Solicitor as executor?

Bailadora

I'm about to revise my will and wondering whether to appoint a firm of solicitors as executors.
Current situation: I have no immediate family and plan to leave the bulk of my estate to charity. As it stands, I have two friends as executors but they are a similar age and I feel it's no longer appropriate to lumber them with the job. There aren't really any younger members of the wider family I could call upon. 

I have spoken to one highly-recommended solicitor, who doesn't have capacity for this but kindly gave me some advice. He suggested it was far better to appoint a lay person and compensate them as there are plenty of solicitors who'll take the work and squeeze as much out of the estate as possible, drag out the whole process etc. He also said charities are often unwilling to act as executors.

Obviously, I'd like as much as possible to go to my chosen charities.
Does anyone have thoughts/experience on the following? 
Should I appoint someone eg a much younger friend, who could then appoint a solicitor of their choosing to do the work? At least then the solicitor would be answerable to a living person.
If I do appoint a solicitor, how do I find a reliable one (who's still likely to reliable when the time comes).

Many thanks for reading my essay!

jaybeetoo

My aunt appointed executors but they passed away before she died.  My advice would be to appoint a solicitor and/or at least two people much younger than you just in case.  Regularly review your will to make sure it’s up to date.

Hermann

I'd second the advice you received, avoid solicitors being directly appointed.

I'm aware of situations where the majority of significant estates have been lost to fraudulent solicitors, ultimately the solicitor may be struck off etc but once the assets are gone it's unlikely much is recovered.

I've also seen significant estates mismanaged by solicitors to the extent that 75% of the estate is lost with no recourse available to recover anything.

As said a lay person can be appointed and if they do not wish to do any of the work themselves they can employ professionals themselves.

This does however partly depend on how large and complex your estate will be as estates vary greatly but no matter what a lay person can always employ any skills needed.

Important to ensure your will is current and soundly written and also ensure any lay person you appoint understands your wishes by discussing directly with them.

twopenny

I'm curious as I am in the same situation.
No family, all lifetime friends even the younger ones have passed away.

So what about the charities acting as executors? I hadn't heard of that and seems sensible.
I know that I've looked at a couple of houses for sale that were being sold by well known charities.

Savvy_Sue

It is also worth checking with your chosen charities whether they would taken on executor duties. They would also be at liberty to appoint solicitors to do the work. 

RAS

Check whether any of the charities you'd like to support will act as executors. 

No point asking us.

poppystar

In a similar situation and I’ve gone with someone younger as executor for now and hope to make things as easy as possible for them to get a grasp of everything. I hope they will choose to get help if needed but that’s fine as they will be able to select a solicitor they are happy to work with. Not only did I want to avoid giving all the power to a solicitor who doesn’t know me but even with the best research in the world now solicitors can retire, employ different staff or go out of business in a few years. I did ask around for recommendations of solicitors people had used  and honestly no one felt able to recommend ones they had used. I’m sure the solicitors holding my Will will be only too happy to let executor know what services they are happy to offer when the time comes. It sounds like you have received good advice from the solicitor. It’s hard enough to find people willing and able to take on the task when you have no immediate, or possibly even extended, family.

Harder still is the issue of LPAs! Executorshios and powers of attorney are not insignificant tasks and for those without family it is not easy to organise. Even the best of friends have their own families they are providing these services to which take up their precious time already. 

mta999

If you plan to leave the bulk of your estate to a charity then the charity will almost certainly agree to act as executor

I would ask them in the first place

pseudodox

Now being in my 70s I appointed 2 cousins (one in 50s one in 60s) as I have no other family.  But I have specified that my solicitor can do the probate work with them as "overseers" who will have to sign whatever is required.  I have set up files giving them comprehensive details of all my finances, assets, banks, utilities, friends, subscriptions etc.  They will each have copies, with an access password stored with my will at the solicitors office.  They can then submit all required information quickly & easily to save solicitor time.  But until such time as needed apart from the will my solicitor has no other information & they cannot proceed without my appointed executors.  Having had a solicitor in the past go bump & time spent retrieving paperwork from where it had been passed to I am taking no chances.

I did this for my parents so that I as executor was in control, but a lot of work is quicker & easier for a recognised solicitor to action.  The solicitor appreciated my organised input & said she was able to keep her bill to a minimum working this way.

The most important aspect of any will is to regularly review & even revise/renew if circumstances have changed.

pseudodox

I have left specific bequests to my executors & a few other individuals.  The residue (assuming there is some) is split in proportions to several charities.  My cousins know I support charities but not that they get first generous dibs, although I am pretty sure they are confident something is coming their way.  Hope they get a bigger than expected surprise, although none of them actually need the money as one cousin is very wealthy.

I would happily agree to being an executor for a friend without any expectation of "reward" (beyond being reimbursed for expenses).  

tooldle

WillowLeaf said:

I'd be interested to know what people think about appointing distant friends/relatives as executors in order to facilitate an estate going to charity. Would you fancy the job for little or no benefit?

I’d think twice having been Executor to both parents. The first time around was not too involved. The second time was very involved and included a difficult beneficiary. The beneficiaries who played no part in the work received exactly the same as I who did all the work. Circumstances do come into play and, if I was relatively free of other responsibilities I may say yes. I wouldn’t welcome the task if my life were chock full of other responsibilities. The experience has certainly given me pause for thought.
To the poster asking about LPA, it’s possible to appoint a solicitor(s). My parents appointed me jointly and severally with a solicitor. In the event I did all the work but having a backup is important. The solicitor they used provided quite a range of services to those who otherwise had no persons nearby, to help or support with finance matters.