View Single Post
Old 02-07-2010, 08:45 PM
  #5  
Bruce W
Senior MemberCaptains Club Member
PLEDGER
 
Bruce W's Avatar
 
Join Date: Feb 2001
Location: VA
Posts: 14,967
Default

Originally Posted by DrJim View Post
Why not let the lawyer do it? It is a trivial process (for them and the court). In my case the court issued some documents stating I was the authorized executor. The legal cost was fairly minimal, and the estate is paying anyway. Otherwise it is just like running a business. Open a bank acct, collect from creditors, pay the bills. Keep good records. You also probably need to "advertise" the death to inform possible claimants. The lawyer did this for me, they know what places to put it and what it should say.

In my state the executor is entitled to compensation from the estate, though I declined as me and my siblings were the only heirs.For doing the filing, representing the estate, and telling me what all to do, I think we paid maybe $1-2K to the lawyer.

If there are real estate transfers or other complex stuff involved that would normally require a lawyer anyway, then that will add to it, but again the estate should pay for it.
Jim,

Thanks for the info! I had forgotten about the probable need to advertise about the death/estate. I DO see the need for that, through the lawyer!

Compensation for the Executor is also valid in VA - a % of the estate. There are siblings and non-siblings involved in the Will. One interesting aspect of that is whether I will have to assemble ALL of those "named" for the reading of the Will, or, if I can notify them - individually - by mail/phone to advise? I may have to read it in the presence of ALL - as a "legality"? The lawyer can tell me that.

There is no "real estate" involved - she sold her only property a few years ago. I will probably be asked questions/provide info about that transaction, though, and where the funds went, and "capital gains" to deal with.

I will be contacting the lawyer this week to see what advice he gives concerning my contacting the Circuit Court, and other advice he has concerning HIS part in the probate, if/when I may need it.

Thanks, again - I have NO IDEA how long "probate" will take? I'm sure it varies - quite a bit - with each individual estate.

Regards,
Bruce W is offline