Choosing an executor to handle a pricey estate
Q: I have one son who is 58, and my only sister is 74. I don’t think either will be able to properly handle my estate after my death because I have priceless antiques, artwork and costly jewelry. Over the past two years, I have tried to sell many of these things myself, but that has proved difficult. I do not know whom to name as my executor. All my close friends have died. Please advise.
A: Presumably you are leaving your estate to your son, and if that is the case, you should name him as your executor.
If your son has children, the odds are that they are adults as well, so you can name one or more of them, or possibly your son’s wife, as backup executors. There are ways to convert antiques, artwork and jewelry into cash after a person has died, without too much trouble. Your son can hire a company to conduct an estate sale or auction of your collections. Sometimes, a collection like yours can fetch
tens or hundreds of thousands of dollars.
But often, the houseful of “priceless” items people accumulate are just that. They have no price because they can’t be sold. Collections are either given to charity or put in boxes to be dealt with sometime later.
On the other hand, with a little effort, everything you have might be salable on eBay. Your collections might prove to have considerable value.
Once the coronavirus pandemic has eased, I would encourage you to work diligently to sell your collections. You should also talk to your son, and his wife and any children, to see if there are any items they would want to have. You can either give them those items now or make specific bequests in your will so they can receive them after you are gone.
Q: I wish to write my own trust and would like to know where to find the form online to copy and complete on my own time with very little expense, as I cannot afford an attorney.
A: It is a really bad idea to establish a trust without the assistance of an attorney, and it is an even worse idea to use a trust form you find for free on the internet.
There are for-profit companies that will sell you a trust on the internet for not too much money, but I would caution you against doing this as well. Often, the quality of these trust documents is lacking. And you would still need to choose the right kind of trust to draft for yourself, and you would need to customize the document so that it works properly based upon your unique family circumstances.
The information in this column is intended to provide a general understanding of the law, not legal advice. Readers with legal problems, including those whose questions are addressed here, should consult attorneys for advice on their particular circumstances. Ronald Lipman of the Houston law firm Lipman & Associates is board-certified in estate planning and probate law by the Texas Board of Legal Specialization. Email questions to stateyourcase @lipmanpc.com.