Solicitor as Executor

cheesecake28

Me and my partner ( unmarried) are hoping to do a basic free Will done through WillAid . I don't think either of us would be good at being an executor , I procrastinate at the best of times, so sorting out all the practical stuff and knowing what to do , I wouldn't have a clue. So i guess the only option would be to have the solicitor as the executor. But how much do you reckon it would be? 

Mojisola

cheesecake28 said:

Me and my partner ( unmarried) are hoping to do a basic free Will done through WillAid . I don't think either of us would be good at being an executor , I procrastinate at the best of times, so sorting out all the practical stuff and knowing what to do , I wouldn't have a clue. So i guess the only option would be to have the solicitor as the executor. But how much do you reckon it would be? 

Whoever is appointed as executor can employ a solicitor to do the work if they want to while retaining control of the process.  Much better than appointing a solicitor now as executor.

You will also need to consider other possibilities - what if both of you die at the same time - what if the survivor isn't fit to take on the role - who could be a back-up executor?

JGB1955

Too much. You can have more than one executor, in fact, it would be far better to have more than one.  Do you have a sibling/best friend that you would trust.  Add a couple of those to the third one (your partner) and you're sorted! If you think the executors will agree between themselves, appoint two, otherwise three (so things don't get left in a ding-dong between the two).

Appointing solicitors is just sending your inheritance into a money-pit - we're talking (easily) thousands of £ (and they are notorious for being VEERRRYYYY slow in applying for/getting probate.

Keep_pedalling

Are you planning to leave everything to each other? If you are then you should consider ending your unmarried status, especially if either of your estates, or combined estates are likely to exceed £325k. Probate is often not required on the first death of a married couple.

If not and you have adult children, I would consider making them executors.

Thrugelmir

Name two or three executors not just one. Obtaining probate normally isn't difficult. Just requires personal professionalism,  diligence and a time committment. . 

cheesecake28

Thanks for replies.
Our appointment to make the Wills is next week and im stressing out about it.
To be honest , i have no family or friends that i can nominate as executor . I think its either nominate my partner or have a solicitor do it =(  I didn't realise an executor could employ a solicitor while gaining control, so may have to do something like that? 
It's a very simple Will. No children . We bought a house together this year, he bought 80% of it, I bought 20% outright. No mortgage.
If we die at same time, then i am leaving everything to charity.

I have suggested to him that it may be easier if we had a civil partnership . I think he would consider it but he's not jumping at the chance! 

If he dies with no Will, and I own 20% of the house, can anyone 'kick me out' so to speak?  You hear stories about unmarried couples being made homeless. 

Is there anymore help / advice from anyone?? 

p00hsticks

cheesecake28 said:

If he dies with no Will, and I own 20% of the house, can anyone 'kick me out' so to speak?  You hear stories about unmarried couples being made homeless. 

Yes, it;s possible - as you're not married / in a civil partnership, in the event of his death his estate would go to his closest relatives (children, parents, siblings etc) and if to came to it they could go to court to get the house sold if you weren't in a position to buy the remaining 80% from the estate.

cheesecake28 said:

I procrastinate at the best of times, so sorting out all the practical stuff and knowing what to do , I wouldn't have a clue.

You need to bear in mind that a executor solicitor isn't going to be able to wave a magic wand and sort everything out for you. They'll need an awful lot of input from the remaining partner - what savings they deceased had, whether they have a pension, who with. what relatives they have tc. And they won't tackle the other administrative things like switching utility bills into the survivors name, sorting through the deceased's possessions....

I'd suggest that - as well as making a will, which given your wishes is imperative while you remain unmarried - that the two of you sit down together and document all the things that the other would need to know if either of you died. What pensions do you each have ? How would the other get in touch with your employer ? Who supplies your utilities and in whose name are the accounts ?

If you have something like this to fall back on (and keep it up to date) it will be a godsend if and when needed.

Keep_pedalling

In your shoes I would appoint each other as executors with your solicitor as back-up executor. 

If either of you have more than £325k in assets then IHT is going to be a concern, especially if he dies first. If he does not have enough liquid assets to pay the bill you would be looking to sell the house to pay it, so either a civil partnership or taking out life insurance to cover the tax bill should be seriously considered.

Pennylane

Keep_pedalling said:

In your shoes I would appoint each other as executors with your solicitor as back-up executor. 

If either of you have more than £325k in assets then IHT is going to be a concern, especially if he dies first. If he does not have enough liquid assets to pay the bill you would be looking to sell the house to pay it, so either a civil partnership or taking out life insurance to cover the tax bill should be seriously considered.

That’s really interesting. I will tell my friend as she been with her partner for about 40 years and never married. She has no family whatsoever and they have no children and have mirror wills leaving everything to each other. He does have a sibling and 2 nephews though. Their assets would be well over £325k.  

Keep_pedalling

Pennylane said:

Keep_pedalling said:

In your shoes I would appoint each other as executors with your solicitor as back-up executor. 

If either of you have more than £325k in assets then IHT is going to be a concern, especially if he dies first. If he does not have enough liquid assets to pay the bill you would be looking to sell the house to pay it, so either a civil partnership or taking out life insurance to cover the tax bill should be seriously considered.

That’s really interesting. I will tell my friend as she been with her partner for about 40 years and never married. She has no family whatsoever and they have no children and have mirror wills leaving everything to each other. He does have a sibling and 2 nephews though. Their assets would be well over £325k.  

In which case it makes sense to formalise the relationship. This could also be vital as far as inheriting pensions are concerned. 

p00hsticks

Keep_pedalling said:

Pennylane said:

Keep_pedalling said:

In your shoes I would appoint each other as executors with your solicitor as back-up executor. 

If either of you have more than £325k in assets then IHT is going to be a concern, especially if he dies first. If he does not have enough liquid assets to pay the bill you would be looking to sell the house to pay it, so either a civil partnership or taking out life insurance to cover the tax bill should be seriously considered.

That’s really interesting. I will tell my friend as she been with her partner for about 40 years and never married. She has no family whatsoever and they have no children and have mirror wills leaving everything to each other. He does have a sibling and 2 nephews though. Their assets would be well over £325k.  

In which case it makes sense to formalise the relationship. This could also be vital as far as inheriting pensions are concerned. 

The additional inheritance allowance and the fact that our (defined benefit) pensions would pay out to a spouse but not a live-in partner are the main reasons we finally got married (in secret, to this day known only to each other and the two witnesses) after 30 odd years of living together. Unromantic but will be financially of great benefit to whichever of us survives the other.