Lost my Dad - Some advice please regarding will.
Discussion
Great start to the New Year, my Dad died last Sunday. He told me he'd made his will and appointed an executor, so I've been to see him today. Very surprised the solicitor had absolutely no idea about my Dad's assets or what would be coming my way. It's all coming to me (as an only child) but he didn't know what. It's going to be around £30k I guess, one way or another, but I'm shocked he has nothing on record about exactly what or why. I don't exactly know myself.
Is this in any way normal, as it feels like rather poor practice. It was almost completely pointless going to see the chap.
Is this in any way normal, as it feels like rather poor practice. It was almost completely pointless going to see the chap.
Sorry to hear of your loss.
Executor wouldn't know about assets unless specifically informed. What Exec. will do is set up a probate account, inform interested parties like bank, close various services like council tax. gas/elec and so on, and eventually provide a final account for beneficiaries and IRS. So expect exec. fees.
It can take some months to inform all parties, get final probate values on account, pay bills, and so forth. It's worth keeping every scrap of paper, as stuff appears out of nowhere for months/years afterwards.
Executor wouldn't know about assets unless specifically informed. What Exec. will do is set up a probate account, inform interested parties like bank, close various services like council tax. gas/elec and so on, and eventually provide a final account for beneficiaries and IRS. So expect exec. fees.
It can take some months to inform all parties, get final probate values on account, pay bills, and so forth. It's worth keeping every scrap of paper, as stuff appears out of nowhere for months/years afterwards.
Sheepshanks said:
languagetimothy said:
Sometimes it can be quite high or perhaps worse, a percentage Based on the estate total value,
If it really is a £30K estate then a percentage may well be cheaper.He owned his own house but "owes" £160k on that, and I can't see it going for much more than that.
MarshPhantom said:
Great start to the New Year, my Dad died last Sunday. He told me he'd made his will and appointed an executor, so I've been to see him today. Very surprised the solicitor had absolutely no idea about my Dad's assets or what would be coming my way. It's all coming to me (as an only child) but he didn't know what. It's going to be around £30k I guess, one way or another, but I'm shocked he has nothing on record about exactly what or why. I don't exactly know myself.
Is this in any way normal, as it feels like rather poor practice. It was almost completely pointless going to see the chap.
Sorry to hear your sad news.Is this in any way normal, as it feels like rather poor practice. It was almost completely pointless going to see the chap.
The executor will not normally need to know much about the finances of the individual, that's not what they are there for. The executor is there to ensure that the Will, once proved to be valid, is dealt with in accordance with the wishes outlined therein by the deceased. His role will finish once he has ensured that all of the instructions have been complied with, and all debts/fees/charges have been paid.
The details of Bank/savings accounts/Premium Bonds will need to be provided by whoever has access to that information (presumably you?)- along with details of the house/mortgage etc.
The whole procedure may take as little as, say, 2 months or can be very lengthy if there are any problems, disputes or the house has to be sold before proceeds can be distributed.
I'm sure others on here can help you find your way - it's not difficult stuff, but can be time consuming and frustrating.
Once you have confirmed the solicitors charges, you could take on the role of executor if the solicitor is agreeable.
If your fathers assets are as you think, the process of probate is straightforward and the forms are on the web.
Are you sure you are the only beneficiary?
It took over three years to sort my dads estate, but was largely due to dispute with brothers
Good luck
If your fathers assets are as you think, the process of probate is straightforward and the forms are on the web.
Are you sure you are the only beneficiary?
It took over three years to sort my dads estate, but was largely due to dispute with brothers
Good luck
Sorry for your loss.
Th solicitor is likely to charge a %age of total estate value (ask for a quote) and if the estate is small (£30k is small) there may be a minimum fee (poss £1000+) You could try and do it yourself (you will need the solicitor to renounce his position as exec where he may try and persuade you otherwise due to him losing a potential fee) or try googling for probate brokers, they will try and get a lower quote, you may be able to save a hefty chunk on the fees this way (still expect to pay £500++) Or look for Trust Corporations that work on fixed fees for probate work.
Also the solicitor or any other professional exec is likely to take 6 months or more, if you know what you are doing it can be done a lot quicker than that. There are only 2 forms to fill in (probate and tax return, tax being the more difficult ) but the bulk of the time comes from tracing assets.
Th solicitor is likely to charge a %age of total estate value (ask for a quote) and if the estate is small (£30k is small) there may be a minimum fee (poss £1000+) You could try and do it yourself (you will need the solicitor to renounce his position as exec where he may try and persuade you otherwise due to him losing a potential fee) or try googling for probate brokers, they will try and get a lower quote, you may be able to save a hefty chunk on the fees this way (still expect to pay £500++) Or look for Trust Corporations that work on fixed fees for probate work.
Also the solicitor or any other professional exec is likely to take 6 months or more, if you know what you are doing it can be done a lot quicker than that. There are only 2 forms to fill in (probate and tax return, tax being the more difficult ) but the bulk of the time comes from tracing assets.
Administer it yourself, if you have the time it's not difficult just take your time.
Regarding the house, I presume it's mortgaged? Wonder how he managed to get close to 100% of the value owing? Anyway get the mortgage changed over and let it out. Rent ought to more than cover the repayments and will eventually be paid for and all yours
Regarding the house, I presume it's mortgaged? Wonder how he managed to get close to 100% of the value owing? Anyway get the mortgage changed over and let it out. Rent ought to more than cover the repayments and will eventually be paid for and all yours
Thanks for those. Trouble with doing it myself is I live 150+ miles away, 3 hours on a good day. If the fees are around a grand I think I will go with that option. I really must find out.
The money he owed is down to him being very deep in debt (around £100k) by his mid 70s and came up with some scheme where he was bailed out, but the loan company pretty much got the money from the house when he died, upto a maximum of £160k. He's never been great with money, not extravagant, just always spending a bit more than they had. The house's value has also been affected by the fact HS2, if it ever happens, will run just a few hundred feet from the top of the garden.
Thanks all for the help provided so far.
The money he owed is down to him being very deep in debt (around £100k) by his mid 70s and came up with some scheme where he was bailed out, but the loan company pretty much got the money from the house when he died, upto a maximum of £160k. He's never been great with money, not extravagant, just always spending a bit more than they had. The house's value has also been affected by the fact HS2, if it ever happens, will run just a few hundred feet from the top of the garden.
Thanks all for the help provided so far.
Sorry for your loss.
My advice would be to get hold of old bank statements and cheque boook stubs if you can (or get copies from the bank). From these you might be able to piece together your dads financial affairs. Who he was getting money from and who he was paying it to. Once you've figured this out you know which companies to call (pensions, life policies etc) who will be very used to helping you. When my dad passed a couple of years ago , alll the big companies we talked to had specialist bereavement departments who were very used to helping in this type of situation. They were all fantastically good to be fair and I was pleasantly surprised.
My advice would be to get hold of old bank statements and cheque boook stubs if you can (or get copies from the bank). From these you might be able to piece together your dads financial affairs. Who he was getting money from and who he was paying it to. Once you've figured this out you know which companies to call (pensions, life policies etc) who will be very used to helping you. When my dad passed a couple of years ago , alll the big companies we talked to had specialist bereavement departments who were very used to helping in this type of situation. They were all fantastically good to be fair and I was pleasantly surprised.
Gassing Station | The Lounge | Top of Page | What's New | My Stuff