So tell me about wills.

[firebug]

When I have joint executors come in I let them know that I will charge them extra unless they agree to renounce down to a single executor.

I've never had a situation where it was 'easier' with multiple and many where it was far far worse.

My suggestion is to pick your least favourite child for the role... its certainly not a reward.

[MoneyGuy]

Originally Posted by firebug

When I have joint executors come in I let them know that I will charge them extra unless they agree to renounce down to a single executor.

I've never had a situation where it was 'easier' with multiple and many where it was far far worse.

My suggestion is to pick your least favourite child for the role... its certainly not a reward.

I’m aware it’s no treat. I was co-executor and persuaded the other guy to back out. It was easier for the process and, as I said, I hired it out.

[Sliver]

Originally Posted by MoneyGuy

I’m aware it’s no treat. I was co-executor and persuaded the other guy to back out. It was easier for the process and, as I said, I hired it out.

lol then why are you considering making them co-executors if you know it creates problems and it's smoother if just one person is in charge?

[MoneyGuy]

I’m not.

They’re currently co-executors and I’m wondering about changing that.

[Sliver]

Originally Posted by MoneyGuy

I’m not.

They’re currently co-executors and I’m wondering about changing that.

Then change it, obviously.

[fotze2]

The probate part seemed to be the easy part so far.

I Visit to the bank today. Fata! They want my brother who is in new Zealand to be present. I have a feeling the bank will be a huge pain in the ass in comparison.

Definitely have one executor and also talk to the bank before they die.

Also it’s nice that every bank employee is just clueless. Like someone dying has never happened before. Twenty trips for the front line person to go ‘talk to the manager’. Nice I get to help train their employees.

[Dion]

Originally Posted by GGG

Pay someone to do it unless someone really wants to. It is the ####tiest job in an emotional time.

From your posts it sounds like you will end up with a large amount of assets to transfer.

I was the executor of my mothers will and in hindsight would agree it's a ####ty job. It came down to me doing or the lawyers son. My brother said he would help me through the process and i agreed to do it

[Fuzzy14]

Many folks are reluctant to pick one executor out of their two kids because they don't want the fight or to risk hurting feelings. My recommendation to my clients is always to "man up", rip the band aid, and have the difficult conversations now.

Pick the person that is most suited (either temperamentally or professionally) to do the job. If you have a professional you trust, tell your executor that they are to go see that person and that they will help them, that it will cost X% of the estate and that you're fine with that.

Certainty, and avoiding nasty surprises, is the greatest gift you can give them.

[Toast_Man]

So when doing up a will, what's the best way to deal with investments? A lot of institutions will ask for a beneficiary. If you want those investments to go to the beneficiaries of the will, do you just leave that part blank? How screwed would a will be if a beneficiary was named on say an RRSP account?

[MoneyGuy]

Delete

[fotze2]

Have to say, firebug and his company are absolutely top fataing notch. He’s been unbelievable with this stuff. I have no idea what I’m doing and he is an absolute kingpin. Tough to get a laugh out of him though ffs. So I do not recommend for that reason.

-Google maps

[Slava]

Originally Posted by Toast_Man

So when doing up a will, what's the best way to deal with investments? A lot of institutions will ask for a beneficiary. If you want those investments to go to the beneficiaries of the will, do you just leave that part blank? How screwed would a will be if a beneficiary was named on say an RRSP account?

Well, it can get a little complicated, but sometimes (depending on the type of investment) there are reasons to make a beneficiary designation on the account. For some (RRSPs) you gain creditor protection if you name an immediate family member. For others (TFSA) you can name a successor owner (spouse) which is more efficient than having it go through the estate. And finally, some investments can circumvent the estate entirely, which avoids probate and is faster as well.

If you make a designation in the will and the investment account, the named beneficiary on the investment account usually overrides the one in the will.

[fotze2]

I’m dreading visiting Locke about this crap. Do you have this form? Nope. Do you have this form? Nope. Do you have anything. Nope.

Can you just tell me what the government has and just go with that?

[Erick Estrada]

I'm still plugging away getting my aunt's house painted, roof fixed, etc in hopes to have it up for sale by May. Thanks to all for the help and good advice in this thread. I will surely go through estate administration when dealing with my father's estate but it has been a learning experience. Most annoying part for me really has been the 90+ minute waits in line at the courthouse as they only have a single counter open for Civil affairs which is pretty disappointing in a city the size of Calgary.

[firebug]

Originally Posted by fotze2

Have to say, firebug and his company are absolutely top fataing notch. He’s been unbelievable with this stuff. I have no idea what I’m doing and he is an absolute kingpin. Tough to get a laugh out of him though ffs. So I do not recommend for that reason.

-Google maps

My new marketing slogan:

Come because of the dead relative... stay for the laughs!

I'm glad we were able to help you out.

[Cappy]

How common is it for the executor to take the Executor Fee from estates? what is a fairly common take?

[Slava]

Originally Posted by Cappy

How common is it for the executor to take the Executor Fee from estates? what is a fairly common take?

Super common because it's a huge amount of work! It's not just something that you throw together in an hour or a quick afternoon.

[fotze2]

Originally Posted by Slava

Super common because it's a huge amount of work! It's not just something that you throw together in an hour or a quick afternoon.

It's not really work. Just waiting forever and attending meetings to sign stuff.

But what could I gouge my brother on this?

[Slava]

Originally Posted by fotze2

It's not really work. Just waiting forever and attending meetings to sign stuff.

But what could I gouge my brother on this?

Well it's work though because it's running to the bank and dealing with that, or preparing assets to sell and then selling them and dealing with that aspect, or dealing with the accounting and filing court documents (depending on the estate and what's going on there). I would say that it's generally a couple percent of the estate, and in the case where you have a lawyer do it for you you're looking at 3-5% and rates that decline over certain estate levels (over $250k, over $500k and that kind of thing).

It all depends on the situation and how complicated things are, and that kind of thing. I've seen estates where a friend is handling it for someone and their family are the beneficiaries. There is a huge dispute though, and that makes the process take years and years, with enormous time commitments from the executor. It's one thing to help someone out and do a little work to close up an estate, but that kind of thing is a whole other level.

[Locke]

Originally Posted by fotze2

It's not really work. Just waiting forever and attending meetings to sign stuff.

But what could I gouge my brother on this?

My understanding is that the going rate is about 10%, although, in my opinion that seems rather high.

But then again, being an Estate executor has to be one of the worst jobs on Earth.

And thats coming from a Tax Accountant.