fixed fee solicitor for executorship
Posted: January 25th, 2018, 5:46 am
Is anyone aware whether you can negotiate a fixed fee for a solicitor to act as an executor (say £x + inflation increase from date of will)? Every approach I have made has resulted in a request for a percentage of value of my estate.
Some background may be helpful. I have an estate that comprises one property + investments + cash + chattels. There will be a sizeable IHT liability even after increases in the nil-rate band as a widower and main residence increases. I have no family and after charitable gifts of specific amounts I want to divide the estate into 5 equal parts and gift each part outright to 5 individuals (assuming they survive me). Leaving aside the chattels (which I can provide for in the will) it seems to me that the solicitor needs to fill the IHT forms; pay IHT; get probate; then realise the investments (all in an ISA) and sell the property; and then add the cash and divide the total after expenses and write cheques. I cannot see why this should reasonably cost more than £30K (excluding the legal and other costs of selling the property, of course)...or perhaps I have just been unlucky with the lawyers I have sought quotes from?
Any thoughts?
Eb
Some background may be helpful. I have an estate that comprises one property + investments + cash + chattels. There will be a sizeable IHT liability even after increases in the nil-rate band as a widower and main residence increases. I have no family and after charitable gifts of specific amounts I want to divide the estate into 5 equal parts and gift each part outright to 5 individuals (assuming they survive me). Leaving aside the chattels (which I can provide for in the will) it seems to me that the solicitor needs to fill the IHT forms; pay IHT; get probate; then realise the investments (all in an ISA) and sell the property; and then add the cash and divide the total after expenses and write cheques. I cannot see why this should reasonably cost more than £30K (excluding the legal and other costs of selling the property, of course)...or perhaps I have just been unlucky with the lawyers I have sought quotes from?
Any thoughts?
Eb