How to Avoid Unnecessary Pain and Expense When a Loved One Dies
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Q. I recently read in a Virginia publication about a man who was grieving the loss of his mother, who died during the Coronavirus pandemic, while experiencing what he referred to as the “awful business of
settling the estate.” He goes on to describe the headaches involved with closing her investment accounts and nightmare of dealing with the telecommunications company.
I decided to ask my son to be the executor of my estate, but I would hate for him to have to deal with the things the author described. Do law firms, such as Farr Law Firm, deal with estate administration to alleviate these types of headaches? Also, what is involved in being an executor, so I can explain what the role will entail? Thanks so much for your help!
Critter Corner: How Much Compensation is a Fair Amount for an Executor of an Estate in Virginia?
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My mother passed away last March in Fairfax. My brother, the estate executor, has been the one to navigate the estate administration process. The estate is still not completely settled 15 months later because of a time share that was not included in her trust and needs to go through probate court. Both of us signed a release of any interest in the time share. The entire estate, once settled, will be
about $600,000.
My brother believes that he deserves $10,000 for his service as executor, and he just sprung this on me now. I don’t dispute that he worked very hard to settle my parents’ affairs. Honestly, I think executors should be entitled to something, but that seems a bit steep. How much should executors get compensated? Also, my brother asked me to sign a release form before he gives me any money my mother left
to me minus his fee. Is that normal?
Order Books by Evan Farr, 4-Time Best-Selling Author
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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