Re: Wills and Executors

There is a difference between knowing and acknowledging no one likes to imagine a time when they will not be here.

And making a will is doing just that.

Re: Wills and Executors

I imagine all the time as I continually get myself into dangerous situations.

Re: Wills and Executors

My brother and I are executors of my Mum’s will together with a solicitor.

I think we could deal with a fair bit of it to save what I expect will be very high solicitors fees.

Do we just go in and tell him this? not sure how to approach it.
I imagine he will want to earn as much money as he can though. But should he be acting on our instructions?

How do we agree who does what?

I had a friend who worked in a solicitors office and she used to tell me they had a list they had to refer to when charging so they charged for time, phonecalls, photocopying, envelopes etc right down to paperclips! Thanks

Re: Wills and Executors

How difficult or otherwise it is depends on the complexity of the Will and how much the total Estate is worth. I was Executor to my mother's Will and it was quite simple as there was no liability for Inheritance Tax, it was just sorting out final details which was easy as I knew about my mother's finances, I always ensured she had enough to live on and was claiming all the benefits she should.

I am guessing that it's up to you to decide whether or not to do it all yourselves or pay a solicitor, they are expensive that is definite. Unless the Will states the solicitor is to do all the work, relieving you of the stress of it all. They do have different charges for different work they do. The last dealings I had for a solicitor recently was for one hour's work, including one letter – £240 + VAT, extortionate! They charge, or at least the one I went to did, in increments of six minutes so to receive an e-mail for instance, cost the minimum one-tenth of the hourly charge – £24 + VAT!

I found it easier to make a list prioritising what needed to be done as Executor and then ticking them off as completed. That ensures everything was done and in the order required.

There are things to do that are not easy. For instance if there is Inheritance Tax due, I understand that has to be paid before property is sold, so getting a loan might be what has to be done. You will probably do a lot of the work yourselves, as to start with it's what most people would be doing anyway, such as notifying the correct government departments and also arranging a funeral, etc., etc. The link below to Age UK has information you might find helpful:

https://www.ageuk.org.uk/globalasset...ecutor_inf.pdf

This one also has details of what has to be done regarding finances:

https://www.citizensadvice.org.uk/fa...-who-has-died/

Re: Wills and Executors

I hope the company that has my will and documents ‘outlives’ me, as I paid a huge sum of money upfront, when paying for the will, that means they help and guide my executors all the way through probate. I believe the salesperson talked of highly expensive solicitors fees, so I am presuming, and hoping, that no further expenses is likely to be incurred, in as much as legal fees.

To be continued...dog wants to go out!

Re: Wills and Executors

Hi

I have a Will.

Everything to my son.

I am well below the Inheritance Tax problem, I have arranged my affairs differently.

I give money out of Income, which is not subject to tax.

I no longer have a big house, I have a small one much more suited to my needs.

There is absolutely no way I will be going into a Nursing Home and seeing my Inheritence to my son destroyed.

That is not the future I want.

Re: Wills and Executors

How long before wealth tax is introduced? Or capital gains tax on private property?

Better get a "good" accountant now and start protective measures very soon.

Re: Wills and Executors

My Mum was in care for 4 years and had to sell her house. She paid out £75,000 in care home fees during that time.

My late father was so proud that they scrimped and saved to buy their ex council house and always said “you will all have your share when we’ve gone.”

Re: Wills and Executors

Second homes and rental properties are already subject to CGT on a sliding scale. The amount you actually pay depends on how long you've owned them and what can be off-set against the CGT charge.

Re: Wills and Executors

Hi

]I have been hammered on here because of my arrangements.

I have no need for a big house and having to pay to maintain it.

I have a small house with no mortgage and minimal outgoings and a big pension which I give to my kids Tax Free as it is Income, not assets.

My diasabled son will have the house and no Tax to pay at all.

He will not be driving again, so he can walk to the Doctors, Pharmacy, Lidl and Aldi in 5 minutes.

Tesco and Morrisons 5 minutes longer,

I have done my job, quite happy with things.

I am downsizing in a way that provides the most for family.

I am not going to waste their money by going into a Nursing Home and there is no way I am going to be paying Inheritance Tax.