Finding A State-Based Executor To A Will!
 

Hey all, it's been a long time. I haven't visited this site for nearly 4 years! Did ya miss me?

Quick update for those who care: We've now lived Stateside for 8 years and became US citizens 3 months ago, so we're definitely in it for the long haul! Contrary to what my profile says, we now live in Nashville, Tennessee, but are yet to embrace the music or the accent... yee haw.

Anyhoo, I've a question that's stumping me...

Hubs and I aren't getting any younger, so figured that it's high time we had our wills drawn up so that in the awful event either one of us went toes up, our daughter wouldn't be fighting the probate system for what's rightfully hers.

After a visit to our lawyer yesterday, she informed us that, yes, we can designate family members in the UK to be our main choice of executor or executrix of each of our wills, but legally, as we live over here, we also need to designate someone that's resident in Tennessee, who is contactable and can fill in the duties of an executor/trix over here if the Court fails to establish a connection with the person in England.

Having only lived in Tennessee for a year or so, neither hubs nor myself know anyone well enough that I'd even put them as emergency contacts on my daughter's school list, let alone be entrusted to sorting out our worldly funds should we both be squashed flat by one of Nashville country star's tour buses tomorrow!

Has anyone ever come across something similar to this? And if so, what did you do? I can't just pull a name out of a hat, and I'm not going to just knock on my neighbor's door and say, "Hi, how are you? By the way, fancy being my executor?"

We literally have NO family in the United States, and although we have some friends we've made over the last 8 years, there's none that live in Tennessee and none that we'd feel all that comfortable with saddling such a morbid task upon OR that we could guarantee wouldn't make off into the sunset with our bank balance and family heirlooms... of which we really don't have any, but you get my point?

It's got me concerned enough to track you all down and see if anyone's had the same ish, and if you can impart your wonderful wisdoms upon me and help a girl out.

Thank you!

Re: Finding A State-Based Executor To A Will!
 

Do you trust your lawyer to do it?

Re: Finding A State-Based Executor To A Will!
 

Some lawyers consider it a conflict of interest. Some don't. But many do.

Re: Finding A State-Based Executor To A Will!
 

Our lawyer did actually ask if we knew a lawyer that was in Tennessee that we could possibly ask to do it, but she did mention that it would be a conflict of interest for her. Obviously she couldn't do it, so it had to be someone else.

Unfortunately we've never used a lawyer here, so we don't know of anyone. But that's a good point. Maybe I could just contact a different reputable lawyer in the area and vet them thoroughly and see if they'd be willing to act as the alternate executor in that event.

My lawyer did say that in all the 20-something years she's been doing wills and estates, she's never known the alternate executor be called upon because, frankly, you'd have to be pretty unfortunate to have both spouses killed the same day, and then have BOTH executors of the decedents that are in the UK be uncontactable and hence needing the alternate options to come into play. But I'd still rather cover all bases as securely as possible! (Not that I'm overly pessimistic or anything, but still...)

Re: Finding A State-Based Executor To A Will!
 

Our lawyer also said that he could not do it but recommended the trust department of a local bank. We met with them and were very satisfied with what they offered. In our wills they are the back-up in the event of other executors not being available or willing to serve.

Re: Finding A State-Based Executor To A Will!
 

This is exactly where we ended up.

I am happy to report that we have had no need to see how well it works in practice.

Re: Finding A State-Based Executor To A Will!
 

That's a great idea. I didn't realize that banks offered such a service. I'll look into it.

Thanks so much for your input! :thumbsup:

Re: Finding A State-Based Executor To A Will!
 

Yes banks are an option. But you can also take a lot of your money out of the entire "will and probate" thing and pass it directly to your daughter. Any money you have in retirement accounts like IRA, ROTH, 401k etc can be left directly to your daughter simply by making her the beneficiary. The money in those accounts will not be included in your estate when you die and will pass directly to your daughter.

Re: Finding A State-Based Executor To A Will!
 

Yes, you're right. Our lawyer mentioned that things like insurance polices have named beneficiaries and so are dealt with separately to the estate when a person passes away. But you make a good point about IRAs and 401Ks. Another thing for me to look into...

