Solicitor as Executor, who does this work.

so_little_time

I am currently writing my will, but I have a problem with finding someone to be the executor.
I understand you can make the solicitors the executor, does any one have any experience of this, I did read that that they will only act if the estate is worth over a certain amount, does any one know how much it has to be worth & what happens if in the future it drops below that amount.
Also I understand that they will charge for doing this but is it very expensive.

Julie_J

All I know is that solicitors or banks can charge rather a lot for their services as an executor. Depends on how big or complicated your will is as to whether it would be worthwhile or not. I did see an article about the costs in a newspaper recently but can't recall which one.

I did a lot of the legwork for one man who died ie registering the death, organising his funeral, clearing his flat, itemising all his effects etc and then distributing to his friends personal items/furniture etc. The beneficiary was a charity but legal expenses were kept to a minimum.

Farway

Solicitors / banks as executors normally work on a percentage basis, plus costs, and this can seriously eat into the amount left

However, if none of the beneficiaries of your estate are willing to take on the task of being an executor, then, to put it bluntly, they deserve all they will not get

monkeyspanner

If you can possibly avoid involving a solicitor, accountant or the bank I would. The process with any of them will be longer and much more expensive than it needs to be.
The reason they are looking for minimum estate values is that they want to make sure they can skim off sufficient to make it worth the effort.

If you are concerned that the executor need specialist knowledge this generally isn't true, and any private individual can engage professional advice where needed. The probate department and relevant departments in financial orgnisations are generally very helpful.

missile

I appointed my solicitor as executor, I wanted to avoid squabbling after I am gone. I may review this decision as my beneficiaries get a little older and hopefully wiser.

My solicitor did our wills for free when I purchased my current home. I do appreciate he will get paid, but I know my solicitor's charges are reasonable.

Always get a quotation in advance. I have never understood why people reluctant to ask solicitors for a quote. You would not employ a trademan without first asking for a quote?

monkeyspanner

missile wrote: »

I appointed my solicitor as executor, I wanted to avoid squabbling after I am gone. I may review this decision as my beneficiaries get a little older and hopefully wiser.

My solicitor did our wills for free when I purchased my current home. I do appreciate he will get paid, but I know my solicitor's charges are reasonable.

Always get a quotation in advance. I have never understood why people reluctant to ask solicitors for a quote. You would not employ a trademan without first asking for a quote?

Get a quote by all means but how would you hold the solicitor to the quote? Once you are gone effectively the solicitor as executor answers to themselves regarding fees and what they spend as long as they are not acting fraudulently.

From experience there will still be swabbling if the will is seen as unfair in any way irrespective of who is executor.

SailorSam

I was executor for my Mum, it crossed my mind as i had to search the house and go through old paperwork to get everything together, what would have happened if a bank or solicitor had had to do this. I think an outsider would find it much more difficult, i'd recommend you always try to find a friend or member of family to do the donkey work.

roddydogs

My Solicitor gave me a quote-£180 per hour........but cannot tell me how long it would take!

getmore4less

Why are you having difficulty finding an executor who have you asked.

Many might think it is a job they can't do or will take up too much time.

Who are the benificiaries any minors that could put people off, requires trusts.


I decided to take on my dads estate and it is relatively easy.
I was lucky he had documented nearly everything needed.

Even then it is a lot more work than I thought and the hours have racked up, many doing the neccessary reading to have a clue what to do.

One thing this has done is give me a better idea of how to document our own estates and the importance of keeping things up to date.

One thing I am thinking of doing is actualy having the forms all filled in with the last state and update regularly so whoever ends up doing it will have less work to do.


Solicitors are not cheap but I think you need to ask them.
Banks fees can be scary
Here are Barlcays fees for admin of estates.
http://www.bbtco.barclays.co.uk/download/feeSchedule.pdf

Savvy_Sue

SailorSam wrote: »

I was executor for my Mum, it crossed my mind as i had to search the house and go through old paperwork to get everything together, what would have happened if a bank or solicitor had had to do this. I think an outsider would find it much more difficult, i'd recommend you always try to find a friend or member of family to do the donkey work.

We had a meeting with an accountant to discuss some aspects of Dad's will, he said that if they have to go through paperwork like this it's usually a junior member of staff who gets sent out to do it, but even so it is quite costly. However they would work with a family member if there was one who could assist with it!

so_little_time

getmore4less wrote: »

Why are you having difficulty finding an executor who have you asked.

Many might think it is a job they can't do or will take up too much time.

Who are the benificiaries any minors that could put people off, requires trusts.


I decided to take on my dads estate and it is relatively easy.
I was lucky he had documented nearly everything needed.

Even then it is a lot more work than I thought and the hours have racked up, many doing the neccessary reading to have a clue what to do.

One thing this has done is give me a better idea of how to document our own estates and the importance of keeping things up to date.

One thing I am thinking of doing is actualy having the forms all filled in with the last state and update regularly so whoever ends up doing it will have less work to do.


Solicitors are not cheap but I think you need to ask them.
Banks fees can be scary
Here are Barlcays fees for admin of estates.
http://www.bbtco.barclays.co.uk/download/feeSchedule.pdf

To be honest I haven't asked what any of my relatives feel about doing it, my closest relations would jump at it but they will not be benificiaries in the will (not sure if they realise that yet) as they have totally ignored me for years. I would not want them going to have any involvement or even access to my personal papers etc.
I do have a one cousin that I trust completely but she does not live locally and I only see her very occasionally (there are usually quite a few years between our visits to each other due to distance and busy lives) but we do exchange Christmas cards every year and always have done.
I would be happy for her to be executor but think it would be difficult for her as she is a long way away and has a very busy life so I think it is probably too much to ask of her.

There are two benificiaries that are both under 18 at present and even when they are old enough to act it could all be a bit much for them. I also want to leave some of my estate to charity, divided between a couple of charities that I support rather than all to one charity.

It is my intention to try and make things as easy as possible by listing everything & what accounts I have, where all my papers are etc then regulary updating everything.

Thank you for the link, I will look at it to get a better idea of charges.