Executor Entitlements???

[sarahskeys]

What is the name of your state? Colorado
I am 25 years old and the only living relative of my grandmother, whom I live with. In her will, she has appointed a long time 'family friend' as the Executor of her Estate. He is to decide if/when I am responsible enough to turn over the finances to me all at once or if it should be paid out to me over a 10 year period begining when I turn 30. My grandmother wants him to be paid a fair amount for his efforts, but there is no set amount. He is to take what he feels is owed to him depending on if/when he turn things over to me. I'm concerned he may not want to turn things over in order to continue to collect money himself. Without having a set amount to be paid, would it be possible for him to (at worst) obtain more of my inheritance than I would?

 

[Dandy Don]

It is not likely that family friend would take more of your inheritance than you would get, but he could take advantage by charging more than he is legally entitled to.

You need to be consulting with a local probate attorney to find out what the exact rate is in Colorado for executor fee (law defines it as reasonable compensation--a loophole that allows them to charge whatever they want) but an acceptable rate would probably be about 5%.

You need to politely discuss this with grandma and ask her to put a definite percentage rate in the will) and also to ask her to consider putting the money in a trust account (to be managed by a professional trustee at the trust department of a bank, and not the family friend) so that family friend need not be involved in the management at all and if the family friend were to die, the bank trust department trustee will always be there to manage the money.

DANDY DON IN OKLAHOMA ([email protected])

 

[seniorjudge]

What is the name of your state? Colorado
I am 25 years old and the only living relative of my grandmother, whom I live with. In her will, she has appointed a long time 'family friend' as the Executor of her Estate. He is to decide if/when I am responsible enough to turn over the finances to me all at once or if it should be paid out to me over a 10 year period begining when I turn 30. My grandmother wants him to be paid a fair amount for his efforts, but there is no set amount. He is to take what he feels is owed to him depending on if/when he turn things over to me. I'm concerned he may not want to turn things over in order to continue to collect money himself. Without having a set amount to be paid, would it be possible for him to (at worst) obtain more of my inheritance than I would?

...He is to decide if/when I am responsible enough to turn over the finances to me all at once or if it should be paid out to me over a 10 year period begining when I turn 30....
Where (in writing) do you find this?