How much does a professional executor cost? Most people are surprised to learn that executor fees are the same whether you choose an experienced professional or your unemployed nephew who has lots of spare time. When people realize that they are paying the same cost, they will probably choose a professional executor.
https://anthonyspark.com/wp-content/uploads/2023/06/E327-Professional-and-Amateur-Executor-Cost-the-Same.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-07-19 07:00:402026-07-24 10:32:03E327 Professional and Amateur Executors Cost the Same
A deadman’s switch is a seemingly elegant and trustless solution for bitcoin inheritance. But if you think it through, it currently has too many problems to work securely.
https://anthonyspark.com/wp-content/uploads/2023/06/E326-Why-Not-a-Deadmans-Switch-for-Bitcoin-Inheritance.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-07-12 07:00:282025-02-19 09:48:24E326 Why Not a Deadman’s Switch for Bitcoin Inheritance?
Our Solo Agers friends often ask this when they’re ready to name me executor in their will. We support well-done DIY wills and anything that helps make your plan as frictionless as possible. Some kind of plan is almost always better than no plan!
So, do you need a lawyer to make a will? No, we’re not aware of any state that requires a lawyer to make your will. We do nonetheless recommend that our Solo Agers at least hire a lawyer to supervise the signing. Here’s why:
Signing ceremony technicalities
A signing ceremony sounds like a long, drawn-out event, but it could last as little as 15 minutes. Still, there are many technicalities to follow, or else the will may be invalid.
Just a few examples, the person making the will (the testator) has to make a proper declaration in the will. The pages of the will must also be stapled together, or else there is a potential for page-swapping. Lastly, to demonstrate that the testator is competent to sign a will, lawyers often chit-chat about current events with the testator. If testimony is ever needed to prove that the testator is competent, then the witnesses can refer back to that conversation.
If any of the technicalities go wrong, then the will may be invalid. Yes, DIY services provide detailed instructions for drafting your will, but most people don’t follow instructions to a T (or even read the instructions). It’s easy to miss a step and invalidate the whole will.
It’s much easier to get an experienced attorney to supervise the signing. It’s also cheaper than hiring an attorney to draft your entire estate plan.
Lawyer-supervised presumptions
In many states, the probate court will give the benefit of the doubt if the signing was supervised by a lawyer.
For example, the court is more likely to accept a self-proving affidavit signed by your witnesses, instead of requiring the witnesses to appear in court to testify. Suppose you die 15 years later…tracking down the witnesses, getting them to agree to come to court, and having them accurately recollect your signing ceremony would be very hard. There is no guarantee that they will remember that day or even still be alive.
Without the lawyer supervision and the self-proving affidavit, it may be harder for your executor to probate your estate.
Best will witnesses
DIY wills often use subpar witnesses. It’s natural to want to ask family and friends to witness, because they are close to you. Using a witness who is named in the will or who could potentially inherit your estate creates a conflict of interest. Their testimony as a witness won’t hold up well in court because they have beneficial interest.
But, it’s also not the best idea to grab a passer-by as a witness (UPS delivery person, doorman, bank teller). If you don’t even know the witness, chances are it will be hard for your heirs to find them if ever needed. Sometimes the address they provide is the physical address where they signed!
For these reasons, lawyers will provide their own experienced witnesses (paralegals, other staff, the lawyer’s spouse, etc.). These people have witnessed wills many times before and can give good testimony if needed.
If you decide to do your own will, at least have the signing supervised by an experienced attorney. For more answers to your estate planning questions, click the link below to receive your free electronic copy of my book, “The Solo Ager Estate Plan.”
Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”
https://anthonyspark.com/wp-content/uploads/2023/06/E325-Do-You-Need-a-Lawyer-to-Make-a-Will.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-07-05 07:00:312023-06-30 17:54:17E325 Do You Need a Lawyer to Make a Will?
