questions about attorney fees and executor fees

[slreno]

What is the name of your state (ohio)? we asked some questions here about this at the beginning of the year and you guys answered great for us. we took your advice and got an attorney tp protect my wifes best interest. but we got some paper work from our attorney late yesterday and he is out of office until next week so we was hoping someone here might take a shot at our questions and concerns...

this is kind of confusing let me try to explain it the best i can.
the estate attorney and the executor are taking there fees per the standard form for their fee ie: (% of the first 100,000 % of the next 300,00 for the executor) and almost same thing for the attorney. ... but anyway what it boils down to is this
there is a total of 72,000 in cash in the estate and there is also a 110,000 in lottery in the estate that the executor has elected to continue the payments for the next 7 years as it was scheduled to be distributed to the deceased if he had not passed. because she didnt want the discounted lump sum...
keep in mind these numbers i am throwing out here are not exact they are approximate to keep it simple and show my point..
so here is what the attorney and the executor have done. they have got the total of the estate at 182,000 and there fees are really huge due to this reason. (over 12,000 in fees) ... shouldnt there fees be computed on the total cash that is now in the estate plus ONE year of the lottery payout instead of the full amount of the lottery since the executor elected to have payments for all Beneficiary for the next 7 years.. and since she has elected for the next 7 years the lottery money will actually never hit the estate anyway? so in fact should there even be any % fees they can charge against the lottery since it is actually never hitting the probate estate!

let me make this clear, above where i said there is 110,000 in lottery in the estate, is not actually true. just the value is listed the actual lottery will NEVER hit the estate since executor elected to have the remaining 7 payments of this lottery continued. it will be sent directly to the 5 Beneficiaries divided equally from ohio state lottery commision.

if this doesnt make sense let me know i will try to explain better..
thanks

 

[ShyCat]

I believe the future lottery distributions are properly categorized as an asset of the estate.

 

[slreno]

i sure see where it looks like it is counted as an asset, but my confusion comes in here.
this is a quote from the orc:2113.35 Commissions.
"(A) Executors and administrators shall be allowed fees upon the amount of all the personal property, including the income from the personal property, that is received and accounted for by them and upon the proceeds of real property that is sold, as follows:"

it says above "received and accounted for" these lottery payments are NOT "received" they are JUST accounted for..
trust me i am not trying to pick an argument here it just seems a bit confusing to me.. i could understand if the executor would have elected the lump some and the actual payment was distributed to the estate. thats another issue itself.. the letter sent to the ohio lottery says the executor consulted the beneficiaries and they chose to have instalments instead of lump sum which is a bold face lie, my wife wanted the lump sum so she lied to ohio lottery not that it actually means anything but just stating a fact.

 

[OHRoadwarrior]

As the executor received the option to cash out the winnings or continue distribution over 7 years, I see no difference in the fee calculations.

 

[slreno]

ahhh ok ,, i think i see where i was confused.. it says "of all personal property, including income from personal property" the lottery is counted as personal property so the fees would be on it all whether it is actually physically in the estate or not.. is that correct?
thanks