Looking for some advice and help

rvg400

I am in a very sad position in that I have lost my Mom and Dad over the last 90 days. Being a practical person I am now focusing on the process we need to go through in order to deal with my parents estate.

My parents will were done in the 70’s when my brother and I were children and the Bank (Now part of a global player) were named as executors of the will.

I am looking for some advice as to what charges we could expect from the bank in this role. The estate is very simple with 2 beneficiaries (my brother and I) and a couple of bank accounts and savings schemes. The initial response from the probate sections is 2.5% (but they say this is negotiable).

What would be reasonable? Is the another way we could proceed?

Mojisola

rvg400 wrote: »

Is the another way we could proceed?

It's unlikely that they will relinquish their position as executor. You could ask but don't expect them to hand it over to you.

Were they executors of both wills? There will be two estates to deal with so the Bank will be taking their cut of both estates.

rvg400

Thanks for the reply. Yes they are the executor of both wills.

We are not really looking for them to relinquish control, we are looking at what we should expect to be charged.

Doing lots of research around the internet it looks like the initial figure of 2.5% seems very high.

RAS

You could try writing to them and asking them to relinquish their executorship - if the value is low enought they might play ball. Then you could get letters of administration with will.

Mojisola

It's always worth asking - one, whether they will let you do it (if you want to) and, two, whether they would reduce the percentage as they will be dealing with both estates together.

Fire_Fox

Sorry to hear of you loss. You are probably stuck with situation, with the benefit of hindsight the wills should have been updated.