M
maryandwes
Guest
Florida
My wife's mother recently passed and left assets of roughly $350K and a will which names my wife and her sister as beneficiaries at 50% each. My wife's sister is the personal representative and has asked my sister to sign a document that says that she will get 3% of all assets, plus expenses, as her fee.
Included in the $350K are several CD's worth roughly $100K that were registered in the name of the deceased "or" one of the sisters "or" one of the grandchildren. Another is registered as the deceased "in trust for" one of the grandchildren.
Article V of her will states she "gives and devises all my right, title and interest in any such property to the surviving joint owner thereof." Article V goes on to say "It is my understanding that all right, title, interest in and to such property will pass to such surviviang joint owner upon my death by operation of law, but I do nevertheless make these provisions in order to eliminate any question as to the right of such surviving joint owner to succeed to the ownership of such property upon my death and to provide for the possibility that a true joint tenancy with right of survivorship was not created during my lifetime."
My questions: 1)Is 3% a standard fee; 2) should the 3% be based on all the estate's assets at time of death or on the estate's assets less the CD's that are jointly registered; 3) what does the latter part of Article V mean?
Thanks in advance for any advice/clarifications you can give.
maryandwes
My wife's mother recently passed and left assets of roughly $350K and a will which names my wife and her sister as beneficiaries at 50% each. My wife's sister is the personal representative and has asked my sister to sign a document that says that she will get 3% of all assets, plus expenses, as her fee.
Included in the $350K are several CD's worth roughly $100K that were registered in the name of the deceased "or" one of the sisters "or" one of the grandchildren. Another is registered as the deceased "in trust for" one of the grandchildren.
Article V of her will states she "gives and devises all my right, title and interest in any such property to the surviving joint owner thereof." Article V goes on to say "It is my understanding that all right, title, interest in and to such property will pass to such surviviang joint owner upon my death by operation of law, but I do nevertheless make these provisions in order to eliminate any question as to the right of such surviving joint owner to succeed to the ownership of such property upon my death and to provide for the possibility that a true joint tenancy with right of survivorship was not created during my lifetime."
My questions: 1)Is 3% a standard fee; 2) should the 3% be based on all the estate's assets at time of death or on the estate's assets less the CD's that are jointly registered; 3) what does the latter part of Article V mean?
Thanks in advance for any advice/clarifications you can give.
maryandwes