- Frequently Asked Questions
Frequently Asked Questions
An Executor is someone you appoint in your Will to deal with the Administration of your Estate. They would be responsible for selling your Assets, paying your bills and distributing your Estate according to the Instructions in your Will.
Yes, Executors of a Will can also be Beneficiaries.
It is normal to appoint your Spouse or Partner as your first and Sole Executor, then usually family members and occasionally a Solicitor's firm to act if anything should happen to you both or if you have no family.
Yes a Solicitor is entitled to charge for acting as your Executor and the fee will usually depend on the amount of work involved.
Solicitors Fees vary, but you should expect to pay £100 - £200 per hour to deal with your Estate. In January last year the husband of one of our Clients passed away and the widow’s brother insisted that his Solicitor deal with the Estate. The Solicitor charged the lady just over £3,500. We always recommend that Clients appoint family or friends and subscribe to WDS. When the time comes we will advise your Executors how to deal with your Estate without charge.
All our Subscription Clients are entitled to Free Advice and assistance with all aspects of dealing with Probate, ranging from the completion of all forms, to the notification of various Institutions holding Assets.
In most Estates today, it is common to appoint the same people as Executors and Trustees. The main difference is that an Executor deals with the Estate, closing Bank accounts, writing to Insurance Companies, sorting out the Tax and dealing with the accounts; while a Trustee looks after any money left to a Minor Beneficiary or makes decisions that maintain the Estate if it is to be held in Trust.
You can appoint anyone you like. It is likely however, that when your Estate is going through Probate, that your Executors will in some part require some professional assistance. Our advice is to choose people you trust and subscribe to WDS Associates, to ensure that your Executors and Trustees have all the Free Advice they need when required.
You can have as many Executors as you like, but the Law only allows a maximum of four to act at the same time. We recommend you appoint at least two so that if one is unable to act for whatever reason you would still have an Executor appointed.
It is very common for the Guardians to be Executors. If you trust someone to take care of your children, then they should have some form of access to the Assets of the Estate to provide for your children. It should also be mentioned that there are some instances where the Guardian (e.g. an ex partner/parent) should not be allowed direct access to Assets, but go through your alternative Executors.
It may well have been a promotion that your Bank was doing but to be on the safe side check to see if they have appointed themselves as Executors and, if so, enquire about their charges. It may work out to be a very expensive "Free" Will?
No, although it is always prudent to have some Executors in the country in which you are residing.