questions for when time comes (executor )

iammumtoone

My dad has told me I am named as the executor on his will.

I do not want to do it, I know I will not be able to cope, I struggle enough with life as it is, I can just about manage to hold down my job and care for my child but that is it, I have no capacity to take this on. I am glad he has named me, as once the time comes you never know I might be in a better place but at moment I can't see that happening.

My questions are;

Can I pass it onto a solicitor and pay (My Dad said I could if I wanted to)

I don't think total estate will be subject to tax but it might be close. I will not be the sole beneficiary, by the time it is shared out each individually will be nowhere near it, is its calculated per estate or per individuals share? The two main beneficiaries (myself and my dads partner are not related).

Will the cost of the solicitor acting as executor come out of the estate before it is split? Can I change this? Can I ask it to come out of my share as it will be my decision to pay someone, the others will have no say so it is right I bear the cost. (I can only guess but I suspect the bulk will be 50% myself only child and his partner with smaller amounts going to other family, charities and friends).

My main fear is how my decision of paying the solicitor out of my share only will effect my benefits. I claim working tax credits, will be UC which I will no longer be entitled. Will this be seen as depreciation of assets?

I know all this could be irrelevant. he could have left it all to charity. I hope in some sense he has as it will elevate me of all the stress and worry of it.

Thank you

Yorkshireman99

iammumtoone wrote: »

My dad has told me I am named as the executor on his will.

I do not want to do it, I know I will not be able to cope, I struggle enough with life as it is, I can just about manage to hold down my job and care for my child but that is it, I have no capacity to take this on. I am glad he has named me, as once the time comes you never know I might be in a better place but at moment I can't see that happening.

My questions are;

Can I pass it onto a solicitor and pay (My Dad said I could if I wanted to)

I don't think total estate will be subject to tax but it might be close. I will not be the sole beneficiary, by the time it is shared out each individually will be nowhere near it, is its calculated per estate or per individuals share? The two main beneficiaries (myself and my dads partner are not related).

Will the cost of the solicitor acting as executor come out of the estate before it is split? Can I change this? Can I ask it to come out of my share as it will be my decision to pay someone, the others will have no say so it is right I bear the cost. (I can only guess but I suspect the bulk will be 50% myself only child and his partner with smaller amounts going to other family, charities and friends).

My main fear is how my decision of paying the solicitor out of my share only will effect my benefits. I claim working tax credits, will be UC which I will no longer be entitled. Will this be seen as depreciation of assets?

I know all this could be irrelevant. he could have left it all to charity. I hope in some sense he has as it will elevate me of all the stress and worry of it.

Thank you

An executor is entitled to get a solicitor to do the work and the costs come out of the estate as a whole not out of your share.

iammumtoone

Yorkshireman99 wrote: »

An executor is entitled to get a solicitor to do the work and the costs come out of the estate as a whole not out of your share.

thank you is that the only option, Is there any way it could come out of my share only? or would I have to give some money to the others out of my share once I receive it if I wanted to achieve the same outcome? I would do this if no possible benefits involvement but that would definitely come under depreciation of assets I will not be permitted to give any of mine away.

It seems a shame for my Dad that if he has given part of his estate to people they will get less than he wanted them to due to my actions. However he did tell me I could use a solicitor so I hope he would be ok with that. He knows of my struggles so I hope he would understand, I just hope the other beneficiaries will.

securityguy

"Is there any way it could come out of my share only?"

Not without a deed of variation, no. And deeds of variation _are_ a minefield when there is benefit entitlement involved (ie, you can't use a DoV to make yourself entitled to more benefits than you would otherwise receive by giving up to others some part of your share). Using a DoV to take estate costs disproportionately out of your share, to give more to other people, _is_ a textbook case deprivation of assets.

Otherwise, there is no deprivation of assets issue here. You are not expected to do the work yourself so as to maximise the value of your legacy, because it isn't your legacy until it transfers to you. "Mr X as executor of Mr Y's estate" is a different legal entity to "Mr X".

iammumtoone

Thank you both I understand now.

