How are executors fees calculated?

Mojisola

Beenie wrote: »

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.

And did this solicitor tell you that beneficiaries can't be executors?

euronorris

It's not just warring siblings/beneficiaries you should take into consideration. It's also worth considering the complexity and size of your estate, and the terms of your Will. If it's going to be very complicated, it might be best for a professional to deal with it.

pattycake

euronorris wrote: »

It's not just warring siblings/beneficiaries you should take into consideration. It's also worth considering the complexity and size of your estate, and the terms of your Will. If it's going to be very complicated, it might be best for a professional to deal with it.

That is probably true but doesn't mean nominated solicitors as executors. Family members can engage the service of a solicitor to obtain probate whilst still retaining their executor role.

euronorris

pattycake wrote: »

That is probably true but doesn't mean nominated solicitors as executors. Family members can engage the service of a solicitor to obtain probate whilst still retaining their executor role.

Yes, of course, but that is up to each individual to decide when making their Will and choosing executors as they will know best whether or not that individual can handle it (even if their actual involvement in the end will be minimal).


It's also worth having a discussion with the individual up front to make them aware.

stormbreaker

AndyBSG wrote: »

- 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.

Sorry to butt in, but this has shocked me a bit. My parents had their wills written up years ago, at the time against my fathers wishes, a cousin was appointed executor.

Although my siblings and I were a tad miffed we really didn't think too much into it.

My father has since passed away a number of years ago. My mother is not very approachable.

I don't think my cousin is a beneficiary but I wouldn't be overly surprised if he was.

What I didn't realise was that the executor took responsibility for selling any property.

Can anyone please advise if this is the case in Scotland too?

LandyAndy

stormbreaker wrote: »

Sorry to butt in, but this has shocked me a bit. My parents had their wills written up years ago, at the time against my fathers wishes, a cousin was appointed executor.

Although my siblings and I were a tad miffed we really didn't think too much into it.

My father has since passed away a number of years ago. My mother is not very approachable.

I don't think my cousin is a beneficiary but I wouldn't be overly surprised if he was.

What I didn't realise was that the executor took responsibility for selling any property.

Can anyone please advise if this is the case in Scotland too?

The executor is responsible for distributing all the deceased's assets. if one of those assets is a property then they may sell it and distribute the proceeds or transfer it to a beneficiary depending on the terms of the will.


It's the difference between 'my house to be sold and the proceeds distributed equally between A,B and C' and 'I give my house to A,B and C in equal proportions as tenants in common'. The first would entail a sale the second a conveyance. But in either case it is the executor's responsibility to carry out the disposal, and to establish a fair value for probate.

maman

BrassicWoman wrote: »

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

https://freewillsmonth.org.uk/


I think it may have been renamed but a charity donation is, of course, desirable.:)


It was our experience that you can have the basic 'free' will and then pay extra for any more complex bits (we changed from joint tenants to tenants in common).


I'd like to add that it's probably best to name more than one Executor both to share the workload and to improve transparency. On both occasions (for my mother and my aunt) I was named with one of my brothers. We shared out the tasks (I did finances and he did all the property side) and I kept a sort of balance sheet with a file of supporting correspondence to show him and other beneficiaries. No one wanted to see it but it helped me keep track and feel I was behaving professionally.

Mojisola

maman wrote: »

[
I'd like to add that it's probably best to name more than one Executor both to share the workload and to improve transparency.

And in case your named executor isn't fit to act (or even alive) by the time you die.

stormbreaker

LandyAndy wrote: »

The executor is responsible for distributing all the deceased's assets. if one of those assets is a property then they may sell it and distribute the proceeds or transfer it to a beneficiary depending on the terms of the will.

But in either case it is the executor's responsibility to carry out the disposal, and to establish a fair value for probate.

Thank you. I can understand why in the case of feuding families this should be the case. I also understand that there are often fall outs within families when it comes to money matters, and I may be very blinkered but I really can't see that happening with my siblings. I really thought we would be the ones dealing with the sale of things and knowing my cousin I suspect he will allow us to take care of this side of things. I think my siblings and I just feel that my mothers estate is no business of his!

I often wish my father had been more forceful in his opinions with my mother. He really just allowe her to railroad him into what she wanted with so many things. Anything for a quiet life.

maman

Could it be that your mum didn't want you to have to worry and thought your cousin would save you work. Or perhaps he has a business background? While that's not necessary she may have thought so.
There could be any number of reasons but try not to think they are negative.