removing solicitors as executers while parents still alive

Mojisola

gramy1 said:

this will be a very simple will...i am only child...all will be left to me...i will also have power of attorney for finance and health....so i guess i will only need to  see a solicitor to sort out the death taxes etc.....

If their estate is large enough to need to pay inheritance tax then it would be worth seeing a financial advisor as well as getting new wills written.

Keep_pedalling

gramy1 said:

this will be a very simple will...i am only child...all will be left to me...i will also have power of attorney for finance and health....so i guess i will only need to  see a solicitor to sort out the death taxes etc.....

If your parents joint estate has an IHT liability, then we are probably talking in excess of £1M, so skimping a few quid on getting a proper will drawn up is nuts. Even simple family set ups like yours need to have a will that covers some what if situations, the obvious one being you predeceasing one or both of them. 

getmore4less

The tax rules have changed in the last 25years that make common structures no longer optimal for a lot of people.

gramy1

i think estate is around 850.000......the most important thing to me is to remove the solicitors as executors as they want percentage of estate....my parents are in their 90s so i need to get this taken care of...

Savvy_Sue

gramy1 said:

sovereign planning website  states "Our advisors are fully trained, and all our clients’ wills are drafted by a firm of solicitors who are regulated by the Solicitors’ Regulation Authority."......is that ok.?? 

What that says to me is "we pay people who are not qualified solicitors to take your instructions, and they use that information to prepare draft wills from pro forma documents drawn up by solicitors", rather than "our advisors are qualified solicitors". That may be overly cynical, but I don't think you'd be talking to qualified solicitors in the first instance. 

You may get something perfectly adequate, but I suspect if you phone round some local solicitors you'll find a local company offering online consultations, with a 'proper' solicitor. 

Marcon

gramy1 said:

this will be a very simple will...i am only child...all will be left to me...i will also have power of attorney for finance and health....so i guess i will only need to  see a solicitor to sort out the death taxes etc.....

...and if you die first, or within a few days of your parents both dying...? I sincerely hope it won't happen, but wills are rarely quite as simple as people hope, purely because life, not to mention death, tends to get in the way. Hopefully you too have a valid will or are about to have one drawn up.

gramy1

What that says to me is "we pay people who are not qualified solicitors to take your instructions, and they use that information to prepare draft wills from pro forma documents drawn up by solicitors", rather than "our advisors are qualified solicitors".
YES i think your right but the have excellent  trustpilot reveiws,,,,,,,i think all the hard work is done by the advisors then solicitors check and ok them...but im just guessing..???

poppystar

gramy1 said:

i think estate is around 850.000......the most important thing to me is to remove the solicitors as executors as they want percentage of estate....my parents are in their 90s so i need to get this taken care of...

With an estate that size is paying for an in person solicitor and being able to have a good discussion with them before the Will is drawn up not a small price to pay? Particularly given your parents age might they not want to deal with a real person rather than online or over the telephone - I’m assuming they will be dealing with whoever draws up the Will for them rather than you yourself?

I realise removing the existing solicitors as executors is the main aim but it is also a good opportunity to ensure the Will reflects what is required and all eventualities. 

gramy1

yes i will try some more solicitors tomorrow.....just at this time my parents trying to avoid meeting people........what is reasonable price for will with solicitor...thanks

Marcon

gramy1 said:

yes i will try some more solicitors tomorrow.....just at this time my parents trying to avoid meeting people........what is reasonable price for will with solicitor...thanks

They don't need to meet anyone; solicitors are working from home like very many other people and you can have a perfectly good discussion either using Zoom or by telephone conference call. Not as good as face to face, but much safer. If the estate is as simple as you suggest, the value isn't especially relevant.

A reasonable price depends on how complex the will ultimately turns out to be. If the solicitor does 3 wills - one for each of your parents and one for you - £1K to £2K + VAT would be pretty reasonable.