Living trusts are the best way to preserve your estate. If you haven’t set up a trust or you haven’t funded it fully or properly, the estate will inevitably go through probate. Having an unpaid executor for your will leaves more money to be distributed among the beneficiaries of the estate, but it can complicate the process on the emotional level, as well as prove a burden for the executor. However, choosing a paid executor seems too cost-prohibitive in some cases. Good news is that the situation is not so black and white. Here are some points that can inform your decision. If you’d like any more professional input, call to book your free case review with a reputed San Diego estate planning attorney at The Law Offices of Irina Sherbak.

The benefits of unpaid executor

If it’s highly unlikely that the will be contested, it can be practical and sensible to have an unpaid executor. What that actually means, is you choose a friend or family member who will waive (refuse) the fees they are entitled to in the probate. This keeps more assets in the estate, because executor’s fees are paid out of the estate.

It’s possible to have two or more co-executors. This is convenient if you are afraid to impose too much of a burden on one person, or if you’d like to prevent any family discord. By having multiple co-executors you can assign tasks and responsibilities to people according to their knowledge and inclinations.

The benefits of paid executor (also known as a professional executor or fiduciary)

When you choose a paid executor, you are sure you are appointing a person with no conflict of interest. This may assuage any family members who may feel an unpaid executor would cheat to his/her benefit. Paid executors make sense when beneficiaries don’t get along and are likely to contest the will. They also make a good choice when the estate is large, as that increases the likelihood for dissent among beneficiaries. Finally, some people don’t want to add to the grief of their surviving loved ones by appointing them executors, so they choose a paid executor instead.

Institutional paid executors, such as banks and law offices, are immortal and impartial. They also know legal matters (San Diego estate planning attorney) or they have access to a team of financial and legal professionals (banks).

The best of both worlds

The same way it’s possible to distribute the responsibilities among unpaid executors, it’s also allowed to have both unpaid and paid executors. For example, a friend or family member can do most of the legwork, but still have a paid executor at their disposal, such as San Diego estate planning attorney, for advice and guidance. This compromise can reduce the costs of the probate, without sacrificing expert input and counseling.

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