removing solicitors as executers while parents still alive

Sea_Shell

Keep_pedalling said:

gramy1 said:

hi,,,at moment the solicitors take 1.5% of property and 3/4% of  the rest......if i am made executor  then after death i will still be able to use a solicitor if i need to but at much lower costs... 

That might have been reasonable 25 years ago but house price inflation has made that very expensive. Do they own their house as joint tennants? If so it will not form part of the estate on the the first death, the survivor will automatically own it outright. 

I wondered this.   If the house is the majority of the estate, and is owned as joint tenants, could the rules of intestacy actually work for OP situation, in the short term.

If so, could the old will just be destroyed?

naedanger

Sea_Shell said:

Keep_pedalling said:

gramy1 said:

hi,,,at moment the solicitors take 1.5% of property and 3/4% of  the rest......if i am made executor  then after death i will still be able to use a solicitor if i need to but at much lower costs... 

That might have been reasonable 25 years ago but house price inflation has made that very expensive. Do they own their house as joint tennants? If so it will not form part of the estate on the the first death, the survivor will automatically own it outright. 

I wondered this.   If the house is the majority of the estate, and is owned as joint tenants, could the rules of intestacy actually work for OP situation, in the short term.

If so, could the old will just be destroyed?

Even if the distribution under a will is the same as under the intestate rules it is likely to be easier and quicker to administer the estate if there is a will (and in Scotland signficantly cheaper).

Personally I would advise my parents just to pay the £500 plus VAT and get on with it. Yes I am sure it can be done cheaper but the savings won't be huge (unlike the savings that can by the executor doing probate themselves). In addition if desired, the solicitor is likely to be willing to still retain the wills at no cost.

I would also be sure to keep copies of the wills along with any correspondence with the solicitors. (Just in case the originals go missing.)

Sea_Shell

naedanger said:

Sea_Shell said:

Keep_pedalling said:

gramy1 said:

hi,,,at moment the solicitors take 1.5% of property and 3/4% of  the rest......if i am made executor  then after death i will still be able to use a solicitor if i need to but at much lower costs... 

That might have been reasonable 25 years ago but house price inflation has made that very expensive. Do they own their house as joint tennants? If so it will not form part of the estate on the the first death, the survivor will automatically own it outright. 

I wondered this.   If the house is the majority of the estate, and is owned as joint tenants, could the rules of intestacy actually work for OP situation, in the short term.

If so, could the old will just be destroyed?

Even if the distribution under a will is the same as under the intestate rules it is likely to be easier and quicker to administer the estate if there is a will (and in Scotland signficantly cheaper).

Personally I would advise my parents just to pay the £500 plus VAT and get on with it. Yes I am sure it can be done cheaper but the savings won't be huge (unlike the savings that can by the executor doing probate themselves). In addition if desired, the solicitor is likely to be willing to still retain the wills at no cost.

I would also be sure to keep copies of the wills along with any correspondence with the solicitors. (Just in case the originals go missing.)

I agree, but I was meaning in the immediate term, whilst a new will is being sorted, if it is the priority NOW to remove the current executors.

naedanger

Sea_Shell said:

naedanger said:

Sea_Shell said:

Keep_pedalling said:

gramy1 said:

hi,,,at moment the solicitors take 1.5% of property and 3/4% of  the rest......if i am made executor  then after death i will still be able to use a solicitor if i need to but at much lower costs... 

That might have been reasonable 25 years ago but house price inflation has made that very expensive. Do they own their house as joint tennants? If so it will not form part of the estate on the the first death, the survivor will automatically own it outright. 

I wondered this.   If the house is the majority of the estate, and is owned as joint tenants, could the rules of intestacy actually work for OP situation, in the short term.

If so, could the old will just be destroyed?

Even if the distribution under a will is the same as under the intestate rules it is likely to be easier and quicker to administer the estate if there is a will (and in Scotland signficantly cheaper).

Personally I would advise my parents just to pay the £500 plus VAT and get on with it. Yes I am sure it can be done cheaper but the savings won't be huge (unlike the savings that can by the executor doing probate themselves). In addition if desired, the solicitor is likely to be willing to still retain the wills at no cost.

I would also be sure to keep copies of the wills along with any correspondence with the solicitors. (Just in case the originals go missing.)

I agree, but I was meaning in the immediate term, whilst a new will is being sorted, if it is the priority NOW to remove the current executors.

OK. I see your point. Personally I still wouldn't destroy the wills and in the short term would live with the risk of having to ask the executor to renounce their role (which I accept would have a cost and it is not certain they would agree - though they should be prepared to do so).

gramy1

yes they each own half the house ....i will need to check if joint tenants or tenants in common......is it better to be tenants in common ,,then my father passes his share direct to me and my mother has half instead of all going to my mother.....would this make any difference for tax purposes or any other financials gain ...thanks

gramy1

if we stay with the current solicitors we need to make new wills or can we make codicils to the old wills which i presume would be cheaper...i realize i nitpicking over only maybe £200 but  hey i thought i would try ....hanks

Keep_pedalling

One stop gap solution is to draw up a DIY codicil to change the executors. It is a relatively simple document but will cover the situation of one parent dying before a new will is in place.

https://coronerscourtssupportservice.org.uk/wp-content/uploads/2017/08/Factsheet-Codicil.pdf

jasdog

If your parents are happy to change their wills and name you has their sole executor have a solicitor draw up a new will avoid any DIY options believe me you will be glad you did when the time comes to perform your role has executor.

Stubod

..If the wills are relatively simple, ie death of first person everything goes to spouse and on their passing it goes to a single beneficiary, then why not just DIY? (ensuring 2 witnesses who are not beneficiaries). Only thing to consider is if the final beneficiary passes before the last spouse.

As a minimum you could do this as an interim while you considered more "professional" options?