Another question - how long after death will I have to decide who carries out the duties (me or solicitor).

Once I know the details of the will (I assume I will be able to see this before making a decision) and a rough value of estate I can ask solicitors for quotes?

Would it be an option for me to start to see how I coped and passed onto a solicitor mid way if I found it all too much, or is it likely that this would work out more expensive as it would make their job harder (I appreciate nobody likes to take on part started work, means you have to possibly sort out others mistakes:o)

Intellectually wise I am sure I would be capable, mentally it would be extremely difficult for me.

TonyMMM

Dealing with most estates is a pretty simple process - it just needs a few forms filling in and keeping track of money in/out.

If it is more complex , you can always employ a solicitor to do specific parts of the role for you.

poppystar

iammumtoone wrote: »

Would it be an option for me to start to see how I coped and passed onto a solicitor mid way if I found it all too much, or is it likely that this would work out more expensive as it would make their job harder (I appreciate nobody likes to take on part started work, means you have to possibly sort out others mistakes:o)

Basically most of it you'd probably find the solicitor would be asking you for anyway! That's why we did it ourselves - once you've found all the bank accounts and such it's almost as easy to put the figures on the forms than it is to take the figures to a solicitors for them to put on the forms.

We agreed with the solicitor who held the will that we would be doing the work but might pay for a consultation if needed on particular aspects or anywhere where we felt we needed help. This could be another alternative to the all or nothing, you or solicitor.

FreeBear

securityguy wrote: »

"Is there any way it could come out of my share only?"

Not without a deed of variation, no.

I disagree - It is quite possible for the OP to turn to a solicitor and say "Handle this probate for me and bill me directly". Keeping the costs in check may also prove to be easier if personal funds allow for the bill to be paid in stages.

As the solicitor is being appointed by the named executor, they have to answer to the OP rather than the estate.

As to how long to wait - If there is no inheritance tax to pay, then take as long as is needed. Go and see a solicitor (or do it yourself) when you feel able to handle it.

Keep_pedalling

If the OP is the sole residual beneficiary, then all the costs would come out of their share.

Alderbank

Keep_pedalling wrote: »

If the OP is the sole residual beneficiary, then all the costs would come out of their share.

Agreed, that would be the case if the OP were the only beneficiary.

Iammum, an alternative and less costly option would be for you to renounce, and his partner or another of the family members you mention (does not have to be a beneficiary) to step up as administrator.

BobQ

iammumtoone wrote: »

Thank you both I understand now.

Another question - how long after death will I have to decide who carries out the duties (me or solicitor).

Once I know the details of the will (I assume I will be able to see this before making a decision) and a rough value of estate I can ask solicitors for quotes?

Would it be an option for me to start to see how I coped and passed onto a solicitor mid way if I found it all too much, or is it likely that this would work out more expensive as it would make their job harder (I appreciate nobody likes to take on part started work, means you have to possibly sort out others mistakes:o)

Intellectually wise I am sure I would be capable, mentally it would be extremely difficult for me.

OP Please do not worry about this. When the time comes you do not need to feel guilty about the expenses being charged to the estate - it is normal practice.

You will have plenty of time, you will have to get the Will from your Dad's papers. (It might be worth asking him now where it is kept - the original might be lodged with a solicitor, which is common).

You can choose to do the job,or you can choose not to do it. You could instruct a solicitor to do it or do some of it yourself.

If a solictor does all the work it might easily cost £5K (depends on the size/complexity of the estate). It is far better to do what you can yourself and ask a solicitor to do what you cannot. As others have said, it is not always complicated.

Sorting out your Dad's papers, disposing of property that is not willed to someone else, notifying life assurance firms etc does not need to be done by a solicitor unless it really worries you to do it. But for those things you cannot do or advice you need you can get a solicitor (of your choice).

If you want to get solicitors quotes you can do so, but they will probably not be able to give you a firm figure unless you can explain the full details of the estate.