Why do heirs suddenly need to sell probate real estate? We see cases where years, even generations, have elapsed since the real estate owner has died, and nothing has been done. So why, all of a sudden, do the heirs seek a lawyer or professional executor? Here are the top 5 reasons we’ve seen.
https://anthonyspark.com/wp-content/uploads/2023/06/E324-Top-5-Reasons-Heirs-Suddenly-Need-to-Sell-Probate-Real-Estate.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-06-28 07:00:202025-03-28 06:52:31E324 Top 5 Reasons Heirs Suddenly Need to Sell Probate Real Estate
There may not be any close family or friends due to old age or because the client is a Solo Ager. Or maybe a client does have close family and friends, but they do not live nearby, they have no time, or they are not financially savvy.
2. Went through being an executor and hated it
We have clients who served as executors and hated it. Because they hated being an executor, there is no way they want to burden a loved one with the task.
It could be the other way around: the friend or family member who they want to nominate was already an executor once and hated it, too.
3. Fees are the same, so you may as well get a professional
Once clients realize that the executor fee is exactly the same for a professional executor versus a family member or friend, they can’t believe it! In most states, the law is the same. Whether it’s your unemployed nephew who needs money to start a rock band versus a seasoned professional with an experienced staff versus a bank: If you have that choice and the fees are going to be the same, why wouldn’t you name a professional executor?
In fact, hiring a professional executor may even cost less. An experienced and professional staff can reduce costs due to economies of scale, better deals with vendors, etc. We minimize a lot of losses because we can often do things quicker.
4. Banks won’t take the client or charge fees or require certain investments
Many come to us after being rejected by their bank/brokerage, even if they have plenty of money and have been loyal customers for years.
Or sometimes, they are in the process of getting the bank to agree to serve as executor. But there are so many layers of committees and approvals from the bank. Those people come to us because we provide a more personal experience. With a bank, you’ll never talk to the person who will be the executor; it’s just “the bank.”
Lastly, people don’t like the bank’s requirement that a certain amount of money must be invested with them to qualify. You probably need between $3 million and $5 million just to talk to the bank. The bank also requires very specific investments: your money has to be invested in Brokerage Account “A” and the underlying investments must be in the Brokerage’s created funds. To put it bluntly, this is how banks can charge more fees.
5. Age gap siblings
This is similar to our #1 reason above, but more often we are seeing age gap siblings. Since we’ve been seeing this specific situation more often, we thought it was worth mentioning as its own reason. For whatever family reason, we’re seeing clients whose next closest sibling is 25 years older or younger! They don’t have a tight relationship due to the large age gap.
On the other hand, we have clients whose siblings are almost the same age, which doesn’t give an elderly client much hope that a fellow elderly sibling will be able to fulfill the duties of an executor. You want someone who will survive you or be young enough to handle stressful situations.
These are all great reasons to check out my book, “How to Hire an Executor,” available on Amazon. If you are part of our monthly email list, we give away one free paperback copy a month!
Request your free consultation
New Client v4 Free Executor Chapter
"*" indicates required fields
Sign-up for your free consultation using the form above, and I’ll be happy to email you a free chapter from Anthony’s best-selling book “How to Hire an Executor.”
https://anthonyspark.com/wp-content/uploads/2023/06/E323-Top-5-Reasons-They-a-Hire-Professional-Executor.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-06-21 07:00:222023-06-03 07:37:07E323 Top 5 Reasons They a Hire Professional Executor
Multisig or a passphrase (“poor man’s multisig”) are two ways to transfer custody to your bitcoin executor upon your death. Let’s compare, so you can decide which best fits your bitcoin inheritance plan.
https://anthonyspark.com/wp-content/uploads/2023/06/E322-Multisig-versus-Passphrase-with-a-Bitcoin-Executor.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-06-14 07:00:042025-02-23 06:04:41E322 Multisig versus Passphrase with a Bitcoin Executor
A frictionless first estate plan is a great first step for Solo Agers with no plan at all. It helps Solo Agers clarify their thinking and decisions, all while having a basic plan in place in the meantime.
