UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: RegHedge One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 16574  
Subject: Interim payment and solicitors fees Date: 12/06/2003 14:59
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi - hoping you guys can help.

Myself and my Dad were named as executors of my aunt (his sister)'s will, although I have subsequently asked for powers to be reserved due to work commitments. However, Dad is still "keeping me in the loop" and asking for advice on dealing with estate agents etc.

I have some slight concerns about the solicitor (who is not executor). In particular, their t&Cs in their offer includes a statement which has the following gist;

"The law society recommend a mximum charge of about 2% of the value of the estate, however the figure isn't realistic, and in common with other solicitors we charge more" Not exact wording obviously. They suggest the final bill is usually somewhere between 4% and 6% of the value (probably £200k), so maybe as much as £12,000.

The will shouldn't be too difficult to sort IMO. The estate comes in under the IT threshold, and there is just one property to sell. There are only 3 beneficiaries, and they are just to recieve a stated percentage of the residual estate. Is the solicitor "having a laugh" with those charges? Dad's keen to use them for convenience, as they hold the will, and were my Aunt's solicitor for years.

Secondly, any opinions on the distibution of the funds? There is about £60k which was sitting around in bank accounts, savings accounts and investments which have been liquidated already I believe. Can some of this be distributed as an "interim" payment now? With the balance to follow on the sale of the property? Frankly I object to it sitting in the Solicitor's client account, when I know at least one of the beneficiaries would really appreciate an interim payment, so she can pay off a hefty loan she took out a couple of years back.

Your comments welcome - thanks in anticipation!
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Free Investing Reports
Download these free Motley Fool reports today.
'Will Aid'
Will Aid campaigns are currently held every November. See the Will Aid site for more details.
HMRC Inheritance Tax Guide
How to obtain a grant of representation, complete an account of the deceased's estate, and pay any inheritance tax (IHT) that's due.
Who inherits if someone dies without a will?
The HMRC guide to who is entitled to a share of someone?s money, property and possessions if they die without making a will.
Wills & Probate
Guide to wills and probate provided on Gov.uk site.