Chrysalis wrote:scrumpyjack wrote:Personally I would never ever have a solicitor as executor unless there is absolutely no one else suitable.
My sister had awful problems when her husband died and a solicitor who they thought was a friend was executor. His financial interest definitely was his priority.
. I agree.
I thought we had already had an extensive discussion on this point, and the unanimous recommendation was not to appoint professional executors. This seems to be the one straightforward action you need to do with the Will! If you have professional executors you will end up not only with a large bill but also a permanent loss of control over the execution of the estate - the beneficiaries can’t sack the executors or trustees no matter how unsatisfactory the service. If you appoint lay executors they can of course delegate as much of the work as they choose, but they remain in control.
IANAL but my understanding is that it is usual for the execution of a Will to create a Will trust, which essentially is the way of enabling the executors to handle the assets on behalf of the estate. So even wills that don’t try to do anything complicated or create ongoing Trusts will talk about the Trustees (meaning the Executors) and what they may or may not do. Usually the Will Trust will end when the assets are distributed and the executors work is over. If there are continuing trusts, then the executors can retire and appoint new Trustees (but this can’t happen if you have professional Executors, you are lumbered with them) . That may be a very simplistic lay person interpretation so I hope Clitheroekid or some other qualified person will correct any misunderstanding on my part.
An update for interested parties:
(Noting that I don't have anyone else who I can appoint as an Executor, that my siblings are of a similar age to me, my son lives on the other side of the world, and my daughter won't engage with me on the subject (thus) I am loathe to appoint her as an Executor or joint Executor. Thus currently the solicitors are my appointed Executors.).
So.... I spoke to my solicitor this morning and covered many of the aspects discussed and particularly my concerns about ongoing costs. A productive conversation.
No significant issues with appointing my wife as Executor. He actually suggested it as an option, in response to the various concerns I was expressing. Though he did suggest that maybe I should appoint wife and my son as joint Executors, even though my son lives in Australia. Distances are not such an issue these days what with email etc. I pointed out, and he acknowledged, that wife as Executor could (and almost certainly would in reality) instruct the solicitors to do what she couldn't do, even though that may well be most of the Executors work, apart from notifying organisations and collating information. Though point taken that at least she would have control of events, rather than the solicitors. (I have reservations appointing son as a joint Executor from the point of view that he is still going to need to sign various documents at various times, which would be cumbersome if he is in Australia).
If I appoint my wife sole Executor (Executrix), he did recommend putting a marker on the Land Registry records, noting my son and daughter's interests. That would protect against situations whereby for example, my wife, perhaps under the influence of others, might try and sell the property, take (all) the money and disappear, type of situations.
The solicitor did say that the ongoing trustee work wouldn't have amounted to much, just a brief check once a year to ensure property was insured and being adequately maintained, but that would have been charged to my wife, as and when. (The property is a flat, so buildings insurance paid by the Management company). Note that my wife
may well sell and move back to her country within a year or so, thus it wouldn't have been an issue for very long. Though one can never be sure how these things will pan out in the future as circumstances can and do change, so Wills should try and allow for such changes.
He also explained how they would offer set fees for various transactions, such as dealing with a property sale, i.e. that wouldn't have been tacked on at an hourly rate, and how they are subject to scrutiny regarding work undertaken and charges. (I also clarified how and when the liquid assets would be distributed).
So currently I am 60/40 in favour of making my wife the sole Executor, versus leaving things with the solicitors as Executors.