https://anthonyspark.com/wp-content/uploads/2023/06/E321-The-Frictionless-Solo-Ager-Estate-Plan.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-06-07 07:00:442025-03-28 06:49:52E321 The Frictionless Solo Ager Estate Plan
Let’s discuss how, why, and how long it takes to get “fresh” Letters Testamentary in New York. Fresh letters simply means that they are newly dated. Most of the time, probate takes months or even years, and during that time, you may need to get fresh copies of the letters to use.
https://anthonyspark.com/wp-content/uploads/2023/05/E320-How-to-Get-Updated-Letters-Testamentary.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-05-31 07:00:192026-07-24 11:22:40E320 How to Get Updated Letters Testamentary
As we’ve spoken about before, Anthony can be your professional executor, even if you don’t live in New York. We have been seeing many inquires from out of state lately, and these are the top 5 looking for Anthony to be their professional executor.
https://anthonyspark.com/wp-content/uploads/2023/05/E319-Top-5-States-Looking-for-Professional-Executors.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-05-24 07:00:212025-03-28 07:18:16E319 Top 5 States Looking for Professional Executors
We get this question quite often – can you sell your inherited property? The answer to this depends on many factors. First, you need to figure out if you can sell an inherited property. Here are a few steps for you to take to answer this, before you can decide if you need a probate lawyer or professional executor.
Check the deed to confirm you inherit
First, check the deed to see if the decedent actually owned the property. Some people stay in a home long after another relative has passed or they are long-term renters. It’s actually easy these days to get a copy of deed online. One example is ACRIS here in New York. Most other states and counties are similar.
One note – it is a bit harder to obtain documents for co-ops (co-ops always worse during the probate process). You would need to call the management company for the information, which is sometimes like pulling teeth. They will need to check their internal records for the owner, and they may not provide you with the information.
Once you have the deed, you want to clarify the owner. Is it the decedent? Was it in a trust? Is it in some other relative’s name? Let’s say it’s your uncle who passed, but he actually moved into the house after your grandfather passed years before. It could likely still be in your grandfather’s name. That would add a few layers of complexity to ownership. Deeds can also have joint owners, and co-ops can have beneficiaries. If there is a joint owner or beneficiary, and it’s not you, then you don’t own it.
What happens to a mortgage when house is inherited?
The next step is to see if there is a mortgage. When someone passes, the mortgage has to be paid off. So, it’s important to find out if there is a mortgage and how much it is. It doesn’t mean the heir is immediately on the hook for the mortgage payments, but it does need to be settled before the house is sold. If the mortgage amount balance is really large or underwater, it will definitely affect how you approach the estate. If the estate is close to or completely insolvent it makes the estate very cash poor, which changes how the estate is administered.
Checking for a mortgage is similar to checking for a deed. Except for co-ops, mortgage information may be found online, on the statements that come in the mail, tax assessment offices, or on tax returns.
In addition to searching for mortgages, you also want to look for potential larger debts. If there are tax debts, public assistance or Medicaid debts, second mortgages, etc., these debts must be paid first before anyone can get paid out from the proceeds from the real estate sale.
Did you inherit tenants, too?
Lastly, to determine if you can or want to sell the property, you need to figure out if the property is occupied. Did you inherit tenants? Is it vacent? If it’s occupied, it will affect how you approach the estate. For example, if there is another heir living there and won’t leave, that is a whole set of additional problems. If it’s an actual tenant, it’s not as clear cut as one would expect either. More often than not, tenants after the owner pass create problems and lose their moral compass. Evicting or removing tenants is usually a nightmare. It may change your approach to selling the property.
Check out Anthony’s book, “How Probate Works,” which will break down what is involved with administering a decedent’s estate with property.
