Financial guardian/executor

rosslinn

Ages since I posted here but hope someone can help. Sadly there was family breakdown several years ago and now following my father's death recently myself and the other executor find the solicitor who was his financial guardian is suggesting we resign as executors and appoint them instead. The other executor has agreed to this. She lives some distance away. We are also the only two beneficiaries of the will but have barely any contact although I have suggested to her that working together, or at least keeping in touch on this would be sensible.

I am very aware of that legal costs can be high. I don't really know what to ask but any suggestions or thoughts welcome. I have no idea what the value of the estate is likely to be or whether there us even enough to pay the solicitor.

Should I resign as an executor and agree to appoint the solicitor? This feels to me like giving them total power. If they have all the financial and other information needed is it best to leave it to them? I have none of the information I think I would need and not sure emotionally can deal with the paperwork. Would the solicitors as the financial guardians have any legal obligation to give me this information?

Can I ask for a quote for the work. See mention in posts on here of a capped cost. Is this common? Do I need to be decision about this very quickly?

Feel I need to move this on following letter from lawyer.

All this is based in Scotland

Savvy_Sue

I'd have thought you both can and should ask for a quote, and also ask for an explanation of what the quote is based on. If they say it is a % of the value of the estate without giving any estimate of the size of the estate, then most definitely ask for an estimate of that, and ask for a cap, ie x% of the value of the estate up to a maximum of ...

You don't have to make a very quick decision, but I wouldn't delay too long. You could get quotes from other solicitors as well, but without having any figures that could be tricky. However it will give you a feel: if others are charging a much lower percentage, then you have something with which to compare!

Yorkshireman99

Be very wary of agreeing to percentage fee deal. If the solicitor already has an idea of the estate value he should tell you and asking you to resign as executor suggests he is looking to make more money. Unless the estate is complex you should consider doing it yourself abpnd asking the solicitor to resign.

getmore4less

I would start with the stance why do they need you resign?

There should be no reason why you can't act as executor with their support or them doing the work so you retain control and can keep an eye on costs

if all squeaky clean they should have no problem giving you a copy of the financial affairs.

securityguy

"Unless the estate is complex"

The situation sounds quite unusual. Presumably "guardian" means "attorney" or "deputy", so the situation is that the OP's father was subject to a lasting/enduring power of attorney, or a court of protection order, in favour of the solicitor. There has been family estrangement, so accusations of enrichment are going to get slung around. The financial records are all in the hands of the solicitor and there is a potentially fairly messy debate to be had about, for example, explaining to the executors the record keeping the solicitors have done (I can imagine that a fat envelope containing all the paperwork might be quite tricky without narrative). That compilation and handover of the details will be a chargeable service, charged to the estate. The OP probably has little or no idea of the complexity of the estate.

The solicitor is clearly not a charity, and obviously will only be offering to do the work if it's worth their while. But in this case, the work of a lay executor could be very challenging (because of the solicitor having been an attorney and holding all the records) and liable to be challenged (because of the family problems). Were I in a position to renounce, I think I would renounce, as the money would be money well spent to keep out of the potential mess when an estranged relative starts accusing people of siphoning money off.

greenbee

Ask the solicitor for a quote, and tell them you'll be getting quotes from other solicitors as well. You may need a copy of the will do do this.

My father's solicitor assumed we'd be using them to act on our behalf, and didn't bother to give us details of the fees - when I asked for them I found that they were charging an hourly rate PLUS a percentage of the estate. Research suggests that more and more people are dealing with probate themselves as solicitors are now charging so much. (Interestingly, when challenged, I was offered a fixed fee - equivalent to roughly the number of hours they'd suggested. I declined, and so far it looks as if it'll take me fewer hours than it would have taken the solicitor...)

