Solicitor as Executor, who does this work.

M.Holloway

so_little_time wrote: »

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.

If you do this then they will probably charge a lot to administer your estate.

dzug1

so_little_time wrote: »

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.

As long as someone agrees to pay their fees, they will act on an estate of any value. Of course the person who instructs them will be out of pocket if the estate is too small to claim them back, but that's not their concern.


If you estate lands up too small for a solicitor and no one (named executors, eligible relatives, HM Treasury) is willing to take out probate, then it just won't get wound up and will sit in limbo. What might happen is that someone to whom you owe money will take on the task

And to follow up an earlier issue - a charity is probably going to check that an estate is worth their while, not now, but when the time comes. If their legacy is not enough to pay their expenses then they won't act even if named as executor

bristol_pilot

Never, ever, have a solicitor or a bank as an executor. They will charge hundreds of pounds per hour for endless hours of work. My grandfather's entire estate went in executor's fees. Most of the work involved in being an executor is basic admin which almost anyone can do - you do not need any legal experience or knowledge yet a solicitor will charge the same hourly rate as if they were doing complex legal work.

The best person to be executor is one of the beneficiaries of the estate, ideally the person who is in line for the residue. That way, the executor has an interest in minimising costs. If the executor finds he needs some legal advice, he can engage a solicitor for an hour or two to get the advice then do the legwork himself.

bristol_pilot

roddydogs wrote: »

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

I can tell you how long it will take: (value of estate) / 180 hours.

CarrieH_2

M.E. wrote: »

As one who has a horrendous story of a solicitor as executor (went to High Court!) NEVER name a solicitor as executor. It cost over £60,000 to the estate. (Out of £210,000 which included the house).

We have a similar story with a family will for my mum's cousin, which also ended up at the High Court. The solicitor was stealing money from the estate, fled to Spain and was extradited and eventually jailed for taking £750,000 from different estates, most of it from our family will.

bristol_pilot

Yes - if leaving money to a charity make it a fixed sum, never the residue or they may make life hell for the executor.

Mojisola

bristol_pilot wrote: »

Yes - if leaving money to a charity make it a fixed sum, never the residue or they may make life hell for the executor.

A fixed sum can cause problems unless you keep the will under regular review. By the time of your death, the amount stated might not be worth much or it might be the bulk of your estate, depending on circumstances. I always thought it was better to work in percentages.

bristol_pilot

Charities have a legal obligation to get the most out of any estate left to them, so if left the residue or a percentage they will set a pack of legal rottweilers onto the poor executor who is often a private individual carrying out the role out of kindness. Wills should always be kept under review.

CarrieH_2

bristol_pilot wrote: »

Yes - if leaving money to a charity make it a fixed sum, never the residue or they may make life hell for the executor.

I'd be very careful with leaving to charities. In the will I mentioned above a small plot of land was left to a particular charity. They contested to try to claim the whole estate and the solicitors said it wasn't the first time that had happened. According to the solicitors, if a small donation isn't worth the admin for some charities they will contest the entire will. No idea how common a practice it might be, but what happened in our case was certainly an eye opener.

bristol_pilot

Hmm....my current will leaves £2,000 to a charity and the rest to relatives. Next time I review my will I'll remove the charity. Thanks for the post, CarrieH.