Wills and Executors

How do you reimburse an executor for their services ?
Do you give them a financial gift upfront?
Or ?

Re: Wills and Executors

They are usually a family member .
If a friend they may do it for friendship .
If they are a solicitor they will charge for their services .

Re: Wills and Executors

How about a percentage of the Estate? Percentage to be determined by yourself in your Will.

Yes, and do they know how to charge for their services! Recent inquiries revealed £200 an hour PLUS a percentage of the final Estate! Imagine just how many hours it might take to sort out the Estate of the average person!

A nice little earner some would say!

Re: Wills and Executors

Yes a family member might but think of all the hours put into this ? Maybe involving a good few car journeys , clearing out of the deceased’s home just two examples .

Re: Wills and Executors

They may just employ someone to do it and charge to the estate .

Best thing is to make sure your affairs are in order so they don't have to do that .

Re: Wills and Executors

I'm lucky. Older sis, who is due to get a percentage, and her eldest daughter, are my executors.

Re: Wills and Executors

I'm the executor of Dads will, something we had to discuss, it's not a nice discussion to have but essential. Dad has left plenty of instructions for me to follow after he has passed He is very organised.

Re: Wills and Executors

I don’t have family so my executors are going to have to be friends .

Re: Wills and Executors

It came as a shock to me when finding Mum's Will after she passed away, to discover I was sole executor, out of her 4 children. It seems this possibly came about after a conversation with older sister who had praised my honesty and integrity, and who possibly put me forward for the job. None of my siblings offered any help and goodness it was hard work, even though it was straight forward.

So at least my older sister and her daughter had had a discussion before putting themselves forward to be named as MY executors. Until then I was afraid to make up my Will as I didn't have them in place.

I WAS able to deal with everything (Mum's), but it took time and patience. I think two family members should be asked and entrusted. I'd hate a solicitor to take a huge cut of any estate.

Re: Wills and Executors

I was an executor for my BIL, never saw his will nor did my sister who was also executor.
I didn't have to do anything my other BIL sorted it all out.
I always thought executors made sure the will was dealt with properly etc.