Advice re: wills & executors please.

waynehayes

Hi.
I have tried a search on the forum, but can't quite find what I'm after.

Last night we (my partner and I) both had a will written for us by a company called Solicitors Probate Services (SPS) Ltd. They often advertise in our local Tesco, so we thought we'd take the plunge at £39 for each will.

The agent was very keen to push what he called their 'Estate Insurance'. He was quite convincing, and being totally clueless regarding wills, we took him up on the offer.

I'll outline the 'insurance':

- SPS will act as executors of both wllls, with a fee of no more than 1.75% (inc. vat and disbursments) of any assets. This fee will only kick in on the second death.
- Will storage.
- Free amendments to wills.

This so called insurance costs the best part of £1000 (for both of us), payable in installments of £10 per month.

Is this extra insurance worth the money? I have 7 days to cancel.

Thanks in advance for any advice.

Edinburghlass_2

Cancel it. Anyone can be your executors, probably best that you are each others executor and one other person each which can be family, friend or solicitor but remember a solicitor or bank, like this company, will charge a fee for being an executor or rather for what work they have to do when "executing" your will.

Who knows 1.75% could be a goodly amount by the time this fee kicks in.

sloughflint

Just googled them and nothing came up. I wouldn't trust them an inch if they're trying to flog the probate side. Can you be sure the Will was written well?
Have you already paid for the Wills side of things?

georgieb_2

cancel it. Anyone can be an executor , someone you choose , you can have more than one, three if you want. It is their job to carry out your wishes with your wills. I wouldnt ever consider a firm acting as executor of my will if i didnt know anything about them. and thats a rediculously high amount to pay.

sloughflint

Is this them?
http://www.sps-wills.com/textonly.php
Very inferior looking website.

£1000 upfront and then a further fee of no more than 1.75%!!!!
No way.

waynehayes

sloughflint wrote: »

Just googled them and nothing came up. I wouldn't trust them an inch if they're trying to flog the probate side. Can you be sure the Will was written well?
Have you already paid for the Wills side of things?

We paid by cheque for the wills last night. We were told that as our daughter is only 2, and assets would have to be put into trust. This would cost an extra £30 each, which would be waived if we took the insurance.

waynehayes

sloughflint wrote: »

Is this them?
http://www.sps-wills.com/textonly.php
Very inferior looking website.

£1000 upfront and then a further fee of no more than 1.75%!!!!
No way.

Yes, thats them. He countered these charges by stating that the larger banks will charge 4% plus vat and disbursments.

sloughflint

Wayne, I wouldn't touch them with a bargepole.I'd even question the quality of the Will.
That website was awful. What qualifications do these people have?

I had to use a solicitor for probate purposes sadly due to a complication otherwise would have done it myself.
The solicitor's firm that was holding the Will would have charged 1.5% if I recall. I did not use them.
Banks are notoriously expensive but what this company is suggesting looks pretty steep especially charging £1000 first.:eek:

How many times will you need to change your Will to justify £1000?

sloughflint

waynehayes wrote: »

This would cost an extra £30 each, which would be waived if we took the insurance.

How generous of them considering the insurance is £1000.
Walk away.

In fact I'd go as far as stopping that cheque.

Edinburghlass_2

Even the word "insurance" is wrong, this is no insurance this is a fee for storing 2 wills and updating them?

You've probably lost your initial outlay on your wills now but please don't be put off and go and make proper wills with a solicitor. You need to remember as you are not married that you aren't next of kin which can cause difficulties in the case of hospitalisation or death so make sure you wishes are in your wills and also consider a guardian for your little girl.

waynehayes

Thanks for the advice. I think we'll go ahead and cancel tomorrow. Tha main reason we wanted to do the wills was to make sure iur daughter was looked after.