Trusts & Estates Law/Executors

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Question
QUESTION: Hello:

Is it a good idea to use a trust company from a bank as an executor for a person's will?

I thank you for your reply.

ANSWER: It depends on how large the estate is and whether you anyone else you can use.  Trust co's are expensive and charge for everything.  You may not have a choice but I would try and find a friend, CPA, attorney first.

David Disraeli


www.pcfo.net

---------- FOLLOW-UP ----------

QUESTION: Hello:

I want to thank you for the reply!

I have a small estate, if you want to call it that. I am single no children.
When I spoke with the attorney about an executor, I suggested that the law firm be the executor.  The attorney said that it would be better to use the trust company in town.  I plan on having the will updated someday and when I do, I will select a different attorney from the firm and ask again for the law firm to be my executor.  The attorney did not give me a reason for not using the firm as the executor.

I do not feel comfortable asking a friend or out of state relative to be my executor.

Thanks again for your advice!

Answer
You attorney doesn't want the hassell.  I don't blame him.  A trust is personally liable for they decisions.  Keep shopping around.  My hunch is an attorney will agree to a modest fee schedule.  

I glad I helped.  I just have a sour taste about trust companies.  Make sure that you allow the beneficiaries to switch trust co's.  I've see horror stories when you have to use a certain trust co.

Regards,


David

Trusts & Estates Law

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David Disraeli

Expertise

I can answer general questions about estate planning and trusts. I can also answer questions about estate tax reduction and advanced charitable giving, family partnerships and asset protection. I may have already answered your question here: www.lifeplanblog.com or here www.pcfo.net

Experience

I have worked for 24 years with clients and their attorneys to formulate estate plans to meet client goals. I have found many mistakes made by client attorneys and were able to have them corrected. I focus on making sure that beneficiaries are protected from current or future spouses and lawsuits so the wealth stays in the family. I have also published a book on Aging Parents which can be found on Amazon https://www.amazon.com/dp/B003VP9WTG

Organizations
President and founder of The Personal CFO Inc.

Publications
www.pcfo.net www.lifeplanblog.com

Education/Credentials
Certified Financial Planner 1994

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