Who gets a joint bank account after the decedent’s death? The answer is deceptively complicated. Continue reading
Most trust agreements state that the trustee is entitled to a “reasonable fee” — without further explanation. The Oregon Uniform Trust Code [ORS 130.635(1)] is no better: “If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances.”
What is reasonable? Continue reading
Everyone should have a living trust. Avoid probate at all costs. Avoid horrible death tax bills. Avoid exorbitant executor fees and legal fees. The list goes on and on. While there is a grain of truth in these arguments, you should take a closer look before expending resources on a living trust. Here’s why.
Although banks were commonly named as executors many years ago, this is seldom true anymore. But it certain cases, it still makes sense.
If your children have issues with each other, the child named as executor will have a thankless job. The child’s siblings will be miffed that they were not appointed executor. They will continually contend the executor is acting out of self-interest or favors some siblings at the expense of others. Continue reading
How much does one receive for serving as executor?
In Oregon, the base executor fee is roughly 2% of the value of assets passing under the will, and roughly 1% of assets passing outside the will. Continue reading