Should you appoint co executors in your will?
Attorney Tom Olsen: Chris, I'm going to go back to this importance of avoiding probate because I'm working on a probate right now where dad was not our client. We did not do his estate planning, but we are doing his probate. Dad had two children, a son and a daughter. Dad knew that son and daughter did not get along, so we had a very bright, I say that facetiously, bright idea of naming them both as co-executors of his estate, so he did not take steps to avoid probate, which we're all about, but he did not. He's got a will naming both of his kids as the executors of his estate.
Kids didn't get along while dad was alive. Guess what. It's as bad or worse now that dad has passed away. What does that mean? It means that the daughter has hired me to represent her and her probate. Son has hired his own attorney to represent him in the probate process. We're talking roughly a million-dollar estate. Florida Statutes recommends an attorney fee of 3% of those assets that go through probate. That's $30,000. Guess what else the Florida Statutes says in that situation.
Attorney Chris Merrill: The PR.
Attorney Tom Olsen: Not only the PR, but it says if the attorney's fee is $30,000 in his probate estate, and each executor has their own attorney, guess what.
Attorney Chris Merrill: Each one.
Attorney Tom Olsen: Each lawyer gets $30,000.
Attorney Chris Merrill: Each lawyer plus a PR.
Attorney Tom Olsen: Plus the PR fees, yes.
Attorney Chris Merrill: Look at how much is being eaten up.
Attorney Tom Olsen: That's exactly what people-- When you and I are counseling people about estate planning, we know from experience when we speak the words, "You want to avoid probate?" Oh my gosh. They start nodding their head up and down. Whether they heard it from their neighbors, or their kids, or their friends, or their parents went through probate, people out there know probate not good. We're about helping people avoid probate.
Attorney Chris Merrill: We sure are.