[OhioBuckeye]

Your mother sounds like a very caring person. But I think this persons question was they had absolutely NO family, nobody. That’s a tough question to answer. But I like your mothers wishes.

[retiredguy123]

Originally Posted by HospitalCoder

Maybe not customary but doable, especially if your executor is well informed of your wishes and trustworthy. My mother died last year and had many financial discussions with one of my siblings who she had designated as her executor. We were all aware of this and trusted her implicitly to handle things as our mother wished. My mother had let it be known to her that a certain account was to be used for expenses related to airfares for funeral attendance and anything else needed after her death. The remainder is going to be distributed to the family. Of course, my sister was also a co-signer on her accounts. That might make a difference. You could set up one account with the executor to handle expenses.

Note that the OP said there is no friend or family member who is suitable to be an executor. Any named executor is allowed to charge expenses to the estate.

[bowlingal]

use your attorney as your executor. I used Joseph Pippen and Assoc in Fruitland Park ( Patrick Smith was the attorney). Get a trust not a plain will. I left money to Cornerstone Hospice and Humane society . A trust was $695.

[retiredguy123]

Originally Posted by bowlingal

use your attorney as your executor. I used Joseph Pippen and Assoc in Fruitland Park ( Patrick Smith was the attorney). Get a trust not a plain will. I left money to Cornerstone Hospice and Humane society . A trust was $695.

How is the trust any better than just having an account with the charity named as your beneficiary? No charge, and you don't even need a trust or a will. But, I would recommend a will.

[lindaelane]

Wow! I am glad you posted today. - I am in the same situation as you are with no one suitable among family/friends to be executor. My estate goes to charity. My legacy, i.e. getting the funds to my charity, is very important to me.

Yes, all my accounts are TOD and my house has a ladybird deed. But there is more for your executor to do. Cancel credit cards, stop utilities, arrange sale of your house (probably "as it") and more. Your executor needs to have a summary sheet of all these things. But how to be sure you have thought of them all? See the next paragraph:

Yesterday I discovered a marvelous resource. Cake End-of-Life planning. They are an amazing resource. Plans start at $6 but the $24 a year plan is best. They walk you through everything you would need to think of. They can help you get a will and medical POA, etc., but if you have those things, they help with all the other steps. Visit the site - they will be invaluable to me and I think to you,

joincake.com

(I get no referral or anything for this.)

My attorney is my executor (called "personal representative" in Florida wills). He is Wade Boyette with BCN law firm. His fee is 2% of my estate, which is the customary fee.

Cake End-of-Life Planning is going to help me finalize details for how my executor will hear of my death. As a safeguard, a person I know at my charity - Compassion, International - will check on me from time to time and has the contact information for my lawyer.

I have checked wit one estate planning attorney and two fiduciaries specializing in estate planning regarding trusts. A trust is not needed unless your assets are quite substantial. The successor Trustee, who distributes assets at your death, would charge the same 2% that your executor would plus you must pay to set up the trust. I have under 2 million - I am not sure where the cut-off is, but there is a point where a trust becomes advisable. An estate planning attorney can advise you.

I am told the hospital where your body is taken automatically notifies Social Security/Medicare. I am unsure about what happens if I die abroad but I am going to join Cake End-of-Life planning for help with those details.

My executor will make calls regarding my pre-arranged and pre-paid burial (cremation) and notify my cousins of my death if they do not already know. These things are in the summary sheet I have left for the executor. I have a "vial of life" on my refrigerator stating who should be notified if I die, but beyond that - in case I die away from home or the vial or the note in my wallet is missed - I am unsure what happens. However, I think my new Cake End-of-Life planning service will have ideas.

[retiredguy123]

I would just point out that the ladybird deed should mean that the executor does not need to sell the house.

[loufromnewjersey]

I have a ladybird deed with both my kids on it. It only means that any one named can get the deed from the county and bypass probate

[jaj523]

My two children are on my lady bird deed with 50% ownership to each one.

[jaj523]

I now have a ladybird deed but had a deed with joint tenancy with right of survivorship in my previous home. Am not sure what the difference is.

[retiredguy123]

Originally Posted by jaj523

I now have a ladybird deed but had a deed with joint tenancy with right of survivorship in my previous home. Am not sure what the difference is.

There is a huge difference. With joint tenancy, both owners have equal rights to use the property, to borrow against it, or to sell it, and creditors can place a lien against the property for the debts of either owner. With a ladybird deed, the named beneficiary has no rights to do anything until the owner dies. And, the owner can change the deed at any time.

[Villages Kahuna]

Don’t your trust one of your kids? Or don’t have the guts to choose one over the others to be Executor? Almost certainly one of them would be more reliable and less expensive than choosing someone you don’t know.

[Altavia]

Originally Posted by Villages Kahuna

Don’t your trust one of your kids? Or don’t have the guts to choose one over the others to be Executor? Almost certainly one of them would be more reliable and less expensive than choosing someone you don’t know.

OP has no "suitable"family.

Not a fun job. Even more so if not local.

Having an executor planned could be a gift to your children, one less thing to deal with after your passing.