An executor role for many people can be intimidating. They will face tasks such as interpreting the Will, contacting multiple institutions, changing accounts, minimizing and completing personal and estate account taxes, applying for letters probate, transferring land titles, assessing assets, managing investments and so on.
Mennonite Trust can help: As a non-profit, church directed corporation, we have served families since 1917. Many executors appoint us as agent to streamline their tasks. Our expertise often provides estate savings and time efficiencies which serve to lighten the load.
When someone dies without a Will they’ve missed the chance to name an executor. When that happens, someone will have to apply to court for Letters of Administration, which includes naming an administrator for the estate. Once court appointed, the administrator has the same authority as an executor and will have to start the work of contacting multiple institutions, changing accounts, minimizing and completing personal and estate account taxes, transferring land titles, assessing assets, managing investments and so on.
Mennonite Trust can help: We regularly work with families trying to deal with the death of a loved one, who failed to make a Will. We can help determine who should apply for letters of administration and then guide them thru that process. Our expertise often provides estate savings and time efficiencies which serve to lighten the load.
TWO WAYS FEES ARE CALCULATED
The fee structure chosen is at the manager’s discretion and discussed with the family at the initial meeting. An estimate of the cost to the estate will be provided.
Our hourly office rate is currently $210.00. Work done for the estate is tracked by the minute. Our experience and automation allows us to accomplish work more quickly than an inexperienced executor. As an example, when a spouse passes, our fees are usually in the range of $1500 to $3000, although more complex estates may exceed this amount.
Estate size is based on individually owned assets. This calculation excludes all joint bank funds, joint titles, insurance funds and registered products where the estate is not a beneficiary.
We charge 3% of the first million dollars and 1% of amounts over 1 million. As an example, if a single person passes and the estate is worth $400,000, the fee would be $12,000.
THREE WAYS TO USE OUR SERVICES
OPTION A – You do the work, we advise.
You may just need a task list to be sure all the bases are covered, and perhaps a little advice here or there. Our initial meeting will provide you with the forms to begin and a comprehensive task review to make sure you cover all the bases. The estate pays only for the time for our preparations and time in our face to face meeting.
OPTION B – We share the work.
You may be entirely prepared to carry out much of the work, but some of it may be too complicated or too time involving. We can meet to split the work and decide who does what. The estate may pay at our hourly rate or by percentage, depending on the work load assigned to us and the value of the estate.
OPTION C – We do the work.
As executor, you have the option to appoint us to carry out the tasks required. Our initial meeting will allow us to gather the information needed and to secure your authorization. Beyond looking after some of the personal items of the deceased, you can rest assured, knowing that we are looking after the details. Charges may be hourly or by percentage.