Request your free consultation
New Client v3 Free Probate Chapter
"*" indicates required fields
Sign-up for your free consultation using the form above, and I’ll be happy to email you a free chapter from Anthony’s best-selling book “How Probate Works.”
https://anthonyspark.com/wp-content/uploads/2023/05/E317-Can-You-Sell-Your-Inherited-Property.jpg10801920Anthony Parkhttps://anthonyspark.com/wp-content/uploads/2015/10/logo-600.pngAnthony Park2023-05-10 07:00:432023-05-02 12:54:27E317 Can You Sell Your Inherited Property?
E327 Professional and Amateur Executors Cost the Same
/in Professional executor /by Anthony ParkHow much does a professional executor cost? Most people are surprised to learn that executor fees are the same whether you choose an experienced professional or your unemployed nephew who has lots of spare time. When people realize that they are paying the same cost, they will probably choose a professional executor.
E326 Why Not a Deadman’s Switch for Bitcoin Inheritance?
/in Bitcoin inheritance /by Anthony ParkA deadman’s switch is a seemingly elegant and trustless solution for bitcoin inheritance. But if you think it through, it currently has too many problems to work securely.
E325 Do You Need a Lawyer to Make a Will?
/in Solo Agers /by Anthony ParkOur Solo Agers friends often ask this when they’re ready to name me executor in their will. We support well-done DIY wills and anything that helps make your plan as frictionless as possible. Some kind of plan is almost always better than no plan!
So, do you need a lawyer to make a will? No, we’re not aware of any state that requires a lawyer to make your will. We do nonetheless recommend that our Solo Agers at least hire a lawyer to supervise the signing. Here’s why:
Signing ceremony technicalities
A signing ceremony sounds like a long, drawn-out event, but it could last as little as 15 minutes. Still, there are many technicalities to follow, or else the will may be invalid.
Just a few examples, the person making the will (the testator) has to make a proper declaration in the will. The pages of the will must also be stapled together, or else there is a potential for page-swapping. Lastly, to demonstrate that the testator is competent to sign a will, lawyers often chit-chat about current events with the testator. If testimony is ever needed to prove that the testator is competent, then the witnesses can refer back to that conversation.
If any of the technicalities go wrong, then the will may be invalid. Yes, DIY services provide detailed instructions for drafting your will, but most people don’t follow instructions to a T (or even read the instructions). It’s easy to miss a step and invalidate the whole will.
It’s much easier to get an experienced attorney to supervise the signing. It’s also cheaper than hiring an attorney to draft your entire estate plan.
Lawyer-supervised presumptions
In many states, the probate court will give the benefit of the doubt if the signing was supervised by a lawyer.
For example, the court is more likely to accept a self-proving affidavit signed by your witnesses, instead of requiring the witnesses to appear in court to testify. Suppose you die 15 years later…tracking down the witnesses, getting them to agree to come to court, and having them accurately recollect your signing ceremony would be very hard. There is no guarantee that they will remember that day or even still be alive.
Without the lawyer supervision and the self-proving affidavit, it may be harder for your executor to probate your estate.
Best will witnesses
DIY wills often use subpar witnesses. It’s natural to want to ask family and friends to witness, because they are close to you. Using a witness who is named in the will or who could potentially inherit your estate creates a conflict of interest. Their testimony as a witness won’t hold up well in court because they have beneficial interest.
But, it’s also not the best idea to grab a passer-by as a witness (UPS delivery person, doorman, bank teller). If you don’t even know the witness, chances are it will be hard for your heirs to find them if ever needed. Sometimes the address they provide is the physical address where they signed!
For these reasons, lawyers will provide their own experienced witnesses (paralegals, other staff, the lawyer’s spouse, etc.). These people have witnessed wills many times before and can give good testimony if needed.
If you decide to do your own will, at least have the signing supervised by an experienced attorney. For more answers to your estate planning questions, click the link below to receive your free electronic copy of my book, “The Solo Ager Estate Plan.”
