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  1. #1

    Default Choosing an Executor for a Will

    My question involves estate proceedings in the state of: Indiana

    My husband and I are in the process of making out our wills. We do not want his son nor any of our relatives to be Executor/Executrix of the estate. There is too much money grabbing by all. We do not have any friends or relatives to make either. Who or what can we specify as the Executor/Executrix of our Wills?

    Also, we do not want to leave anything to his son. I understand that will not be an issue in my case as he is a stepson and not a birth son. However, someone told us that my husband can not purposely leave him out of his Will. Is this correct? Our reason is that some years ago he borrowed $20,000 from us with a Promissory Note but has never paid any of it back and has informed us that he never will. We consider this as any inheritance he will get from us.

    thanks.

  2. #2
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    Default Re: Executor of a Will

    Quote Quoting labsmom5
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    My question involves estate proceedings in the state of: Indiana

    My husband and I are in the process of making out our wills. We do not want his son nor any of our relatives to be Executor/Executrix of the estate. There is too much money grabbing by all. We do not have any friends or relatives to make either. Who or what can we specify as the Executor/Executrix of our Wills?
    Understand two things.

    1 - A will is not forever, you can change it as often as changes in your circumstances require and just destroy the old one when you replace it with the new. So you really don't have to be concerned with what might happen 10, 20, 30 years from now.

    2 - The odds of you both dying at the same time are too long to even contemplate so make sure each of you inherit everything from the other and then the surviving spouse can make his or her own will at some future time.

    If you want to consider the contingency of both of you dying at the same time then appoint an attorney or bank's trust department for just that contingency. Keeping in mind that you can change it later.
    Quote Quoting labsmom5
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    Also, we do not want to leave anything to his son. I understand that will not be an issue in my case as he is a stepson and not a birth son. However, someone told us that my husband can not purposely leave him out of his Will. Is this correct? Our reason is that some years ago he borrowed $20,000 from us with a Promissory Note but has never paid any of it back and has informed us that he never will. We consider this as any inheritance he will get from us.
    Never rely on "someone" for legal advice. Discuss that with an attorney so you get it right.

  3. #3
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    Default Re: Executor of a Will

    Quote Quoting labsmom5
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    Who or what can we specify as the Executor/Executrix of our Wills?
    I personally would find the two most honest heirs, name the most trustworthy as executor and the second-most as an alternate. Except for very small estates, probate is a supervised process so the court provides some oversight, and other heirs may object to impropriety. You can speak to a law firm about serving as executor, or discuss options with an estate planning lawyer, but you should discuss the cost of using a professional executor.

    You can limit what occurs through your estate, as opposed to a trust. For example, if you create a living trust that holds your significant assets, those assets will be distributed under the trust and not the estate. You can include a "pour-over" provision in your will to the effect that once expenses of the estate are paid, the balance of the estate goes into the trust for distribution. You can also have an unfunded trust or create a trust through the will (a testamentary trust) and direct the assets into that trust. You can use an institutional trustee, but you need to consider the cost of a professional service as those fees will be paid by the trust.

    If you and your spouse do not want to give an additional inheritance to your stepchild due to the unpaid loan, and intend to treat the loan balance as his inheritance, then you actually should not disinherit -- you should specify in the will that you loaned your son money and are forgiving the balance of that loan as his inheritance. That way it's clear both that the executor should not pursue the debt to the son as a debt of the estate, and that any omission of your son was intentional (and in a manner that does not appear vindictive). You can keep the promissory note with your will as evidence of the debt.

  4. #4

    Default Re: Executor of a Will

    Thanks

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