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An Executor is the person you appoint in your Will to carry out your wishes and deal with your affairs. Initially you will probably wish your spouse or partner to be your Executor and then one or two people to act on second death or in the event of both deaths. Your Executor can be a Solicitor, an organization such as a Bank, or an individual (a family member or friend).
If you appoint a Solicitor he will charge for his time when dealing with your estate. If your partner should pass away and a solicitor is appointed you should expect to pay a minimum of £2500 - £3500 for a very simple estate. If there is a property involved then your bill would be much more. Bank charges are likely to be much higher than your local Solicitor. You should consider appointing members of your family.
Family members or friends are quite likely not going to know what to do when the time comes and may seek the services of a Solicitor or Bank and still end up paying their charges. We recommend you appoint a family member or friend and subscribe to our advice services.
What are Executors? An executor is someone you appoint in your Will to deal with the administration of your estate. They would be responsible for selling your assets, paying your bills and distributing your estate according to the instructions in your Will.
Can an executor of a Will be a beneficiary? Yes, this is common as most people appoint children as beneficiaries and executors.
Who should I appoint as my executor? It is normal to appoint your spouse or partner along with children or close friend, and then a professional to act as backup executors if anything should happen to you and your primary executors..
But will a solicitor charge to act as my executor? Yes solicitor’s charge for acting as your executor and the fee will usually depend on the amount of work involved.
How much will my solicitor charge? Fees vary, but you should expect to pay £150 - £200 per hour to deal with your estate. We always recommend clients appoint family or friends and subscribe to our advice services. When the time comes we will advise your executors how to deal with your estate.
Does your company charge to handle probate? All our subscription clients are entitled to advice and assistance with all aspects of dealing with probate, ranging from the completion of all forms, to the notification of various institutions holding assets. Or we can refer you onto our professional contacts to do it for you.
What's the difference between an executor and a trustee? In most estates today, it is common to appoint the same people as executors and trustees. The main difference is that an executor deals with the estate, closing bank accounts, writing to insurance companies, sorting out the tax and dealing with the accounts while a trustee looks after any money left to a minor beneficiary or makes decisions that maintain the estate if it's to be held in trust.
Do I have to appoint a Solicitor or Bank as my Trustees? No, you can appoint anyone you like. Your executors will in some part require some professional assistance. Our advice is to choose people you trust and subscribe to our advice services, ensuring that your executors and trustees have all the advice they need when required.
How many Executors can I choose? We recommend 2, maximum allowed is 4
Can my guardians be my executors? Yes, it is very common for the guardians to be executors. It should also be mentioned that there are some instances where the guardian (e.g. an ex partner/parent) should not be allowed direct access to assets, but go through your alternative executors.
There are companies offering Free Wills. Is this true? It may well have been a promotion that they are doing but to be on the safe side check to see if they have appointed themselves as executors and, if so, enquire as to their charges. It may work out to be a very expensive "free" Will?
Does it matter if my Executors live abroad? No, although it is always prudent to have some executors in the country in which you are residing.
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