Legal Question in Wills and Trusts in New York
I have a Dad That is 81 years old , i have a sister that he wants taken out of his will,and his wishes are : I will get the house app.worth 600,000.00 (I will be renting the house when he is no longer here)
His savings and insurance app. worth 100,000. and a car worth app.5,000.00 He wants to leave the person that takes care of him 5,000.00 and any furnishings she wants in the house.any other furnishing left to a sister in law.
my question is if he has his lawyer as executor how much will the lawyer benefit,would it be wiser to have me or a relative be his executor and set a flat fee ie 1,000.00 as i don't need to pay myself as i am actually the sole beneficiary . I think his thinking is my sister or someone else will contest the will.But I think when they find out the cost of that they would shy away.
Thank You for any advise you can share
Anthony
2 Answers from Attorneys
my question is if he has his lawyer as executor how much will the lawyer benefit,would it be wiser to have me or a relative be his executor and set a flat fee ie 1,000.00 as i don't need to pay myself as i am actually the sole beneficiary
A. A lawyer may not double dip (attorney fee and executor fee). Furthermore, the lawyer should let you know that there are limitations and statutory language must be included in the will.
Concerning the executor's fee, the fee is generally set by statute depending on the amount of money received by the estate. I have never seen a will limit the executor to a flat fee. I am not sure how this benefits anyone.
If an individual contests the will, this means that the will is null and void. Hence, the sister - as executor - would receive the statutory commission. Your best bet to avoid a problem with probate is to have an attorney draft the will and oversee its proper execution by your father. Make sure that you have at least two disinterested witnesses, and that the witnesses sign the proper affidavit - which should be attached to the will.
Mike.
Avoid the will contest and have no;thing to do with the new will. Have a doctor verify his competence to make a new will and video the will execution. I do this all the time for my clients.