Thank you so much.

Re: Finding A State-Based Executor To A Will!
 

Lots of people just ignore assigning beneficiaries to IRAs etc and that is a big mistake as it means they all go into the will and through probate. FYI your beneficiary designations on retirement accounts trump anything you put in your will.

Re: Finding A State-Based Executor To A Will!
 

Does the same apply to bank and brokerage accounts?

Re: Finding A State-Based Executor To A Will!
 

No, just stuff like ROTHs, IRA, 401k, 403b etc. Just take a look at your accounts and any that ask for beneficiaries can be kept out of probate. If you don't designate anyone they get included in your estate and must go through probate.

Re: Finding A State-Based Executor To A Will!
 

Thanks nun, good info as always.

Re: Finding A State-Based Executor To A Will!
 

Yes, thanks, Nun. Very helpful.

You learn something new every day.

In fact, in my case, I seem to be learning lots of somethings new every day!

Re: Finding A State-Based Executor To A Will!
 

Now is also a time to explore whether or not a Trust is of benefit to your situation too, even as beneficiary; (and whether they can be held/managed/registered in another state) and how that also affects its/your tax position etc. They differ from state to state by means of different state laws regarding trusts, creditors and subsequent tax. Probate obviously vary from state to state and subsequent timeframes. So, always run the hypothetical scenario ahead of time and plan accordingly, as you are currently doing.

As part of Probate, the court records the Will - ie they become public record and details of such; that's why creditors often troll PRs (Trust details, at least in CO, remain confidential and are not recorded) and have different tax implications.

Also, make sure your Title (not deed) of any real estate match your wishes of a Will etc as Title, in many states, determine survivorship rights regardless of what a will says and is a very common area why Wills are contested regarding property.

Re: Finding A State-Based Executor To A Will!
 

This is a really good point and it extends well beyond retirement accounts.

I wised up on this quite recently and subsequently checked and addressed all of our financial accounts (checking, savings, brokerage as well as retirement accounts).

A friend whose wife passed away encountered difficulties with the car registered in her name. It went into probate for a year during which he could not insure, use, or sell the vehicle. Put cars in joint names or nominate a TOD (transfer on death) beneficiary with your DMV.

It goes without saying that you should check the manner in which title to your home is handled.

In the event of my demise, probate should only need to address my shirts, socks, and underwear :-)

Re: Finding A State-Based Executor To A Will!
 

The handling of car title upon death varies from state to state.

Re: Finding A State-Based Executor To A Will!
 

Thanks for all the help you've given me on this query.

Out lawyer did get back to me and said she'd "checked with the Supreme Court of Tennessee's latest decisions, and they are in agreement that as long as the Wills reference the statute by number and the Executor/Executrix are identified by name and location, thereby being put on notice of the need to enlist an in state co- executor/guardian etc., that will now be sufficient due to the recent influx of international residents and the strengthening of the long arm statute i.e. the court can reach out and grab them."

So that's one problem solved. But it'd have never even crossed my mind to look into real estate deeds and creditors' paybacks along with car titles and the like. I guess I'll find out what's been taken into account when my lawyer sends us the will packages over to preview...

Re: Finding A State-Based Executor To A Will!
 

FYI. It is not an automatic option, but you can avoid probate on non-retirement accounts by doing a Transfer On Death (TOD) instruction. Brokerages/banks/mutual fund companies will have the required forms.

There is also the option to put things in a Trust. But this all varies from state to state and it's an area where a little legal advice is usually worthwhile.

Re: Finding A State-Based Executor To A Will!
 

Trust law is incredibly complex and it keeps changing. Professional advice is nearly always required.

Setting up TOD beneficiaries is usually incredibly simple. Request a form from the bank/brokerage/other institution, fill it out and sign, and then mail it back. Takes a few minutes and costs no more than a postage stamp.

Trusts can be invaluable for providing for children, and worth the effort. But as far as Mrs malch and I are concerned, we pretty much have all significant assets covered with TOD and very little will be subject to probate.