Complete this form to receive your complimentary copy of Anthony’s Amazon best-seller, “The Solo Ager Estate Plan”
Solo Ager Book v1
"*" indicates required fields
How to Start Estate Planning if You Are Terminally Ill
5 Reasons to Hire a Professional Executor to Sell Probate Real Estate
How much does it cost to hire an executor?
E324 Top 5 Reasons Heirs Suddenly Need to Sell Probate Real Estate
/in Probate /by Anthony ParkWhy do heirs suddenly need to sell probate real estate? We see cases where years, even generations, have elapsed since the real estate owner has died, and nothing has been done. So why, all of a sudden, do the heirs seek a lawyer or professional executor? Here are the top 5 reasons we’ve seen.
E323 Top 5 Reasons They a Hire Professional Executor
/in Professional executor /by Anthony ParkWhen we chat with new clients, we ask them why they chose to look for and hire a professional executor. Here are the 5 most common answers. Perhaps you will see yourself in one of these situations.
1. There’s no one else
There may not be any close family or friends due to old age or because the client is a Solo Ager. Or maybe a client does have close family and friends, but they do not live nearby, they have no time, or they are not financially savvy.
2. Went through being an executor and hated it
We have clients who served as executors and hated it. Because they hated being an executor, there is no way they want to burden a loved one with the task.
It could be the other way around: the friend or family member who they want to nominate was already an executor once and hated it, too.
3. Fees are the same, so you may as well get a professional
Once clients realize that the executor fee is exactly the same for a professional executor versus a family member or friend, they can’t believe it! In most states, the law is the same. Whether it’s your unemployed nephew who needs money to start a rock band versus a seasoned professional with an experienced staff versus a bank: If you have that choice and the fees are going to be the same, why wouldn’t you name a professional executor?
In fact, hiring a professional executor may even cost less. An experienced and professional staff can reduce costs due to economies of scale, better deals with vendors, etc. We minimize a lot of losses because we can often do things quicker.
4. Banks won’t take the client or charge fees or require certain investments
Many come to us after being rejected by their bank/brokerage, even if they have plenty of money and have been loyal customers for years.
Or sometimes, they are in the process of getting the bank to agree to serve as executor. But there are so many layers of committees and approvals from the bank. Those people come to us because we provide a more personal experience. With a bank, you’ll never talk to the person who will be the executor; it’s just “the bank.”
Lastly, people don’t like the bank’s requirement that a certain amount of money must be invested with them to qualify. You probably need between $3 million and $5 million just to talk to the bank. The bank also requires very specific investments: your money has to be invested in Brokerage Account “A” and the underlying investments must be in the Brokerage’s created funds. To put it bluntly, this is how banks can charge more fees.
5. Age gap siblings
This is similar to our #1 reason above, but more often we are seeing age gap siblings. Since we’ve been seeing this specific situation more often, we thought it was worth mentioning as its own reason. For whatever family reason, we’re seeing clients whose next closest sibling is 25 years older or younger! They don’t have a tight relationship due to the large age gap.
On the other hand, we have clients whose siblings are almost the same age, which doesn’t give an elderly client much hope that a fellow elderly sibling will be able to fulfill the duties of an executor. You want someone who will survive you or be young enough to handle stressful situations.
These are all great reasons to check out my book, “How to Hire an Executor,” available on Amazon. If you are part of our monthly email list, we give away one free paperback copy a month!
Request your free consultation
New Client v4 Free Executor Chapter
"*" indicates required fields
Sign-up for your free consultation using the form above, and I’ll be happy to email you a free chapter from Anthony’s best-selling book “How to Hire an Executor.”
Named Executor Not Doing Anything in NY? What to Do
What Is a Professional Executor in New York —And When Should You Hire One?
How to Probate Self-Custodied Bitcoin
E322 Multisig versus Passphrase with a Bitcoin Executor
/in Bitcoin inheritance /by Anthony ParkMultisig or a passphrase (“poor man’s multisig”) are two ways to transfer custody to your bitcoin executor upon your death. Let’s compare, so you can decide which best fits your bitcoin inheritance plan.
