Confused about appointing executor and trustee

[sharonlou]

I went to an attorney to have my will prepared. I need to give the attorney names for trustee and executor. There is no one in my family I will name for this, and hate to burden a friend with the responsibility. The lawyer said I could name a bank or attorney as trustee/executor.

I don't really understand what the executor and trustee have to actually do? I know that when my mom died, dealing with the house and personal belongings was (IS) a very labor-intensive process.

Basically I want all assets put in trust for someone if I should predecease him (which is unlikely). If he predeceases me, then everything, including proceeds from real estate, goes to a 501(c)3. How can a bank or a lawyer deal with disposing of my house and personal stuff and pets?

I know I should ask the attorney these questions, but she keeps circling back to my family members, and I have already told her no and I am firm about that. I get a distinct feeling she's bored with explaining basic fundamentals and just wants me to "give her a name" so she can pop the variables into a form and have me sign it and bill me.

I really don't want to burden a friend with this stuff when I die, but I don't understand the mechanics of how a bank or law firm would handle my personal stuff.

Can anyone help me understand this? Yes, I know I should change attorneys, but I don't want to spend more $ starting over since I'm gonna get a bill for the time I already spent with her.

 

[anteater]

Keep in mind that a friend can be compensated for acting as executor and/or trustee. And a friend may be willing to request less in compensation than an attorney or a bank trust department, making more available to your intended beneficiaries.

It sounds like you are just creating a will right now that: a) creates a trust if that someone is still alive; 2) if that someone predeceases, distributes your assets to the 501(c)3. Whoever you nominate as executor in the will, whether it is a friend, an attorney or a bank, files your will with the probate court, is appointed as executor and then administers the estate - gathering assets, paying legitimate creditors, distributing the remaining assets according to your will's provisions, etc.

The executor gains legal authority to deal with your estate through appointment by the court. The trustee, if a trust is created, gains authority through the trust document.

 

[sharonlou]

Thanks anteater! But how does a bank or attorney clear out my personal belongings, prep my house for sale, etc. Sorry, I guess this is an extremely basic question, but I can't see people coming over from the bank to clean out my clothes from the closet and washing the windows, selling the furniture, etc. Do banks and law firms really do this? Some of my assets are tangible and have to be handled. The $$ is easy enough to distribute and not much of a hassle for a friend to handle; it's the personal property I am concerned about. How does an institutional executor handle real estate and personal property? I don't care about the statutory fee that a law firm or bank would get. Thanks again for advice.

 

[anteater]

While it would be rather amusing to see a bank VP washing the windows...

They would hire someone to do those tasks. And, unless, you specify in your estate planning documents, they would likely hire someone to do an estate sale for your personal property.

EDITED TO ADD: Overlooked the mention of real estate. Again, unless your estate planning documents say otherwise, they would contract with a real estate agent to place it on the market.