Help writing my will: should i employ a professional executor?

[90starve]

i believe the cost to hire a professional to execute my will may come to around £1000-£2000, which sounds far too costly for me.

my estate includes: a mortgage on a small one bedroom maisonette, and two bank accounts - all of which i have left 100% to my father.

my father is currently dealing with his sister's estate, for which she had left no instructions. i can clearly see the mental strain it has forced him through, and the task is far from finished - so ideally, i would not like to put him through unnecessary stress while handling my estate as well.

does my situation warrant a professional? or is it straightforward enough to leave the task to my dad?

[EDIT: it's a Shared Ownership Mortgage.]

 

[James34]

If it's complicated then you probably should employ someone to run it.

 

[locked*n*loaded]

I'm not sure about your country, but here in the US you could include a clause in your will that says something along the lines that you appoint your dad as executor, but if he is unable or unwilling to do it, then you request of the court to appoint a professional executor...........something like that.

Doesn't it work the same where you are that the executor fee is determined as a fixed percentage of the estate value? That's how it is here in the US, at least in my state.

 

[90starve]

I'm not sure about your country, but here in the US you could include a clause in your will that says something along the lines that you appoint your dad as executor, but if he is unable or unwilling to do it, then you request of the court to appoint a professional executor...........something like that.

i believe that if i appoint my dad as executor, he then can choose to appoint his own solicitor. for the company i am writing my will with, i did not see anything about the state appointing me somebody in the event that my dad feels unwilling. perhaps it is an automatic process if one should refuse the task.

Doesn't it work the same where you are that the executor fee is determined as a fixed percentage of the estate value? That's how it is here in the US, at least in my state.

according to a quick google, solicitors who are acting as professional executors can claim 0.75% of the estate value, then 1.5% the financial value of any other assets.

but i do believe that they are able to charge additional expenses on top of that. this may include travel, emails + such. so basic solicitation fees.

i am mainly worrying that i will not have sufficient time to save this much money, and that my dad will have to cover the cost of soliciting + funeral until the estate has been received by him. death is so absurdly expensive!

 

[locked*n*loaded]

perhaps it is an automatic process if one should refuse the task.

It is here. Usually, under normal circumstances, someone having a will drafted includes two requests for an executor - a first choice and a second "fallback" choice. If neither of them are able to execute the person's will, and no one else steps forward, then the court automatically appoints a professional executor. In my case, I have absolutely no one at all who can execute my will, as all my family is deceased, and I haven't any friends. When I had my will drafted, I explained my circumstances to the attorney and it was written right into my will that the court is to appoint a professional executor right at the get-go, so there is no question about my desires in that matter.

 

[90starve]

It is here. Usually, under normal circumstances, someone having a will drafted includes two requests for an executor - a first choice and a second "fallback" choice. If neither of them are able to execute the person's will, and no one else steps forward, then the court automatically appoints a professional executor. In my case, I have absolutely no one at all who can execute my will, as all my family is deceased, and I haven't any friends. When I had my will drafted, I explained my circumstances to the attorney and it was written right into my will that the court is to appoint a professional executor right at the get-go, so there is no question about my desires in that matter.

okay, that's good news for you then. did you speak to somebody over the phone about your wishes? i would have an easier time speaking to a professional about this, although i am worried that they will question why a 20yo is drafting a will. maybe it's not that unusual, and im just overthinking it

 

[Haruka]

okay, that's good news for you then. did you speak to somebody over the phone about your wishes? i would have an easier time speaking to a professional about this, although i am worried that they will question why a 20yo is drafting a will. maybe it's not that unusual, and im just overthinking it

Hi! I'm in a similar position to you I think; I'm 20 and in the UK, and I'm trying to figure out the ins-and-outs of my will. I'm planning to start writing it once I wake up though so I'm going to do some research and see what I can do legally, since I am not leaving any of my savings or money to my family. If you would like any other help feel free to send me a message and we can talk about it

 

[locked*n*loaded]

did you speak to somebody over the phone about your wishes?

No, I called and made an appointment. Then had an initial consultation. We went over things, I made notes, gathered together all of the information I was told to get together, then made another appointment. At the second appointment, we went over everything I had, everything I wanted to convey in the will, made sure that the attorney had all correct information, that kind of thing. A couple weeks after that, the office contacted me to do a quick "drive by" just to look at the draft and make sure things were OK. About I week after that, I went in, paid, and picked up the will. I need to go back, though, and have a revision made because something changed unexpectedly (not my fault). It will just be a revision, so no big deal, really, except I'll probably have to pay another $50 or something.

