An Executor is the person you appoint in your Will to carry out your wishes and deal with your affairs. Initially you will probably want your Spouse or Partner to be your Executor and then one or two people to act on Second Death or in the event of both Deaths.
Your Executor can be a Solicitor, an organisation such as a Bank, or an individual (a family member or friend).
If you appoint a Solicitor he will (quite rightly) charge for his time when dealing with your Estate. If your partner should pass away and a Solicitor is appointed you should expect to pay £1500 - £3500 for a very simple Estate. If there is a property involved then your bill would be nearer £3000.
If you appoint a Bank, the charges are likely to be much higher than your local Solicitor. In June 2009 of this year HSBC Bank charged one of our Clients over £5000 to deal with her late husband's Estate which consisted of the house being transferred to her name, two Bank Accounts, and some Shares. Maybe you should consider appointing family members.
If you appoint a family member or friend they are quite likely not to know what to do and may seek the services of a Solicitor or Bank and end up paying their charges.
We recommend you appoint a family member or friend and subscribe to the WDS Group of Companies. All Subscribing Clients have access to our Free Probate and Administration Service Advice, so if anything should happen to you we will assist your Executors and deal with your Estate without charge.
If required we will...
* Explain to your Executors the process involved in dealing with your Estate.
* Explain to your Executor's their legal obligations.
* Offer to deal with all the paperwork for a fixed fee, which includes:
o Assisting your Executors with the completion of all Probate Applications.
o Inform all the Institutions who hold your Assets.
o Prepare Executor's Accounts.