Obviously the complexity of the estate is a factor in whether you need a solicitor, but after my own experience I feel that solicitors may at times take advantage of the fact that families are grieving. I certainly think that in the initial meeting with them they should have explained the process and charges to us, reassured us that there was no rush to start the process as I'd already sorted out pensions and bank accounts and suggested that we wait a couple of weeks before reaching a decision.

Which have some free basic information about the probate process here.

Keep_pedalling

Do you have any siblings who are excluded from the will, or anyone else who might make life difficult for you as executor?

DigForVictory

I'm intrigued that the other beneficiary has stepped down - could you ask her why? Is she just to busy/ stressed/ anxious about the distances/ doesn't want to with Dad's estate any more or is she eyeing her family & thinking - no, I'm stepping out of the line of fire?

Definitely get quotes plural and me, even if I thought the hordes were sharpening their blades, if I've a solicitor on the team, and am the executor then my position is defensible from the start whereas anyone else has to challenge the existing setup & that's not free.

You do what you feel you have the strength for (now, you can always step back a bit later if you need to) & what your Dad would have wanted. He didn't intend you to hand it all over to a squad of legal beagles & I'm most intrigued they suggest it - and wonder why.

Get an interim bill sorted so you can see the numbers - what they reckon the estate owes them to date & what they reckon is yet to be funded?

All strength!

Keep_pedalling

DigForVictory wrote: »

I'm intrigued that the other beneficiary has stepped down - could you ask her why? Is she just to busy/ stressed/ anxious about the distances/ doesn't want to with Dad's estate any more or is she eyeing her family & thinking - no, I'm stepping out of the line of fire?

Definitely get quotes plural and me, even if I thought the hordes were sharpening their blades, if I've a solicitor on the team, and am the executor then my position is defensible from the start whereas anyone else has to challenge the existing setup & that's not free.

You do what you feel you have the strength for (now, you can always step back a bit later if you need to) & what your Dad would have wanted. He didn't intend you to hand it all over to a squad of legal beagles & I'm most intrigued they suggest it - and wonder why.

Get an interim bill sorted so you can see the numbers - what they reckon the estate owes them to date & what they reckon is yet to be funded?

All strength!

Sounds like he did willingly appoint a solicitor to act as his power of attorney, which is unusual when people have adult children, so this maybe is not an estate that can be wound up without some complication or major grief from family, which could explain the other executor agreeing to get out so quickly.

rosslinn

Thank you for all replies I will phone solicitor later and good to have some ideas on this.
We are the only two siblings and the only two beneficiaries but having dealt with a difficult family situation for most if our lives our relationship is non existent and probably to be honest neither of us completely trusts the other although as I said in first post I have suggested unsuccessfully that we work together on this to get it done. On paper we are both well educated normal people but sadly I think security guy has described the situation well.
I suppose i have accepted for years that all funds would have been used on care costs and for the solicitors fees so I really looking at this as a job that has to be completed to tie things up. My niggle is that the solicitor will make even more from this situation but as has been pointed out they should be paid to do a job.

Yes I think the situation is complex and in terms of keeping life as simple as possible probably best to accept the the solicitor acting as the executor is best. I will though try to get a quote though.

Posts on this so far have been very helpful and I will keep checking as I need all the guidance I can get. Really just want this dealt with without any difficulties

Mojisola

rosslinn wrote: »

myself and the other executor find the solicitor who was his financial guardian is suggesting we resign as executors and appoint them instead.

The other executor has agreed to this. She lives some distance away.

Should I resign as an executor and agree to appoint the solicitor? This feels to me like giving them total power.

I can't see why you have to resign as executor.

The other executor also doesn't have to resign - executors have the option to 'reserve' the position - they don't take any part in the probate process but can step back in as executor if anything happens to the one doing the work.

I wasn't well enough to sort out my father's estate but I stayed as the executor and employed his solicitor to do the work.

I got a quote before the work started - if it had seemed high, I would have asked for more quotes from other firms.

I'm afraid that I would be a little suspicious that the solicitor doesn't want anyone else looking too closely at your father's financial records.