How are executors fees calculated?

Beenie

We are doing our wills and are thinking about who to appoint as executors.

Family can't do it as they are beneficiaries. That leaves close friends and lawyers.

I don't want to go down the road of using a lawyer as I have a feeling that they charge a percentage fee based on the value of the estate, rather than on the actual work involved. However, I did want to check here in case I have been misinformed in the past.

Pennywise

Beneficiaries CAN be executors - in fact it's the norm. I think you're mistaking who can be witnesses - a beneficiary can't be a witness.

It's a matter between you and the solicitor as to the basis of their charges. Some will charge on a time basis, others fixed fee, and others as percentage of the estate. You need to talk to them to find out how they work.

I'm not sure you'd find someone to do all the work of the executor if they're not a beneficiary and not being paid for doing the work.

maman

That's right I've been an Executor twice, both times for a relative.

In October Free Wills Month might be helpful to you. Unless your wills are very straightforward I'd suggest you do use a solicitor.

BrassicWoman

maman wrote: »

In October Free Wills Month might be helpful to you. Unless your wills are very straightforward I'd suggest you do use a solicitor.

I thought it was "Will Aid" not free wills? You are expected to make a charity donation via the solicitor.

Keep_pedalling

Sounds like you are try to DIY wills without even the basic knowledge of the rules. This is a recipe for disaster, so please get them done professionally through a solicitor.

Beenie

Sorry my OP was not clear - we ARE using a solicitor to draw up the Wills, but don't want to appoint a solicitor as an EXECUTOR.

Thank you for all your replies.

AndyBSG

You have 3 real options when appointing executors

- Appoint a solicitor and get ripped off with executor fees

- Appoint a family member/friend who is not named in the will as a beneficiary. This person will basically be doing it out of the goodness of their heart for no reward, giving up their own time(and it can be considerable amounts of time). They may end up rushing things, accepting the first offer on property etc just to get it over and done with

- Appoint a family/member who is a beneficiary of the will. This person will have a vested interest in getting the maximum amount possible for any property, etc and will also want to minimise any costs and fees involved to leave as much as possible for them and the others named in the will.

Of those 3 I know which one i'd go for.....

Keep_pedalling

There are situations where using a professional executor is the best option, for instance where siblings are already at loggerheads and dealing with the will will only make things worse.

We fortunately are not in that situation so as well as each other we have appointed our 2 children as executors.

LandyAndy

I was my father's executor. It was pretty straightforward as, apart from a small personal bequest to me, everything was left to my mother.


My mother has named me as her executor and I am the major beneficiary of her (current) will.


Being an executor can be fairly time consuming in terms of form filling but it isn't complicated if you are organised. Most estates are well within the average person's capability to administer.

LandyAndy

Keep_pedalling wrote: »

We fortunately are not in that situation so as well as each other we have appointed our 2 children as executors.

We have done that too.

pattycake

My brother and I were executors and sole beneficiaries of our father's will. We did the probate ourselves when the time came. Simple, straightforward and saved lots of money.

Similarly, our adult children are executors and beneficiaries of our wills. We used a solicitor to draw up mirror wills. Surprisingly inexpensive we thought.