MSE News: Get your affairs in order during free wills month

Former_MSE_Helen · 1 October 2014 at 9:15AM

A shakeup of the law in England and Wales today may affect what happens to your cash if you die without a will...

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Get your affairs in order during free wills month

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torbrex · 1 October 2014 at 2:07PM

What about the Scots?

Oh yeah, their offer was in September we forgot to tell you until after it was over :mad:

Pincher · 3 October 2014 at 9:06AM

Check whom they put down as the Executor.

If the lawyer makes his firm the executor, the fee could be 10% or more of the estate when you die. The "free" Will will be registered, so if you want to re-nominate the executor, you will have to have another Will done and register the new one to supersede it, but this time at full cost.

So READ, and read again, before you sign.

Errata · 3 October 2014 at 9:13AM

A lawyer can't "make" his firm the executor, only the willmaker can decide who the executor(s) will be.

g6jns_2 · 3 October 2014 at 12:20PM

Pincher wrote: »

Check whom they put down as the Executor.

If the lawyer makes his firm the executor, the fee could be 10% or more of the estate when you die. The "free" Will will be registered, so if you want to re-nominate the executor, you will have to have another Will done and register the new one to supersede it, but this time at full cost.

So READ, and read again, before you sign.

This really is nonsense. The percentage fee will be nothing like 10% unless you use a shyster. The testator decides who they want as an executor not the solicitor. Registration of the will is not a common procedure as it costs money. In any case if a new will is needed there is no need to register it as it just supersedes any earlier will.

Errata · 3 October 2014 at 12:40PM

I've never heard of wills being 'registered'. What's the register callef?

SailorSam · 3 October 2014 at 1:11PM

g6jns wrote: »

This really is nonsense. The percentage fee will be nothing like 10% unless you use a shyster. The testator decides who they want as an executor not the solicitor.

I think what Pincher was saying is, the Solicitor will not decide who the executor is, but they often ask ...... "Would you like us to act as one of the executors". ....... So Pincher was saying to be careful how you answer.

SailorSam · 3 October 2014 at 1:14PM

Errata wrote: »

I've never heard of wills being 'registered'. What's the register callef?

I've heard that for a small fee you can deposit a copy of the Will somewhere in London, just so it can be easily found. Is that registration ??

Errata · 3 October 2014 at 3:36PM

Wills can be stored with the government's Probate Service for a small one-off fee. It is for safe storage, not registration, but the willmaker should leave info about where it is when they die.

Pincher · 4 October 2014 at 8:25AM

NOT have it registered: because you don't want anybody to find it if you die?

My current Will was "registered" by the solicitor. I expect it's with certainty.co.uk . I suppose you are not obliged to register it by law, but the solicitor basically says it's the standard service they provide, so it's no extra cost. Any changes means a new Will, and another registration. It's not: "Can I cross something out, write something in the margin, and put it back in the filing cabinet?"

Not naming names, but you should see the pressure the senior partner specialising in inheritance was putting on my mother to name his firm as the Executor. The Fees structure was in a separate document, which she was supposed to sign.
Fortunately, I put a stop to it, because I have read of plenty of cases where the Executor's Fees were a percentage of the estate. If you have a £500k house, and £50k cash in savings, it means £55k in Executor's fee, as opposed to hundreds to do a simple Probate. since she hasn't died yet, and houses prices have more than doubled since then, the fee would have been £100k+ by now.

Crabapple · 4 October 2014 at 9:57AM

It is almost always going to be more expensive for a Solicitor to be named as Executor in the Will. Best advice, which is always given on here, is to name trusted family or friends (very rare situations a Solicitor may be a better option) who can then decide if they need to get legal advice or help with the administration.

However, it is worth saying that the amount of fees are not going to be in the area of 10%, especially not the larger the Estate gets. Often the ratio of costs to Estate will go down a little in a simple Estate with few assets but high value. You're more likely to end up paying 10% in a small Estate but with lots of fiddly little assets.

If you do name Solicitors they have to make you aware that naming them will be expensive and give you an idea of the costs involved.

Certainty do not hold your Will by the way, they just make a note of where it is held, which will normally be at the Firm who make it for you. So they can get it out at any time and update it as required.

MSE News: Get your affairs in order during free wills month

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