What do executors do?
- find out what assets, property and investments the deceased had
- have valuables and property professionally valued where necessary
- make sure the funeral takes place and arrange payment
- obtain details of outstanding debts and bills establish pension
- entitlements and other monies due
- determine Income and Inheritance Taxes due, and make any necessary tax returns
- complete and submit all Probate Registry forms
- call in assets
- pay off debts
- transfer gifts to beneficiaries
- draw up accounts to present to the main beneficiaries
If the Will creates any trusts, for example if there are minor beneficiaries, it is usual to appoint two trustees.
How many Executors can I appoint?
You can appoint up to 4 Executors, but you should appoint at least 2. You can appoint alternative Executors in case when you die your first choice decides not to take the position or dies before you. This is generally referred to as a ‘reserve executor’ and is our standard advice in the majority of cases.
Do Executors get paid?
Where individuals (family or friends) are appointed they are not normally paid
although you may give them modest cash gifts in your Will as a ‘thank you’, if you wish. They are usually allowed to reclaim any expenses incurred by them in the administration of an estate, including Probate fees.
When professional executors are appointed individual people or organisations, clauses are usually included in a Will to provide that they be paid their normal fees. They would not act otherwise. A solicitor tends to charge based upon time spent plus a small percentage, *typically 2% of the value of the estate, while banks routinely charge 3% to 6%. ... continued
The total charge for executor work carried out by solicitors or banks will often not be known until all the work is completed. They will invoice their charges based on the total time taken and therefore often cannot give a fixed quote in advance. Reliable estimates can be provided however, and once given will be adhered to more often than not.
When we provide such services to our clients our fees are quoted in advance and rarely exceed 1.5%. We offer a confident price beating service where we endeavour to beat any formal quotation.
