Nominating Executors

rhonaj

I am in the process of making a will for myself and my husband. It's a simple will, leaving everything to each other and when we both go splitting everything equally between our two daughters. The solicitor is recommending using them as executors, but I was going to make our daughters joint executors. I don't know if it is a money making thing by the solicitors or not. So, do I take all the work away from my daughters and let the solicitors do it, or do I save them money and allow them to do it. I have had no experience of any of this so any advice would be appreciated

Mojisola

Don't make the solicitors your executors!

Give the job to your daughters - if they need help with the estate, they can employ their own choice of solicitor to do the job while retaining control over what's happening.

In your first post, I hope you mean that you and your husband are making two separate wills.

Robin9

In practise you won't be taking the work away from your daughters - it will be them doing the running around finding out about bank and building society accounts, premium bonds ...........

74jax

rhonaj wrote: »

I am in the process of making a will for myself and my husband. It's a simple will, leaving everything to each other and when we both go splitting everything equally between our two daughters. The solicitor is recommending using them as executors, but I was going to make our daughters joint executors. I don't know if it is a money making thing by the solicitors or not. So, do I take all the work away from my daughters and let the solicitors do it, or do I save them money and allow them to do it. I have had no experience of any of this so any advice would be appreciated

Devils advocate here, what if one dies and the other remarries and doesn't make a new will? Are you 100% sure your current will covers this scenario as you say.

xylophone

Solicitors' fees are high for most types of work and probate is no exception.

Preparing to seek probate can be very time consuming but unless the estate is very complex, a lay person can deal with it.

Make life easy for your executors by keeping careful records of your savings and investments/life policies/ house insurance etc and making sure that they know where the original will is stored.

How is your family home owned (joint tenants/tenants -in-common)?

rhonaj

We are making a mirror will, leaving everything to each other whoever goes first, the other gets everything.

rhonaj

Thanks, hadn't thought of that

Misslayed

When my sister and I sorted probate for my Mum (fairly straightforward estate), we realised, filling the forms in, that a solicitor would have had to ask us for the answer to almost every question. My solicitor friend told me it would have cost £7000 - £8000 to have it done by him. It took us two days, because you have to read and consider every question, even when the answer is 'No' or 'NA', but it wasn't rocket science. The helpline was really helpful.

Mojisola

rhonaj wrote: »

We are making a mirror will, leaving everything to each other whoever goes first, the other gets everything.

Do you mean a mutual will - very unusual these days - where the two of you have just one will or mirror wills where you both have your own wills?

If you have mirror wills, you do need to think about 74jax's point.

Tom99

For your will make your husband plus daughters executors and vice versa.
They can then choose who actually applies for probate between them.

paddy's_mum

rhonaj wrote: »

leaving everything to each other and when we both go splitting everything equally between our two daughters

Bear in mind that if you pop your clogs and your husband marries again, there may not be any "everything" left to give.