I wouldn't worry too much about the age thing. In this world, it's prudent to have affairs in order. It's not really their business why you're drafting a will. I doubt they'd even ask, but if they did, you could just tell them you've recently suffered some unexpected deaths in your family, and the people who passed didn't have wills, and you see all the chaos that brought.....something like that. Do you have a lot of things that need to be in your will at 20?

 

[nopointinlife]

Why? Just give your stuff away now. Your executor or trustee won't give a shit.

 

[Forever Sleep]

That seems like a lot of money. Do you mean it would cost that upfront? My will cost around £300 if I remember rightly. My solicitor will act as the executor. They will arrange for a house clearance service to sell off my stuff. I don't want what's left of my family to have to bother with any of it. I'm sure they will charge more when the time comes- but- that will come out of my estate.

Is it that you want to maximise what your family receives? I guess you just have to weigh it up really. Do you want them to have more money but the responsibility of dealing with it all- or, less money and someone else does all that?

 

[90starve]

Hi! I'm in a similar position to you I think; I'm 20 and in the UK, and I'm trying to figure out the ins-and-outs of my will. I'm planning to start writing it once I wake up though so I'm going to do some research and see what I can do legally, since I am not leaving any of my savings or money to my family. If you would like any other help feel free to send me a message and we can talk about it

yes, it sounds like we're in the exact same position! i'll send you a message when i finish work later <3

 

[nozomu]

In the USA it costs an ass load to hire a professional executor... I was going to do it but then decided against it. I'm working on a living trust and finally just said fuck it and I'm going to make my partner the successor trustee... I'm donating all my shit anyways so it shouldn't be too hard to deal with... I feel kinda bad about it but I really don't have anyone else

 

[90starve]

No, I called and made an appointment. Then had an initial consultation. We went over things, I made notes, gathered together all of the information I was told to get together, then made another appointment. At the second appointment, we went over everything I had, everything I wanted to convey in the will, made sure that the attorney had all correct information, that kind of thing. A couple weeks after that, the office contacted me to do a quick "drive by" just to look at the draft and make sure things were OK. About I week after that, I went in, paid, and picked up the will. I need to go back, though, and have a revision made because something changed unexpectedly (not my fault). It will just be a revision, so no big deal, really, except I'll probably have to pay another $50 or something.

I wouldn't worry too much about the age thing. In this world, it's prudent to have affairs in order. It's not really their business why you're drafting a will. I doubt they'd even ask, but if they did, you could just tell them you've recently suffered some unexpected deaths in your family, and the people who passed didn't have wills, and you see all the chaos that brought.....something like that. Do you have a lot of things that need to be in your will at 20?

thanks for sharing your experience. it sounds very straightforward. and i guess you're right - i doubt anybody will care why i am drafting a will, and it's easily excusable since i have no life insurance to protect my mortgage + such. at 20, i'm really not sure that i have very much to include in my will. it should just be my two bank accounts (including savings) and my mortgage.

Why? Just give your stuff away now. Your executor or trustee won't give a shit.

im sorry, but this is terrible advice to give to anybody. that's just not how it works in the real world. it's not a question of getting rid of my belongings, rather a question about how to handle legal affairs in a way that is easiest for everybody.

i have a lot of savings, and i own a house that will need reselling. i cannot just give away my estate, that is silly and irresponsible. it needs to be transferred safely to my beneficiary.

That seems like a lot of money. Do you mean it would cost that upfront? My will cost around £300 if I remember rightly. My solicitor will act as the executor. They will arrange for a house clearance service to sell off my stuff. I don't want what's left of my family to have to bother with any of it. I'm sure they will charge more when the time comes- but- that will come out of my estate.

Is it that you want to maximise what your family receives? I guess you just have to weigh it up really. Do you want them to have more money but the responsibility of dealing with it all- or, less money and someone else does all that?

im sure that there will be an upfront cost, but not as large as i mentioned in my original post. i imagine that the remainder is also taken from my estate once the process has been finalised.

thankyou for mentioning about house clearance - this may be something i consider.

yes, i want to maximise what my dad receives, whilst also minimising the stress i will have to put him through. inheritance tax is also something i have to consider.

