Solicitor costs as executor

Discussion in 'Wills, inheritances and gifts' started by Stitcher, Jun 16, 2018.

  1. Stitcher

    Stitcher Frequent Poster

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    Hi,
    The partner of a friend died recently and nominated his solicitor as executor. It was a simple will. Some bank accounts, some shares, some outstanding debts. She has received a draft outline of the assets and liabilities and it includes "estimated legal and accountancy costs Inc Vat of 9,500 euro". This seems very expensive to me but are such fees normal?
    Thanks
     
  2. Andrew Murphy

    Andrew Murphy Registered User

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  3. Protocol

    Protocol Frequent Poster

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    2,726
    Legal and acc fees in Ireland are excessive.

    AAM has plenty of threads about probate fees way beyond what people expect.

    From what you describe, there's no house, just financial assets and liabilities.

    Yet the executor and probate fees are approaching 10,000.

    I made sure to plead with my parents to not appoint their solicitor as executor.

    I could take a day or two off work to do the probate, rather than pay thousands in fees.
     
  4. Ravima

    Ravima Frequent Poster

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    You mention 'accountancy fees'.Perhaps the will is not 'simple' after all!
     
  5. Vanilla

    Vanilla Frequent Poster

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    Last edited: Jun 16, 2018
    It's always a simple or straightforward will. Until you know the ramifications, and then,suddenly, it's not so simple. There are title problems, or there are tax problems or there are forced heirship problems, there are debts, or there are entitlements, there are potential disclaimers or a deed of family arrangement. Or you know nothing of any of these issues, and you 'think' it is straightforward and you do a personal grant and then you have made a pigs ear of the whole thing and there are tax ramifications and it is too late. The tax ramifications don't need to be on this death,sometimes they are on the next family death. But you won't understand that unless you know what you are doing. When you are over 20 years in practice dealing with all of the potential problems, then come tell me it is straightforward. And even then I will hesitate. Who knows if the fee is excessive or not? That really depends on the work involved.

    Since the start of this year, I have 7 estates where a personal grant was extracted where the LPR or the person next entitled has come to me to sort out problems. I just wish they had come to me before they extracted a grant. My fee for all but one of these estates would have been less than half of the quote on this thread, but I could have saved them far more in tax or in disputes that arose because the LPR didnt know what they could and should have done.
     
    Last edited: Jun 16, 2018
    Thirsty likes this.
  6. Thirsty

    Thirsty Frequent Poster

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    " I could take a day or two off work to do the probate"

    You clearly have no idea of the work involved.
     
  7. Stitcher

    Stitcher Frequent Poster

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    Thanks all,
    I suppose it's probably a case of high fee cost and more work than might appear to be the case. Eye opening though.
    Thanks again.
     
  8. Brendan Burgess

    Brendan Burgess Founder

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    35,476
    It's crazy appointing a solicitor or an accountant as an executor as they have total control over the fees. I have seen horror fees for estates which were simple. I have seen long delays caused by the solicitor just losing interest. And if there is a property to be sold, then they charge huge fees on this again.


    Appoint the main beneficiary or someone else as the Executor and they can then shop around for legal services to help with it.

    Brendan
     
  9. noproblem

    noproblem Frequent Poster

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    Is the estate large in money terms, stocks, shares, accounts may not be in order as regards revenue law, declarations, etc? This might account for the rather large fee being charged.
     
  10. mf1

    mf1 Frequent Poster

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    "estimated legal and accountancy costs Inc Vat of 9,500 euro"

    VAT is charged at 23%. There will be Probate fees also. So the fee is not 9500.00.

    Its the fee plus VAT @23% plus outlays.

    mf