E342 Thank You to Our Listeners!
Anthony S. Park
Based on feedback from you, the audience, we're pausing these episodes and will focus on writing instead: Our blog: Our books on Reviews always appreciated! Thank you for sharing all your amazing questions and stories, and thank you for listening!
info_outline
E341 How Long to Transfer Real Estate After Death
Anthony S. Park
There is no legal time limit to transfer real estate after death. It could happen quickly, or it could take years. We’ve seen cases where the real estate doesn’t get transferred until generations later. A fast sale is ideal, because problems can emerge in the meantime. There is a lag between the date of death and when the executor gets legal authority to handle the property. So, even “fast” isn’t very fast. How long does it take to get preliminary letters? The executor does not have full authority over the estate until he gets letters testamentary (or letters of administration) from...
info_outline
E340 Reasons Not to Make a Loved One the Executor
Anthony S. Park
We’ve talked before about not making a loved one your executor. I recently read an article titled, “.” Here, we’ll add our own perspective for why it’s not a great idea. Being executor can be emotionally difficult It is a duty that begins almost immediately after the death of your loved one. You are grieving the loss while facing a list of daunting tasks. Even normal probate is a lot of work and can be tough while grieving. In a somewhat difficult probate, you . If you are also family and friends with these people, it can be awkward. They will continually ask you when they will...
info_outline
E339 Why Sharing Your Seed Phrase is a Bad Bitcoin Inheritance Plan
Anthony S. Park
In this episode, we will talk about self-custodied bitcoiners (not those who have their coin on an exchange or with a third party). Some bitcoiners share their seed phrase with their spouse or adult children. Or perhaps they share their cloned wallet with those trusted individuals. It’s temptingly easy, essentially . But, as we’ll discuss, it can be insecure for reasons you may not think of. Sharing your seed phrase can be dangerously . Relationships change One reason that this plan is not flexible is because relationships change. Married couples can become divorced or...
info_outline
E338 Should I Sell My Home Before I Die?
Anthony S. Park
This is a very common question that we get from Solo Agers. We’ll review the pros and cons of making that decision. Reasons to sell your home before you die The biggest reason Solo Agers want to sell their home before they die is because they don’t want to leave a mess for their loved ones. Otherwise, there may be a lot of cleaning, maintenance, and packing for the heirs to do. Additionally, the before it is in sellable condition. Another reason is that Solo Agers may want to downsize anyway. Downsizing is a different topic, so we won’t focus on that here. Reasons to...
info_outline
E337 Who Owns a House During Probate?
Anthony S. Park
When someone dies, many folks are confused about who owns the house during probate, right after the death. Technically, the heirs own it immediately upon death, subject to debts and taxes of the estate. But, sometimes is not clear who the heirs are. The probate process decides who exactly are the heirs and places an executor in charge to sort out all those debts and taxes. So, the heirs own the house, but if it is not clear who the heirs are, then you kind of need to wait to see who really owns it. Understandably, this is a bit confusing. We’ll cover common questions on who owns the property...
info_outline
E336 Risks of Being an Executor
Anthony S. Park
What are the risks of being an executor? An executor has a lot of power and responsibility during probate, but is correspondingly accountable for everything that happens within the estate. We’ll cover how an executor has risk of even personal liability, how long that risk lasts, and how an executor can protect himself from these risks. Executor personally liable for debts and taxes The executor has personal liability for debts, taxes, and anything wrong with the estate. If an executor makes an error, the court’s first reaction is to deny payment of the executor's commission. If the...
info_outline
E335 Why a Letter of Instruction for Bitcoin Inheritance Will Fail
Anthony S. Park
A letter of instruction will likely fail for your bitcoin inheritance plan and should have only a marginal role in your plan, if any. Search for “bitcoin inheritance” and you will probably find lots of people advising you to write a letter of instruction for your heirs. We talked about this and even provided a . Now, having spent a bit more time delving into different approaches to bitcoin inheritance, we’re de-emphasizing a letter of instruction. Note: this applies to self-custodied bitcoin, not held through a third-party. Educate your heirs A letter of instruction is a subcategory the...
info_outline
E334 Why Hire a Professional Trustee?
Anthony S. Park
I do serve as a professional trustee, not just executor, or our Solo Ager clients. We’ll cover why our Solo Ager clients are looking for a professional trustee, why they don’t use banks, and how much it costs to hire a professional trustee. Disputes between trustee and beneficiary Why are our Solo Ager clients looking for a professional trustee? The main reason is because of potential disputes between the trustee and the beneficiaries. Unfortunately, this kind of conflict is very common, even more so than between heirs and executors. A trust creates a much longer relationship: an estate...
info_outline
E333 Seller Credit When Selling Probate Real Estate
Anthony S. Park
This happens when the buyer agrees to a higher contract price, but the seller also agrees to credit back a set amount to the buyer, so the net purchase price is lower. For example, if the buyer wants the house for $250,000, they would set the contract price at $300,000 with a side agreement that the seller would credit $50,000 on the closing statement, effectively making the price $250,000. Why not just a price reduction? Co-ops (and sometimes condos and homeowners’ associations) want the closing price to be (artificially) higher to maintain their average price per square foot. They don’t...
info_outlineFolks who are interested in naming me as their professional executor ask how much it costs to get started. There is no cost! We’ll explain why, what you get, and what to expect.
It’s just a nomination
At this point, you are healthy and just being responsible by making your estate plan. When you name me as trustee in your trust or as executor in your will, it’s just a nomination; I haven't done any work yet. Besides, you can always change your will and I may never become your executor or trustee, depending how you make your plan.
Not your estate planning lawyer
To be clear, I’m not your estate planning lawyer. I’ve done estate plans before, and I am very familiar with what needs to be done. Nowadays, I’ve narrowed down my expertise and I am focused on being the best possible executor or trustee after folks have passed. Some people ask if I can draft their wills or trusts anyway, and the answer is unfortunately no. I no longer have the software, fancy paper, etc. to do wills.
Consider it a good thing that I don’t split my time between preparing wills and acting as a professional executor. It means that I am dedicated to providing the best service as your executor.
Also, as an experienced executor, I know how things will happen at the end. When reading a will, I can foresee what issues will arise because of the way it is written. When you nominate me as your executor, I am happy to take a look at your will as a second set of eyes. Again, this review would be non-legal advice, because I am not your estate planning attorney. But, I will be the one to carry out your wishes. When reviewing your estate plan, I look for any red flags that may make my job harder as your executor. As a side note, we don’t usually find many red flags, because many people work with competent estate planning attorneys.
Complimentary check-ins
As we’ve discussed before, we offer complimentary annual check-ins. We do this to make sure I’m alive and you’re alive! It’s also useful to get to know each other over the years. You want an executor who is familiar with you and your wishes, based on more than just one meeting or phone call. As we talk, I might discover that you’ve grown distant from certain relatives or perhaps you made a new best friend later in life. These things could be useful when carrying out your will or even defending your estate plan.
Since I am not doing any work for your estate yet, we keep the calls brief. Sometimes it’s just an email. But it’s a good reminder for you to think about your plan at least once a year.
This is a common question that we get, but if you have any other questions, please feel free to leave them in the comments. To learn more about what I do as a professional executor, check out my book, “How to Hire a Professional Executor,” available on Amazon.
Request your free consultation