Questions And Answers
Appointing professional Executor
asked by Luke Skywalker posted 2 Years ago at 9:42
What are peoples views on appointing professional executors, after reading that the OFT has said consumers who buy wills from banks waste millions on executors' fees. Do you need to appoint an executor, or is it the reserve for large complex estates????
1-3 of 3 Answers
Allied Professional Will Writers Ltd answered 2 Years ago at 12:09, last modified: 2 Years ago at 14:56We never recommend the PRIME appointment of professional executors (even though we are)- even a joint appointment takes control away from the family. We always recommend that we are "reserve and advisory executors" so we can offer the family the support they require and wish to pay for rather than being in charge. BUT we have seen people go off and mess up probate on more complex Wills.... ALWAYS ask what the fees will be as you may be somewhat shocked if they are charging £200 + an hour and then add a massive "responsibility allowance" on at the end which could sometimes treble the fee. As a rule of thumb, banks are VERY expensive, solicitor vary enormously (watch out for the "responsibility allowance") and Trust Corporations (such as www.SWWtrust.co.uk) are much cheaper, whilst many professionals offer a "probate help" service (as we do) which can be a fraction of the cost as the family can do most of the work if they wish to. Solicitors have a responsibility to make sure everything is perfect if they are appointed, so they will need to double check anything the family does - as it could bounce back on them!
Rob Simpson answered 2 Years ago at 23:59, last modified: 2 Years ago at 14:56Hi Luke,
There is no compulsion to appoint a professional executor and you can do it yourself but it can be time consuming and sometimes complex. If you are considering appointing a professional executor to deal with probate then you can shop around for the most appropriate service and cost.
We charge a fee of 1.25% of the value of the estate which includes all our professional fees.
May the force be with you.
Luke Skywalker answered 2 Years ago at 17:52, last modified: 2 Years ago at 14:56Many thanks Allied and Rob, "reserve and advisory executors" seems a very sensible thing. I have had previous experience with solicitors on another matter and understand how quickly cash can be swallowed. However if it is a substantial estate i can see that it would be sensible for solicitors to be involved. Hopefully when i go i'll be leaving a large estate but not too complex. Thanks very much for taking the time to give such a thorough answers, if i ever need you guys you'll be at the top of the list.
About Q&AGet your questions answered by a unique network of professionals and fellow consumers for free. Share your knowledge and experiences by answering other consumer questions from the Total Investor community.
- General Topics
- Finance & Mortgage
- Wealth Management
- Retirement Planning & Annuities
- Offshore, International & Expat
- Estate Planning
- Group & Corporate Business
- Campaign Board
- Lifestyle & Planning
- Legal Matters
- Tax & Accounting Matters
- Property Matters
- General Insurance