On Sunday we all met at the estate lawyer's office. Jim and Jayne signed for the special bequest checks from my mom to Jayne and their son, Tim. We talked about the timing and details of the sale of the house and the auction. Finally, the lawyer raised the issue of paying me for my my work as executor out of the estate. Talk about uncomfortable moments. Every dime paid to me is a dime taken out of Jim's inheritance. The lawyer pointed out that 5% of the estate is typical payment for executors in our county. Jim thought this was pretty steep. We finally settled on a figure that was about 3.5%. Man, do I hate fussing over money.
Today I had to call people to find someone to fix the leaking around the chimney of my mom's house. One more expense out of the estate to improve the house that my brother is going to own. We already spent $5,000 on a new roof, over $1,000 on a new electric garage door, and $1,800 for furnace repairs. We had a buyer who would have paid full asking price basically as is when suddenly Jim says he wants the house and outbids the potential buyer by a dollar. If he would have revealed his interest in buying the house at its estimated value before we put it on the market, we could have saved over $30,000 in real estate commission fees. I am also giving him a five-year $50,000 mortgage at a fixed 3.5 percent to reduce his mortgage burden. For all of these things plus all the work I have done as executor, I think that the executor payment is hardly out of line, especially when half of that amount is actually coming out of my half of the inheritance anyway.
Man, do I hate fussing over money.