In the USA it costs an ass load to hire a professional executor... I was going to do it but then decided against it. I'm working on a living trust and finally just said fuck it and I'm going to make my partner the successor trustee... I'm donating all my shit anyways so it shouldn't be too hard to deal with... I feel kinda bad about it but I really don't have anyone else

yes, honestly it costs a lot to hire a professional for anything. when i was purchasing my house, it cost me £2400 in soliciting fees!

i hadn't considered a living trust before. thanks for mentioning this - i will be looking into it tonight. i suppose its not so different from a will.

and im sorry that you're feeling bad about your situation. i guess it can't be helped that you have nobody else to handle this for you. i also only have my dad - but i imagine your partner will be grateful for all you intent to give.


thankyou everybody for your very informative responses <3

 

[Forever Sleep]

thanks for sharing your experience. it sounds very straightforward. and i guess you're right - i doubt anybody will care why i am drafting a will, and it's easily excusable since i have no life insurance to protect my mortgage + such. at 20, i'm really not sure that i have very much to include in my will. it should just be my two bank accounts (including savings) and my mortgage.


im sorry, but this is terrible advice to give to anybody. that's just not how it works in the real world. it's not a question of getting rid of my belongings, rather a question about how to handle legal affairs in a way that is easiest for everybody.

i have a lot of savings, and i own a house that will need reselling. i cannot just give away my estate, that is silly and irresponsible. it needs to be transferred safely to my beneficiary.


im sure that there will be an upfront cost, but not as large as i mentioned in my original post. i imagine that the remainder is also taken from my estate once the process has been finalised.

thankyou for mentioning about bourse clearance - this may be something i consider.

yes, i wasn't to maximise what my dad receives, whilst also minimising the stress i will have to put him through. inheritance tax is also something i have to consider.


yes, honestly it costs a lot to hire a professional for anything. when i was purchasing my house, it cost me £2400 in soliciting fees!

i hadn't considered a living trust before. thanks for mentioning this - i will be looking into it tonight. i suppose it a not so different from a will.

and im sorry that you're feeling bad about your situation. i guess it can't be helped that you have nobody else to handle this for you. i also only have my dad - but i imagine your partner will be grateful for all you intent to give.


thankyou everybody for your very informative responses <3

No worries. Yes- the upfront cost for my will was around £300. The house clearance company will take their fee after everything has been sold off. Your estate needs to come to more than £325,000 to start paying inheritance tax in the UK.

 

[90starve]

No worries. Yes- the upfront cost for my will was around £300. The house clearance company will take their fee after everything has been sold off. Your estate needs to come to more than £325,000 to start paying inheritance tax in the UK.

oh yes! thankyou, i completely forgot about the tax threshold. im well below that, so all should be sound in that regard.

 

[Haruka]

yes, it sounds like we're in the exact same position! i'll send you a message when i finish work later <3

Of course, I'd love to hear from you :)

 

[nozomu]

i hadn't considered a living trust before. thanks for mentioning this - i will be looking into it tonight. i suppose its not so different from a will.

and im sorry that you're feeling bad about your situation. i guess it can't be helped that you have nobody else to handle this for you. i also only have my dad - but i imagine your partner will be grateful for all you intent to give.


thankyou everybody for your very informative responses <3

idk how it works in your country, but living trust is essentially an estate planning mechanism that keeps your belongings out of probate court here in the USA, at least in my state. It also only needs yourself as a witness, but I will get mine notarized since I am dying very soon after completing it.

 

[locked*n*loaded]

it should just be my two bank accounts (including savings) and my mortgage.

That's more than enough to justify a will. If I might add, at a very young age of only 20, it is remarkable that you managed to buy a house, let alone have savings, too. You should be very proud of those accomplishments.

i believe the cost to hire a professional to execute my will may come to around £1000-£2000

That sounds like a lot of money for a simple will. I paid $200 US (£160) to have mine drawn up, and it was more complicated that what yours seems to require, as I had to set up a "mini trust" in order to make sure my assets went to charity. I have a house, too, and several bank accounts. I, also, had numerous clauses included to make sure that distant cousins, whom I haven't seen in 25 to 30 years, and whom I have no idea how to even get in touch with, don't come out of the woodwork to make a claim on the estate. I put some other relevant clauses into it, too.