Solicitor as executor

Honey2710

Hi

Myself and sibling are the only beneficiaries of a relative who passed away in May. 

There was a valid will stating this and the will named a local solicitors as Executor.
The solicitors are slowly working through the probate process and not great at keeping us informed of progress.The estate consists of a small property which is to be sold and they are dealing with approximately 15-20 companies for assets and liabilities. I’ve been told they are doing this at an hourly rate rather than a fixed fee. I know no one on here will be able to give me an exact figure but if anyone else has been in a similar situation, roughly how much is the cost of solicitors to do this?

Estate is under inheritance tax threshold. 

njkmr

I'm thinking the solicitors fees will be in the region of £280-£300 per hour for their services.

Sea_Shell

If they are billing hourly, let's hope they'll be some estate left to distribute ☹️

I'm sure people would be able to tell you how many hours they've spent dealing with estates, especially with so many parties to deal with.   

Can you ask for a "costs to date" update?  But I don't think they're obligated to tell you.

Hoenir

When was probate granted? 

Honey2710

Hoenir said:

When was probate granted? 

It hasn’t been yet! Last updated by solicitors at end of November saying they now had everything they needed to make the probate application and would update us again when they put the application in but not heard anything from them since so not even sure if the application has been submitted. 

Cressida100

I recently made my Will with a local firm of solicitors (under the free Will month scheme) and was given the option of appointing the solicitors as Executors. The quoted fee for this service was 2% of my Estate.

Marcon

Honey2710 said:

Hi

Myself and sibling are the only beneficiaries of a relative who passed away in May. 

There was a valid will stating this and the will named a local solicitors as Executor.
The solicitors are slowly working through the probate process and not great at keeping us informed of progress.The estate consists of a small property which is to be sold and they are dealing with approximately 15-20 companies for assets and liabilities. I’ve been told they are doing this at an hourly rate rather than a fixed fee. I know no one on here will be able to give me an exact figure but if anyone else has been in a similar situation, roughly how much is the cost of solicitors to do this?

Estate is under inheritance tax threshold. 

The best anyone here can do is tell you the hourly rates they were charged IF they used solicitors on this charging basis. It's impossible to know how many hours work will be involved or even take a 'best guess'.

Don't berate them as ' not great at keeping us informed of progress' - every time they update you, it'll be a cost to the estate and reduce your inheritance. They are simply doing what they should do and keeping costs down. You can't have it both ways!

LuckyTree

If they had everything ready in November perhaps they have applied for probate and are just waiting to hear back?

We asked our father’s solicitor who was an executor to renounce (they were happy to) and they were charging by the hour. £275 an hour. They said it would be roughly 40 hours work but we were expected to provide lists of all assets worth over £500 and valuations for everything. Plus we had to supply all bank and saving details etc to them. As well as checking on the house weekly etc. 

LuckyTree

LuckyTree said:

If they had everything ready in November perhaps they have applied for probate and are just waiting to hear back?

We asked our father’s solicitor who was an executor to renounce (they were happy to) and they were charging by the hour. £275 an hour. They said it would be roughly 40 hours work but we were expected to provide lists of all assets worth over £500 and valuations for everything. Plus we had to supply all bank and saving details etc to them. As well as checking on the house weekly etc. 

sorry forgot to say £275 per hour plus VAT

Honey2710

LuckyTree said:

If they had everything ready in November perhaps they have applied for probate and are just waiting to hear back?

We asked our father’s solicitor who was an executor to renounce (they were happy to) and they were charging by the hour. £275 an hour. They said it would be roughly 40 hours work but we were expected to provide lists of all assets worth over £500 and valuations for everything. Plus we had to supply all bank and saving details etc to them. As well as checking on the house weekly etc. 

Thanks that’s really helpful information and yes I’m hoping you’re right in that they have made the probate application already and just forgot to let us know. 

HHarry

Many years ago I was charged £25k on a £125k estate by the Solicitors acting as Executors.

 It was a little complicated and took awhile as it involved a Shared Ownership property, but I winced when I got the bill.