Will Executors

Puddleduck · 06/01/13 - 16:38

Do Will executors know what is in your Will? ie how much you have bequeathed and to whom

this_is_me · 06/01/13 - 16:57

Pre-death or post-death?

Puddleduck · 06/01/13 - 17:46

Pre-death.

We need to make out a will and appoint executors apparently.

davidmcn · 06/01/13 - 17:58

No, they don't even need to know that you've made a will or named them as executors (though obviously it's a good idea to check they don't mind being executors).

this_is_me · 06/01/13 - 18:38

Its also a good idea to tell them where the will is and how to get hold of it.

soulboy77 · 06/01/13 - 20:04

It's only polite to ask them first.

Maxatoria · 06/01/13 - 20:56

Generally its good form to inform them and also where the will is stored...may sound daft but hey most solicitors won't know their clients have died and by the time they do find out you could of moved to greece

[Deleted User] · 06/01/13 - 21:36

The will executors must know that they have been appointed. They have serious responsibilities and need to know the terms of the will.
Solicitors or banks can be made the executotrs if you want to keep the will private from the family or as in my case because there is no family.:(:(:(

this_is_me · 06/01/13 - 22:23

Puddleduck wrote: »

Pre-death.

We need to make out a will and appoint executors apparently.

"We" implies you are making his and hers wills. Suggest you appoint your OH as the executor of your will and and also appoint other people as substitute executors in case your OH dies before you. Likewise you should be the main executor of your OH's will.

That's what my wife and I did, and when she died I was able to deal with her will myself without involving her substitute executors.

Bulletguy1 · 06/01/13 - 23:42

Puddleduck wrote: »

Do Will executors know what is in your Will? ie how much you have bequeathed and to whom

The only ones that will know is if you appoint the firm of Solicitors that drew up your Will to act as Executor.......and even then the only person (apart from yourself of course) who knows that detail is the one single Solicitor who takes detail of your Will. A copy is then given to you and the original kept under lock and key at the Solicitors.

gemma-the-husky · 07/01/13 - 00:25

personally, i would never appoint a professional (solicitor/bank) as executor. it will cost your beneficiaries thousands. appoint the beneficiaries as executors.

generally immediate family.

the problem with all wills is that there are limits to how you can control what happens to your money after you are gone.

eg what happens if the surviving spouse remarries?

[Deleted User] · 07/01/13 - 01:25

gemma-the-husky wrote: »

personally, i would never appoint a professional (solicitor/bank) as executor. it will cost your beneficiaries thousands.QUOTE]
As executor I chose for the solicitor to act for me ( my high presure job gave me no time to do it myself and no one else to act for me). We agreeded a fixed fee of £500 and as I knew the estate was over £200,0000 this seemed a reasonable fee.

gemma-the-husky · 07/01/13 - 01:40

cheshirechesse wrote: »

gemma-the-husky wrote: »

personally, i would never appoint a professional (solicitor/bank) as executor. it will cost your beneficiaries thousands.QUOTE]
As executor I chose for the solicitor to act for me ( my high presure job gave me no time to do it myself and no one else to act for me). We agreeded a fixed fee of £500 and as I knew the estate was over £200,0000 this seemed a reasonable fee.

that's different though

the solicitor wasn't appointed as executor in the will.

workhorse · 07/01/13 - 01:42

cheshirechesse wrote: »

gemma-the-husky wrote: »

personally, i would never appoint a professional (solicitor/bank) as executor. it will cost your beneficiaries thousands.QUOTE]
As executor I chose for the solicitor to act for me ( my high presure job gave me no time to do it myself and no one else to act for me). We agreeded a fixed fee of £500 and as I knew the estate was over £200,0000 this seemed a reasonable fee.

its nearly four times that in republic of Ireland.they have a licence to print money.any wonder they are not liked.

Bulletguy1 · 07/01/13 - 15:52

gemma-the-husky wrote: »

personally, i would never appoint a professional (solicitor/bank) as executor. it will cost your beneficiaries thousands. appoint the beneficiaries as executors.

generally immediate family.

I think to say that appointing a Solicitor as Executor "will cost your beneficiaries thousands" is an exaggeration. The benefits are that it will be done correctly and to the letter......something that rarely is when a family member is appointed.

I speak from experience where this happened and the family member Executor failed to specify precisely what one person was exactly entitled to. I spoke to a Solicitor friend about this and his words were that this often happens in the case where a family member is appointed as Executor....simply because of familiarity.

In my situation it involved a property which had been willed to a family member. It's important to note the word 'property' hence why I underlined it. Not 'property and all contents within'......but that's what happened. It wasn't the fault of the beneficiary as they were not told clearly by the Executor that it did not include contents.

This is just a small example of what can so easily go wrong when family members are appointed as Executors. A Solicitor does not have the familiarity which a family member has.

Inkblot · 07/01/13 - 16:04

Bulletguy1 wrote: »

I think to say that appointing a Solicitor as Executor "will cost your beneficiaries thousands" is an exaggeration. The benefits are that it will be done correctly and to the letter......something that rarely is when a family member is appointed.

I speak from experience where this happened and the family member Executor failed to specify precisely what one person was exactly entitled to. I spoke to a Solicitor friend about this and his words were that this often happens in the case where a family member is appointed as Executor....simply because of familiarity.

In my situation it involved a property which had been willed to a family member. It's important to note the word 'property' hence why I underlined it. Not 'property and all contents within'......but that's what happened. It wasn't the fault of the beneficiary as they were not told clearly by the Executor that it did not include contents.

This is just a small example of what can so easily go wrong when family members are appointed as Executors. A Solicitor does not have the familiarity which a family member has.

It depends on a number of factors. If the will is straightforward and the calculations are simple then a family member can act as executor without a solicitor, or simply pay for a solicitor's advice but not for the solicitor to do the work. If the will is clearly written then it should be easy for the beneficiaries to understand what they will be receiving once probate is granted. I was executor for a family will and everything was clearly listed: which family member gets which items, which items are to be shared out (the intention was this should be done amicably, which it was) and who should received a financial legacy. It would surely be hard for a family member to get it wrong if the will is written clearly.

davidmcn · 07/01/13 - 16:04

Bulletguy1 wrote: »

This is just a small example of what can so easily go wrong when family members are appointed as Executors. A Solicitor does not have the familiarity which a family member has.

It's worth pointing out that it's quite common for executors to choose to employ solicitors to deal with the administration of the state - you don't need to nominate the solicitor as executor in order to get a professional involved.

Nominating banks as executors is generally a bad move - they tend to charge a commission, rather than base their fees on the amount of work actually done, so can end up taking thousands even if they've done little more than close one bank account.

Hey there!

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