executor fees

[odqlesz]

What is the name of your state (only U.S. law)? New Jersey
I have been named the beneficiary of an estate, currently the person is still living, their spouse has deceased and they have no children or family alive.
The person went to a lawyer and the lawyer suggested that they should be the executor, because it
could be a conflict of interest if I was the executor. So the person made the lawyer the executor.

My question, there is no conflict of interest here and the only reason why I see the lawyer asking to
be the executor is so they get a piece of the pie.
What are your thoughts on this.
How much are they entitled to.

 

[Zigner]

What is the name of your state (only U.S. law)? New Jersey
I have been named the beneficiary of an estate, currently the person is still living, their spouse has deceased and they have no children or family alive.
The person went to a lawyer and the lawyer suggested that they should be the executor, because it
could be a conflict of interest if I was the executor. So the person made the lawyer the executor.

My question, there is no conflict of interest here and the only reason why I see the lawyer asking to
be the executor is so they get a piece of the pie.
What are your thoughts on this.
How much are they entitled to.

My thoughts are that it's really not your business.

 

[adjusterjack]

New Jersey doesn't have a statutory formula for probate attorney fees so the attorney can charge his regular hourly rate for any work he does on the probate or he can charge a percentage or, basically, anything he wants to charge.

If an heir objects to the charges, the heir will have to petition the probate court to intervene if the heir can prove that the charges are excessive.

You really don't want to be fighting an attorney about his fees after the testator is dead.

This attorney seems to be an opportunistic shyster that convinced the testator that there was a conflict of interests when there wasn't any. Beneficiaries and heirs are routinely listed as executors or representatives of the estate.

As beneficiary, it certainly is your business to try to get this resolved. Otherwise a good chunk of your inheritance is going into the attorney's bank account.

 

[Zigner]

As beneficiary, it certainly is your business to try to get this resolved. Otherwise a good chunk of your inheritance is going into the attorney's bank account.

Butting ones nose in to place it doesn't belong is a good way for a beneficiary to find him or herself not being a beneficiary any more.

 

[adjusterjack]

Butting ones nose in to place it doesn't belong is a good way for a beneficiary to find him or herself not being a beneficiary any more.

True.

But pointing out a potentially costly mistake to one's benefactor might well be appreciated.

 

[Zigner]

True.

But pointing out a potentially costly mistake to one's benefactor might well be appreciated.

Fair enough. The OP has a fine line to walk here. On one side, he may appear to be showing genuine concerns for the benefactor and his wishes. On the other side, he may appear to be greedy and upset at how the benefactor chooses to spend his money.

 

[curb]

My uncle made a great mistake in allowing his attorney to be the trustee of his trust. The attorney charged over $25,000 to close the trust. This was a simple situation by my uncle's design. The attorney knew the beneficiaries were out of state. He milked the estate in every possible way knowing that it would be difficult/costly for the beneficiaries to take legal action.

I was one of three beneficiaries of my parents estate and also the trustee of their trust and personal representative for their wills. I closed the trust and estate (over $1 million) in less than a week at a cost of less than five hundred dollars.

 

[odqlesz]

My uncle made a great mistake in allowing his attorney to be the trustee of his trust. The attorney charged over $25,000 to close the trust. This was a simple situation by my uncle's design. The attorney knew the beneficiaries were out of state. He milked the estate in every possible way knowing that it would be difficult/costly for the beneficiaries to take legal action.

I was one of three beneficiaries of my parents estate and also the trustee of their trust and personal representative for their wills. I closed the trust and estate (over $1 million) in less than a week at a cost of less than five hundred dollars.

That's what i'm afraid of.

 

[adjusterjack]

That's what i'm afraid of.

If you are the sole beneficiary and you have a good relationship with your benefactor and your benefactor is in decent health for the foreseeable future you might want to bide your time a bit and then be subtle about suggesting a rethink of the executor nomination.

You can check this forum and other legal websites with similar forums and collect lots of sad stories about heirs that were faced with the erosion of an estate because the testator made a mistake in setting it up.

You can start with Curb's comment for your collection. I guarantee you will find many more that you can show your benefactor.