I have recently been told that due to health findings, I should consider drafting a will ASAP. My problem is that I ws told that the Executor of my Will CANNOT both be the executor AND receive any benefits of the will. There is only ONE person I fully trust to excecute my final wishes and I would also like to leave him some personal belongings as well in my will. Is there some way to do this?
2007-05-23 12:00:18 · 5 answers · asked by Jarri 2 in Politics & Government ➔ Law & Ethics
Just wanted to clear up that a friend in the business field gave me the info. I will be going to a lawyer, but thought I would run this question through our EXPERT answerers first. And lastly, I reside in Illinois. Thanx!
2007-05-23 12:20:51 · update #1
You need to talk to a lawyer.
I'm sure it depends on the state laws where you live.
You do not say who told you this.....
But I do know in the state of Oklahoma it can be done.
I am an only child, I am the executrix and the beneficiary of their wills and living trust. As well as the executrix of their Power of Attorney.
As well NEVER allow anyone to be the executor of a will for a fee.... they can legally drag out settling the estate until most of the money is gone...
2007-05-23 12:04:48 · answer #1 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 0⤋
Hmm. That is a quandary. Are you having an attorney draw up the will for you? If so, you can see if s/he will be the executor. I believe the executor (at least in Calif.) is entitled to a fee paid by the estate of the deceased, and an attorney may charge more than the, say, a friend or relative. However, if this is the only way around the problem, it may be worth it.
2007-05-23 12:06:19 · answer #2 · answered by claireag 3 · 0⤊ 0⤋
You will most likely need a lawyer to draft the will...they can be made executor of wills.
I do believe you are mistaken I believe an executor cannot receive any benefits of the will unless expressly permitted by the terms of the will.
2007-05-23 12:06:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Talk to your Attorney about this, I was the Executor of my late sister's will and also the beneficiary of her entire Estate. So, it can be done.
2007-05-23 12:16:34 · answer #4 · answered by Alfie333 7 · 0⤊ 0⤋
Consult with a qualified IL probate attorney.
Also, review the IL law on executors.
http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075500050HArt%2E+IX&ActID=2104&ChapAct=755%26nbsp%3BILCS%26nbsp%3B5%2F&ChapterID=60&ChapterName=ESTATES&SectionID=63333&SeqStart=18000&SeqEnd=20000&ActName=Probate+Act+of+1975%2E
2007-05-23 15:57:15 · answer #5 · answered by wocaes 2 · 0⤊ 0⤋