multiple executors

dannie

If there are three executors and one offers to be the sole executor (as they have a greater financial knowledge in the required areas), are there any "downsides" to the other two declining their roles?
Thanks.

dannie

Anybody got any experience in this area please?

localhero

My advice to you would be to contact your local probate registry who will be able to give you some guidance.

Essentially the two `spare` executors can step aside, but reserve the power to act should the need arise.

dannie

localhero-thanks for your reply/info.

paddy's_mum

I would have thought that financial knowledge is not the only attribute needed by a competent executor. Wouldn't commonsense or experience of life be valuable too? Could it be a good thing if two or three executors have to discuss and explain things so that they are each sure that they are taking a wise and sensible course? Perhaps most importantly, they each act as a brake or rudder upon the other/s should it be needed.

I'm a great believer in transparency and 'up-front'ness where other people's money is concerned and would be reluctant ever to act as sole executor - it's too easy for a disgruntled relative to later claim that a single executor was up to no good and has destroyed the evidence of their wrongdoing!

Pee

A loss of control.

If the three executors are three close siblings who trust one another completely - families like this do exist - then I see no harm at all in the other two having power reserved. (That is different to renouncing, which is probably not a great idea as if the star executor died or fell very ill, noone could take over from him.)

Consider getting a Grant through a solicitor as well as directly through the Probate Registry. It can be a lot quicker and less time consuming and the Probate Court fee charged to solicitors is less than that charged to the public, so it may be cost effective. (Obviously make sure you get quotes and know what you want, simply the application for Probate.)

localhero

Pee wrote:

Consider getting a Grant through a solicitor as well as directly through the Probate Registry. It can be a lot quicker and less time consuming and the Probate Court fee charged to solicitors is less than that charged to the public, so it may be cost effective.

I disagree. In many cases this will take a lot longer. You will also certainly lose control and end up paying a percentage of the estate plus an hourly rate in fees in most cases.

I would have thought that between them, the executors should be able to manage - just obtain decent advice if it's required. The probate registry is an excellent starting point for those acting in a `non -professional` capacity.

Pee

You can get a solicitor to get you a Grant only for about £800, including the probate court fee which is £40 for a solicitor application. You will have the Grant about a week after you swear the Oath, probably five weeks after you first see the solicitor.

Ask about the personal application - there is an interview scheduled some weeks ahead and there is a different fee (£150?) a lot of paperwork and the Grant is issued several weeks later - about 12 weeks apparently.

It means that it is worthwhile considering, whatever the best route. (If the executor is retired or not working and located near to a convenient Probate Registry, a personal application will be no trouble of course.)

dannie

Thanks for the replies (too difficult at the moment to expand upon these comments).

TeresaO

Hi,

Grant of Probate is £90 and the Probate office are very helpfull.

I think you need to consider how straight forward or complex the estate is

I sorted out my Mothers estate and was guided by a friend who was a solicitor, I did the work though and it took 10 months (this included time for the sale of my Mothers home). It was stressful and emotionally draining. In all honesty I don't want to do it again - not when there are lots of interested parties anyway.

My OH is now acting for his dads estate - we are 5 months in and it is a straight forward estate. Much more straight forward than mine - the difference is OH is at work and I wasn't and that's what is making it take longer.

good luck

T

buxtonrabbitgreen

Being an executor is not difficult if the deceased's finances are in good order and fairly simple. I was named as joint exceutor with my sister. She lives 200 miles away and didn't want to do it. She just had to write a letter saying so for me to poceed as sole excecutor.
I had never done it before and my brother found some useful info for me online.
I kept meticulous records of everything and still have them now 7 years later. Just in case any of my family think I did anything wrong or the tax office needs to see the records.
So what I am saying is that you don't need to be some sort of financial whizzkid to do this. And there is no reason that you shouldn't do it together if you all want to. Also sometimes an extra pair of hands is quite useful.