Can you name a lawyer as a co-executor of your Will along with a family member?
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Can you name a lawyer as a co-executor of your Will along with a family member?
The goal is to minimize or negate family member from having to dispose of house and contents as well as minimize their other duties. If this is done, will the lawyer stay on when the estate starts to go down in value? Of course, the lawyer would charge for this but how – by percentage or flat fee? Again, the main consideration is to take away all or nearly all duties of family member regarding the home which would be in the estate. Are there other ways to accomplish my goal?
Asked on June 8, 2014 under Estate Planning, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You are doing a little estate planning and that is great. Your state definitely allows co executors. You can also list the attorney or a law firm as executor alone and that would take all the responsibilities off of your family member. I have to say that it difficult to give you guidance here on all of your questions because they are not clear. What do you mean your estate will "go down in value?" An executor is a fiduciary and has a responsibility to stay on with the estate from start to finish. If the attorney is assisting the executor with the estate administration process, then the North Carolina statutory law provides that the attorney’s fees must be reasonable and not exceed 5% of the estate. However, if the attorney provides legal services that are beyond routine estate administration, then there is no cap on the amount of attorneys’ fees, they must simply be reasonable under the circumstances. The court can determine "reasonableness" if there is an issue. I think that you may wish to make decision about your estate and maybe think about a Trust with the property funding the trust. An attorney can act as a Trustee (again there are fees here) but go and speak with some one in person about your fears and wishes and see what legal instrument best serves it. Good luck.
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