I Think I Need to Appoint a Firm of Solicitors as Executors for My Will.....

scoot65

I've procrastinated long enough and I really need to get a will written. But......

I'm going to need to appoint a firm of solicitors to be my executors. Although I've read some horrendous stories about solictors being executors, ie expensive fees, long drawn out timescales etc etc however I don't think I have a viable alternative.

I'm 60,

No immediate family / grown up children (only some cousins / half cousins which I've not seen for decades).

My wife is 59, however she is from SE Asia and would find the whole UK executor process too much, and in any case, hopefully when the will is needed we'll both be well into our 80's.

My wife has grown up children in her home country but I don't think it would be possible for them to deal with the executor process from SE Asia. (would UK financial institions even deal with executors who are based in SE Asia?) 

I'm open to any other suggestions regarding appointing executors.

If I'm going to have to use solicitors what kind of questions do I need to ask with regard to their handling fees, estate % fee etc ? 

My estate will not particularly complicated:-

House, currently a number of bank accounts (which will be reduced in time), S&S ISA and I'll be claiming State Pension and LGPS pension in due course too.

Any advice will be greatly appreciated!

  

 

 

mebu60

You can name your wife as executor and she can appoint a solicitor to do the doing at the relevant time which will make her the client rather than your estate.

Does she have a will? Have you both got LPAs for both health and finance? 

Ms_Chocaholic

If you don't have LPAs and plan to do them (I would recommend that you do) then please look into doing them yourself, they're pretty easy to do and will cost you £82 each (1 each for finance and 1 each for health) so 4 in total = £328 as opposed to what a solicitor will charge you.

TOP TIP: The only difficult thing we found was getting the signatures in the right order but looking back we should have just asked everyone to sign the documents with the same date and that would have saved a lot of hassle.

Yorkie1

mebu60 said:

You can name your wife as executor and she can appoint a solicitor to do the doing at the relevant time which will make her the client rather than your estate.

Does she have a will? Have you both got LPAs for both health and finance? 

I'd initially thought about this, but if your wife pre-deceases you or for any other reason is not in a position to instruct solicitors, then there is no backup.

Perhaps you could, as part of your discussions with possible firms, ask about the possibility of appointing both your wife and them as executors, and whether they could do as much or as little as your wife instructed? As opposed to them doing everything and charging?

Others may well have comments on the practicality of this suggestion though.  

poseidon1

scoot65 said:

I've procrastinated long enough and I really need to get a will written. But......

I'm going to need to appoint a firm of solicitors to be my executors. Although I've read some horrendous stories about solictors being executors, ie expensive fees, long drawn out timescales etc etc however I don't think I have a viable alternative.

I'm 60,

No immediate family / grown up children (only some cousins / half cousins which I've not seen for decades).

My wife is 59, however she is from SE Asia and would find the whole UK executor process too much, and in any case, hopefully when the will is needed we'll both be well into our 80's.

My wife has grown up children in her home country but I don't think it would be possible for them to deal with the executor process from SE Asia. (would UK financial institions even deal with executors who are based in SE Asia?) 

I'm open to any other suggestions regarding appointing executors.

If I'm going to have to use solicitors what kind of questions do I need to ask with regard to their handling fees, estate % fee etc ? 

My estate will not particularly complicated:-

House, currently a number of bank accounts (which will be reduced in time), S&S ISA and I'll be claiming State Pension and LGPS pension in due course too.

Any advice will be greatly appreciated!

  

 

 

As suggested by Yorkie1 perhaps appoint your spouse as lead executor with solicitor as Co-executor.

As to choice of solicitor they must have competency in Non Dom estate planning matters. 

  Unless your spouse has been tax resident in the UK 20 years or more and has acquired a deemed UK domicile for IHT purposes, the usual exempt transfers between spouses will not apply if you die 1st and leave your estate to her. 

It is my experience that unless mixed domicile married individuals retain a competent tax adviser they will have no idea this UK discrimatory practice  exsists. The following article explains the position -

https://www.farrer.co.uk/globalassets/news-articles/downloads/inheritance-tax-election-for-non-uk-domiciled-spouses.pdf

Therefore if your estate exceeds the nil rate band ( the 'new' limit of gifts to non UK dom spouses), your choice of solicitor  drafting your Will needs to be fully cognizant of these issues and advise accordingly.

This additional information may add a further consideration with regard to your choice of  executor.