E321 The Frictionless Solo Ager Estate Plan
/in Solo Agers /by Anthony ParkA frictionless first estate plan is a great first step for Solo Agers with no plan at all. It helps Solo Agers clarify their thinking and decisions, all while having a basic plan in place in the meantime.
E320 How to Get Updated Letters Testamentary
/in Probate /by Anthony ParkLet’s discuss how, why, and how long it takes to get “fresh” Letters Testamentary in New York. Fresh letters simply means that they are newly dated. Most of the time, probate takes months or even years, and during that time, you may need to get fresh copies of the letters to use.
E319 Top 5 States Looking for Professional Executors
/in Professional executor /by Anthony ParkAs we’ve spoken about before, Anthony can be your professional executor, even if you don’t live in New York. We have been seeing many inquires from out of state lately, and these are the top 5 looking for Anthony to be their professional executor.
E317 Can You Sell Your Inherited Property?
/in Probate /by Anthony ParkWe get this question quite often – can you sell your inherited property? The answer to this depends on many factors. First, you need to figure out if you can sell an inherited property. Here are a few steps for you to take to answer this, before you can decide if you need a probate lawyer or professional executor.
Check the deed to confirm you inherit
First, check the deed to see if the decedent actually owned the property. Some people stay in a home long after another relative has passed or they are long-term renters. It’s actually easy these days to get a copy of deed online. One example is ACRIS here in New York. Most other states and counties are similar.
One note – it is a bit harder to obtain documents for co-ops (co-ops always worse during the probate process). You would need to call the management company for the information, which is sometimes like pulling teeth. They will need to check their internal records for the owner, and they may not provide you with the information.
Once you have the deed, you want to clarify the owner. Is it the decedent? Was it in a trust? Is it in some other relative’s name? Let’s say it’s your uncle who passed, but he actually moved into the house after your grandfather passed years before. It could likely still be in your grandfather’s name. That would add a few layers of complexity to ownership. Deeds can also have joint owners, and co-ops can have beneficiaries. If there is a joint owner or beneficiary, and it’s not you, then you don’t own it.
What happens to a mortgage when house is inherited?
The next step is to see if there is a mortgage. When someone passes, the mortgage has to be paid off. So, it’s important to find out if there is a mortgage and how much it is. It doesn’t mean the heir is immediately on the hook for the mortgage payments, but it does need to be settled before the house is sold. If the mortgage amount balance is really large or underwater, it will definitely affect how you approach the estate. If the estate is close to or completely insolvent it makes the estate very cash poor, which changes how the estate is administered.
Checking for a mortgage is similar to checking for a deed. Except for co-ops, mortgage information may be found online, on the statements that come in the mail, tax assessment offices, or on tax returns.
In addition to searching for mortgages, you also want to look for potential larger debts. If there are tax debts, public assistance or Medicaid debts, second mortgages, etc., these debts must be paid first before anyone can get paid out from the proceeds from the real estate sale.
Did you inherit tenants, too?
Lastly, to determine if you can or want to sell the property, you need to figure out if the property is occupied. Did you inherit tenants? Is it vacent? If it’s occupied, it will affect how you approach the estate. For example, if there is another heir living there and won’t leave, that is a whole set of additional problems. If it’s an actual tenant, it’s not as clear cut as one would expect either. More often than not, tenants after the owner pass create problems and lose their moral compass. Evicting or removing tenants is usually a nightmare. It may change your approach to selling the property.
Check out Anthony’s book, “How Probate Works,” which will break down what is involved with administering a decedent’s estate with property.
Request your free consultation
New Client v3 Free Probate Chapter
"*" indicates required fields
Sign-up for your free consultation using the form above, and I’ll be happy to email you a free chapter from Anthony’s best-selling book “How Probate Works.”
Inheriting a House in New York With Siblings: What Are Your Options?
Can You Sell a House Before Probate Is Complete in New York?
NY Probate With No Will: What Happens to the House?