I need some helpful advice on a strange situation. I was recently contacted by someone saying they are working on an estate of a recently passed relative of mine. He told me that my fathers brother had passed away and had a sum of money and a house with belongings. Since my father passed away when I was eight, the estate gets divided between my sister, aunt and I. He said that we don't send him money and that he gets paid from a percentage of the estate. Sounds ok to me so far but here is the kicker - he wants 25%. After it all works out that seems to be a large amount of money. The state that my uncle happened to be living in was apparently Ohio (I have never met him).

Here is what I would like to know:
1. What would someone normally charge for working an estate like this? Is the amount abnormally high?
2. What other way could I go about doing this so I don't have to pay someone 25%
3. Is there an inheritance tax in Ohio?

I really don't know where to study this on my own and would really really appreciate any legal advice. If anyone does this sort of thing for a living on this board or knows of anyone who does could you please offer some insight into what I should do.

I figured this board would be one of the best places to start my researching since there seems to be tons of knowledgeable people on here. For right now I'm sort of hoping this thread will not really turn into too much of a "what should I do with the money" thread. I'll be getting to that part a little later.

Thanks in advance of any helpful advice!

 

Acceleratrix,

Seems to me that your uncle must have designated this lawyer as his estate's executor.

Are you saying that he's asking you for the 25%? That does sound odd. I would assume that the terms of your uncle's will should spell out his fee.

I don't really have any experience with this, but I agree that 25% to act as executor sounds outrageous. If your uncle was a bright man, I doubt he would've agreed to this.

But, don't take my word for it. Any estate atty. should be able to help you work this out. I would locate one who works on a fee basis, and get some direct advice.

Best wishes.

 

You say "someone" contacted you. Is it an attorney?
If the estate is probated, California has a probate fee set by the courts that the executor is paid. It is a sliding scale, but I think it only goes to about 5 or 6% max. I would imagine Ohio has a similar arrangement. If there is a trust involved, then the trustee should be paid an hourly rate, which should not come close to 25%.
This person is trying to rip you off. You should never agree to this. Try to find out the probate number and call the court. If this person is an attorney, report him or her to the bar. A good judge will have a dishonest executor replaced.
Request a copy of the will or any document you can get your hands on that will help you find out where the will is being probated. Wills are public documents (eventually) Call the probate court in the county where your uncle lived and tell the court clerk the facts. Or hire an attorney, if you think what you stand to inherit is worthwhile.
Disclaimer- I am not an attorney, but have dealt with estates for 29 years.

 

retain a well respected estate lawyer and have him/her connect with this "someone" on your behalf....it will cost you some $$$ but it will be resolved fairly and in your best interest....i recently went thru a nasty estate settlement and in retrospect all i really needed from the get-go was good legal representation..

 

Thanks for the replies. I think getting an estate lawyer is good advice so I'll work on retaining one.

The guy that contacted me is not a lawyer and does not work for a law firm. His company just researches lost money, finds the heirs and gets them to sign a paper that says that he gets a % of the estate. From his cut of the money he gets together the paper work, hires lawyers and whatever else is involved.

I'm not sure if there is a will or not. This guy is really reluctant to give out any info until I sign the paper he sent me.

Any idea how can I find out the probate number? I don't even know which court in Ohio to contact.

 

I'd also contact your aunt, and sister..see what's going on...

 

[QUOTE]Originally posted by Morris
[B]You say "someone" contacted you. Is it an attorney?
If the estate is probated, California has a probate fee set by the courts that the executor is paid. It is a sliding scale, but I think it only goes to about 5 or 6% max.

 

I'm curious...why didn't your aunt contact you that he died and that you are an heir? My thought is that the family lawyer should be contacting you, and there's really no need for this shmuck.

 

Don't forget about federal Estate Taxes! The feds will take >50% if you're not careful!

 

He's:
1. A finder. They make their money by finding people who have money coming and hooking them up. It's a legitimate, if a little sleazy, occupation. They search public records for people who are due, find the person and negotiate a percentage. You can bypass them with a little work of your own. Sounds like your aunt may be hoping to cut you out.

2. A con man. Don't part with any money on the promise of money to come.