the firm, assuming yours has partners (mine didn't), or...???
That's why I chose a trust company/firm instead of a single person practice.
Couldn’t the beneficiary or beneficiaries named in the will just take a list of the assets to a lawyer and have the lawyer handle everything for a fee. Is it really necessary to have a professional executor before hand?
My NGO beneficiary commonly gets bequests like mine. One of the reasons I chose them. They can handle bequests inhouse. Why add to the list of potential players? They might farm out specific tasks (like liquidating personal property at the house) but frankly they can do whatever they want. At that point I'm beyond caring about those details. My will includes bequests of sentimental items to specific people I know would appreciate them. I don't care about the rest.
Last edited by Parnassia; 02-14-2024 at 07:13 PM..
Most of my assets are in brokerage accounts, so they will pass POD to the designated beneficiaries (nearly all are charities, but I do have one or two friends named). Everything else goes to charity as well, as mentioned in my will. The trust department of a local bank has the role of executor.
The state can always play the role of executor, as well. The most important thing is to have a valid will, and make sure other people know you have a will and know where to find it, and to have beneficiaries designated on all your financial accounts!
I was making a sick joke before. IMO, you're spending too much time thinking about your death while you are still alive. I worked in an area where county probate sales took place. There was would be a preview of the belongings of those who died intestate. I was very young then but still found it disturbing to watch strangers pawing through the deceased's belongings. But, it's just stuff. If you can't decide, your local government will decide for you, however children & animals will always need help. Good grief, live your life.
Have my advance directives on my refrigerator along with dog sitter name and number, lawyer/executor and phone lock number.
That is a good idea. I am aching to ask you your age. I am 61 and I think as I approach another 5 years and start to do stuff like I am looking at it on my refrigerator every day...
Is that a state requirement? I never heard of that and I'm leaving my estate to a humane society. Now, my accounts are not the primary thing and won't be, the sale of my house is.
I have been able to add charities to my accounts. You just need their EIN number (which is readily available.).
Otter, Just do a simple will for the properties. You can allocate amongst charities. The will covers everything where you do not designate a specific beneficiary. Unfortunately, you do sometimes need to update them.
If your lawyer is your executor, what if he/she dies, as mine did, or retires? Does the responsibility automatically go to another lawyer in the firm, assuming yours has partners (mine didn't), or...???
You do have a point, but I considered that, and did what "brightdoglover" did, in the post I quoted, below...
Quote:
Originally Posted by brightdoglover
I chose a younger lawyer so the chances are that she'll outlive me. Her senior lawyer did retire. I assume any responsible lawyer would have made arrangements with someone in case of incapacitation or such.
That's what my wife and I did, as we've already outlived our two (individually) previous lawyers.
Simplest solution for leaving money is to name a beneficiary on your bank accounts, you mentioned credit union is where you keep your money. If you have several beneficiaries (people or non-profits) you can open individual accounts in your own name and have different beneficiaries.
Certificates of deposit (CD's) will have to be renewed each time they mature with new beneficiaries.
I like the idea of posting your important information on your refrigerator unless it is too depressing. to see daily.
Might be enjoyable though imagining the happiness of the beneficiaries.
We moved to a new city/new state near relatives and need a lawyer to write a new will because each state has unique requirements. Would I name the lawyer as executor? No, because without someone overseeing them they might not be better than an outsider. Saw it happen with a relatives estate, lawyer charged huge amount as executor. Why? Because he could.
That is a good idea. I am aching to ask you your age. I am 61 and I think as I approach another 5 years and start to do stuff like I am looking at it on my refrigerator every day...
Almost 71, in generally good health.
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