Quote:
Originally Posted by bsloan1960
We have 5 people who will inherit our assets upon our deaths. Can a Lady Bird Deed be used in the case of a property going to more than one person?
Also. Is it customary to leave a sum of money in the will to an executor? I just realized that our executor may be required to fly to Florida upon our death and that will be expensive.
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I'm not sure if a ladybird deed can name more than one person to take ownership of the property, but it sounds like a terrible idea. I would suggest that you direct the executor to sell the property and to distribute the proceeds to the 5 heirs. Having 5 people jointly owning a house is ripe for a huge argument.
It is not customary to leave money in the will to the executor, unless they are one of your heirs. That would become their money to use for anything they wanted. However, the executor will have access to the estate assets and they can use those assets as needed to perform the executor duties and also to receive a reasonable compensation, which is prescribed by law or limited by the court. You can also specify a larger compensation amount in the will for the executor to receive for performing the duties if you want. To me, the most important thing to do is to have a checking account or other liquid account that the executor can get access to quickly, so they can start the probate process without spending their own money.