Use solicitor as executor of my will?

VoucherMan

I've finally decided to make a will. Like many I've just been putting it off until next week / month / year. I'm planning to use the solicitor to act as executor.
Does anyone know What sort of fees they normally charge? Is it a fixed fee or a percentage of the estate?

TonyMMM

For my father's estate the solicitors wanted an hourly rate PLUS a percentage of the estate ( I think 1or 2%, can't remember), needless to say I did it myself and found the whole process quite straightforward. If there are complex trusts to be set up etc. it might make sense to use a solicitor, otherwise nominate a reliable friend/relative (but ask them first !)

Jasper27_2

VoucherMan the cost will really depend on how complicated the estate is and how much time it takes to deal with. I would ask the solicitor you are using their charging policy before you go any further. Do you have someone reasonably intelligent and trustworthy you could ask to be an executor? A lay person who is an executor can always employ a solicitor for the parts of the process they can't handle themselves. My Dad was an executor of a will that included money in overseas bank accounts and he just used a solicitor where needed. Often lots of the executors role involves getting documents and certificates together, making copies, posting them off etc that a solicitor will just delegate to a junior then charge you for the time spent.

Mojisola

VoucherMan wrote: »

I'm planning to use the solicitor to act as executor.

Unless you have a very complicated will or no suitable relative or friend, I wouldn't do this. It will take a lot of money out of the estate.

richardw

Mojisola wrote: »

Unless you have a very complicated will or no suitable relative or friend, I wouldn't do this. It will take a lot of money out of the estate.

Why should you impose on relatives or friends? Being an executor is a pain in the neck.

You can't say how much it will take out of the estate, because you don't know the fees and the size of the estate, so that is a misleading statement.

sloughflint

richardw wrote: »

Why should you impose on relatives or friends? Being an executor is a pain in the neck.

Can I suggest you read this thread?
http://forums.moneysavingexpert.com/showthread.html?t=1120993

Speaking from experience,finding a solicitor up to the job is a pain in the neck.

Also once a solicitor is named, it is very difficult to have them removed.

Far better to choose a trusted friend or relative and they can choose to seek professional help if they so wish.

richardw wrote: »

You can't say how much it will take out of the estate, because you don't know the fees and the size of the estate, so that is a misleading statement.

Maybe not but non professional executors cannot charge for the work. They can only claim out of pocket expenses.

clairehi

VoucherMan wrote: »

I'm planning to use the solicitor to act as executor.
quote]

As everyone else has said, avoid this if possible as the costs are huge and it is hard to remove them. The executor can always employ a solicitor on an hourly basis for ad-hoc advice. If you have a trusted solicitor, you could leave a letter with your will suggesting the executor uses their services if they wish. a decent sol will do as much or as little work as executor wishes. as others have said, most estate administration is hunting for papers, writing standard letters to banks etc.

VoucherMan

Thanks for the comments and advice.
As I'm the youngest of my siblings I don't really want to use them as executors, and I wouldn't want to pass it on to most friends. Most of my will is likely to be made out to nieces and nephews (not yet old enough), so using a solicitor seemed like a good option. Certainly better than letting the tax-man get it all.
Most of your posts suggest it may be best to reconsider the friends/family, so I'll have to think on it a bit. I could always change the executors in a few years if circumstances changed.
Anyone any idea what sort of % solicitors charge. Or is it just as much as they can squeeze out of it?

sloughflint

As Mosijola inferred, if you have no suitable friend or relative then you probably have no alternative.

Just be aware that finding a solicitor that is competent enough at writing Wills /administering estates is no simple task. STEP solicitors are qualified in this area.

Post 2 gave you an idea on percentages. If I recall correctly, expect around £200 plus vat for an hourly rate.

VoucherMan

The only time I've used a solicitor is when I moved house, and even then I used one appointed by the bank, so my knowledge of them is very limited.
Is a STEP solicitor the same as a Wills & Probate solicitor? And even if I find a suitable one now, is there any guarantee that the firm will employ one in 30/40/60 years time?

monkey_spank

richardw wrote:

Why should you impose on relatives or friends? Being an executor is a pain in the neck.

You can't say how much it will take out of the estate, because you don't know the fees and the size of the estate, so that is a misleading statement.

Well one thing is for sure, it will cost a lot more than if a trusted friend or family did it. Solicitors typically charge a percentage of the value of the estate, and if that's not bad enough, they whack on an hourly rate on top. Then there's the interminable delays while they they spin it out for as long as possible. My family have been on the receiving end, and so I should know.

The important thing is that you trust your executors and they are reasonably organised. If the beneficiaries are adults, then it makes perfect sense that they do the work. It's always a good idea to ask your choice of executors if they are willing to act mind, because as it can be a bit time consuming (and they could refuse).

Only if the estate is particularly complicated would I advise that a solicitor is appointed as an executor, and even then I would ensure it was a STEP qualified one, rather than a high street one. As others have rightly said, a solicitor cannot be removed as an executor once you've died, and in any case your executors can (and should) receive ad hoc legal advice where it is required.

Unless you don't mind waiting ages (usually the best part of a year) and have got a minimum of 2k to throw away, don't appoint a solicitor as an executor in your will.