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Tuesday, October 15, 2013

Leaving a literary legacy: who will watch over your work?

I'm attaching a link to an article that talks about the need for a literary executor for a person who has written books. It's a must-read for anyone who writes, but also for anyone who creates and sells tangible art of any kind. You need to think about who will look after these assets after you're gone, and who will benefit if your creations start to (or continue to) generate income. Click  here to read this article from www.beyondthemargins.com.

4 comments:

  1. The executor of my father's will, my brother, plans to put down his return flight and hotel costs to my father's funeral as expenses as the executor. This will be quite high since he flew in from across the country.
    I guess he feels this way because while he was here for the funeral, he did some executor work. Can he do that?

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  2. My brother, the executor, plans to charge his flight and hotel bills when he flew in to my father's funeral, to his estate as an expense. He did some executor work while he was here.
    Can he do that?

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    Replies
    1. Hi Louise,
      He's right that the key to it is that he did some executor work while he was here. I think he can do that. It sounds as if this estate is going to lose a lot to executor expenses, and I assume that he will also have to deal with a bonding issue. An idea to keep the costs down without your brother relinquishing control is for him to hire a trust company to act as his agent in the city where the estate is located.

      Lynne

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    2. Thank you.
      I have a few more important questions.While my brother was here for the funeral he rented a top of the line vehicle to tour around in for several days, which I am sure will be added to his expenses. Is there any way of fighting this abuse of executor expenses when this is all said and done? Also, is he obligated to show us his list of expenses or do we have to ask for them? He told us that we are to get our inheritance any day now and we have not seen any list of his expenses. We don't even know if he charged 2.5 or 5% that executors get. How is that percentage determined? Is he obligated to tell us what our father's estate was worth in the beginning because we haven't been given that information either? I do know that it is over $600,000.
      (I am esp. concerned because he kept telling me how hard off he is financially lately & because he conned my father out of money in the past.)

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