Will executor

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nobbie48

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I'm both a heir and executor on a friend's will. It has come to my attention that this is not a good idea for either of us. Adding fuel to the fire is stories I am hearing about challenges to will going on for ages.

Being both is all good until someone contests the will, demanding more. Then, since I would have a monetary interest there would be a conflict of interest and I would have to either give up the executor role or I suppose give up my share of the inheritance. Some of these things get really ugly for a long time and if the executor screws up he/she can be sued. Insurance may not be available to protect the executors. The maximum payout for executors is 5%, divided by the number of executors.

What has stunned me from the stories is the way the number of lawyers involved explodes if the thing goes sideways.

If you think our car insurance set up is a rip off look into estate laws.

Is there some reason a sane person would want to be an executor?
 
nobbie48 said:
I'm both a heir and executor on a friend's will. It has come to my attention that this is not a good idea for either of us. Adding fuel to the fire is stories I am hearing about challenges to will going on for ages.

Being both is all good until someone contests the will, demanding more. Then, since I would have a monetary interest there would be a conflict of interest and I would have to either give up the executor role or I suppose give up my share of the inheritance. Some of these things get really ugly for a long time and if the executor screws up he/she can be sued. Insurance may not be available to protect the executors. The maximum payout for executors is 5%, divided by the number of executors.

What has stunned me from the stories is the way the number of lawyers involved explodes if the thing goes sideways.

If you think our car insurance set up is a rip off look into estate laws.

Is there some reason a sane person would want to be an executor?
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No logical reason to be one. But there are sentimental and family reasons.
 
I'm having my best friend as my executor. He gains nothing in the grand scheme of things as it's all(mostly) going to my kids. I'm spelling out exactly what gets done, he's just there to make sure my wishes are followed.
 
your paranoid and there is no real reason not to do it. Most executors have a vested interest in the outcome, its very common. You can only be sued if you didnt follow the wishes in the will, the lawyer you have to have will guide you through that. Unless there is a huge amount of money involved, contested wills dont go on long.
There is an executor fee, and you can get paid mileage and costs, reimbursmnet for anything realted to performing the duty.

There can be that dumbassed sister in law that thinks shes going to contest a will, then she finds out how much thats going to cost. All done.

It takes about a year to clear it all, filing of final taxes, collecting death benefits and clearing all accounts. If your an organized person in your life, its fine.
 
crankcall said:
your paranoid and there is no real reason not to do it. Most executors have a vested interest in the outcome, its very common. You can only be sued if you didnt follow the wishes in the will, the lawyer you have to have will guide you through that. Unless there is a huge amount of money involved, contested wills dont go on long.
There is an executor fee, and you can get paid mileage and costs, reimbursmnet for anything realted to performing the duty.

There can be that dumbassed sister in law that thinks shes going to contest a will, then she finds out how much thats going to cost. All done.

It takes about a year to clear it all, filing of final taxes, collecting death benefits and clearing all accounts. If your an organized person in your life, its fine.
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This!
 
Riceburner said:
I'm having my best friend as my executor. He gains nothing in the grand scheme of things as it's all(mostly) going to my kids. I'm spelling out exactly what gets done, he's just there to make sure my wishes are followed.
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I don't know the ages of your kids but be careful if one of them never leaves home or comes back. Unless you charge them room and board they can claim dependency and that can virtually negate the will.
 
This has happened to us twice. They very quickly changed their minds when they found out what a lawyer charges. It gives you a new perspective on who is worthy of your attention as a friend or family member.
Both my wife and i waived the executor fees. It just wasn't right to take the money.
 
nobbie48 said:
I don't know the ages of your kids but be careful if one of them never leaves home or comes back. Unless you charge them room and board they can claim dependency and that can virtually negate the will.
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Source for this statement?
 
klr_guy said:
Source for this statement?
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I kinda wondered about that too :/ "they can claim dependency" <- seems to me You would be the one claiming Them as a dependent.
 
Trials said:
I kinda wondered about that too :/ "they can claim dependency" <- seems to me You would be the one claiming Them as a dependent.
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I assume they are claiming dependency on the estate; shelter, food, etc.
 
Don’t want to take this another direction but I’ve been forced LOL , if you have a dependant on the estate child that never launched , and lives at home , your a dumbarse.
If that child is special need , in the spectrum, then your still a dumbarse for not making a clear situation for your adult child.
So many messed up families....


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Evoex said:
I assume they are claiming dependency on the estate; shelter, food, etc.
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Sure hope they have a backup plan because that well dried up.
 
Just a thought. This might be a good time to end this thread for your own legal protection and safety.
 
It certainly happens , “ wow , daddy has been paying rent on this 32 yr old bimbos apt. for the 8 yrs??” And she wants the rent continued , paid by the estate?? Well she provided emotional support for him that the real kids didn’t ... and bj’s ...


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If all the ducks are in a row with the will and estate it can be finalized in as little as 3 months.
 
Boy I sure hope daddy was claiming them all as dependents when he was still alive.
Wait :/ of course he was!
 
3 mths? suppose your right if they die at the right time of year. My limited (4 times so far) experience has been the wait for a calender year to end to submit final federal taxes.
Ducks in a row is key advice, last one took over three months to get paperwork responses from all the involved players. ( military pension, mcmaster uni pension, CPP OAS, and some RIFF collapses.

Thank your lucky stars when they check out in a retiremnet home with a bathrobe and slippers to dispose of. Mine all crap out with farms (live animals) , american real estate, 47 accounts (all with a balance under a grand) , and three vehicles with a net worth of $900. cdn, but one plated in Florida. And one had a parrot. That bit everybody but him.
 
crankcall said:
3 mths? suppose your right if they die at the right time of year.
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Mother died the first week of a February. Paid the lawyer's bill at the end of that May. The guy was good. Junior partner/estate specialist at the firm my father used. He found a bank account of his that my mother never knew about. That alone paid for his bill and a new car, so I wasn't muttering under my breath when I cut the cheque.
 
If the will is properly written... It shouldn't be too much of a problem executing it and "challenges" will be non starters.
Sometimes the banks can be a pain over documentation when closing accts... Sometimes they bend over backwards to help things go smooth and quick.
Depends who you get.
My wife has settled two substantial estates... no lawyer(s) needed.
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