Firm closing

[cheesypeas]

31 minutes ago, kevster said:

They were going to be executors - the bill was for storing the will and for acting as executors!

Bloody Hell ! Don’t give JW ideas. He’s got mine !! 

[Gizo]

38 minutes ago, kevster said:

They were going to be executors - the bill was for storing the will and for acting as executors!

what a waste of money. it costs nothing to write a will. Do it yourself. 

 

[John Wright]

20 minutes ago, cheesypeas said:

Bloody Hell ! Don’t give JW ideas. He’s got mine !! 

I’ve never charged to store a will, or to put it into safe custody, or to take it out and hand it over to the executors.

[John Wright]

13 minutes ago, Gizo said:

what a waste of money. it costs nothing to write a will. Do it yourself. 

 

This however is a licence for advocates to print money. Over 50% of all home drawn wills I’ve ever seen, over a long career, have been void, invalid, or contained  partial intestacies.

[Manxman1234]

Another one closinG

 

junk box in duke street 😞 

[John Wright]

1 minute ago, Manxman1234 said:

Another one closinG

 

junk box in duke street 😞 

But, in fairness, to concentrate on the other side of their business which they say has expanded beyond their wildest dreams.

[The Voice of Reason]

1 hour ago, kevster said:

They were going to be executors - the bill was for storing the will and for acting as executors!

Ah acting as executors.  Professional “executors”  can soon wipe out the assets of the deceased with their charges.

Normally I would say to anyone don’t appoint lawyers or accountants as executors as they will charge their normal rates of £ hundreds pounds an hour for so doing ( and why not, that’s their business). Appoint someone you trust who has common sense

Fortunately in respect of my own mothers demise I had a background in financial services and could produce an income and expense account for the administration of her estate to the court which is what an executor is required to do, with back up documentation, invoices etc.

That said there are people uncomfortable with doing all that but any lay executor, can for example place a property of the deceased for sale with a estate agent without the time recorded for doing so on a time sheet to be invoiced at a later date. Similarly why pay lawyers, accountants or banks to deal with a house clearance when that can be done yourself in a phone call?

If there are particular complex  issues surrounding the administration of an estate then by all means employ a professional to deal with those but not the whole shooting match.

But yes in terms of drawing up the will itself I would leave that to an advocate.

Edited March 29, 2023 by The Voice of Reason
Last para

[John Wright]

31 minutes ago, The Voice of Reason said:

Ah acting as executors.  Professional “executors”  can soon wipe out the assets of the deceased with their charges.

Normally I would say to anyone don’t appoint lawyers or accountants as executors as they will charge their normal rates of £ hundreds pounds an hour for so doing ( and why not, that’s their business). Appoint someone you trust who has common sense

Fortunately in respect of my own mothers demise I had a background in financial services and could produce an income and expense account for the administration of her estate to the court which is what an executor is required to do, with back up documentation, invoices etc.

That said there are people uncomfortable with doing all that but any lay executor, can for example place a property of the deceased for sale with a estate agent without the time recorded for doing so on a time sheet to be invoiced at a later date. Similarly why pay lawyers, accountants or banks to deal with a house clearance when that can be done yourself in a phone call?

If there are particular complex  issues surrounding the administration of an estate then by all means employ a professional to deal with those but not the whole shooting match.

But yes in terms of drawing up the will itself I would leave that to an advocate.

My preference when drafting is to have the testator appoint someone from their family, or a family friend, as executors with a non binding clause that they take legal advice from me, if required.

[kevster]

2 hours ago, The Voice of Reason said:

Ah acting as executors.  Professional “executors”  can soon wipe out the assets of the deceased with their charges.

Normally I would say to anyone don’t appoint lawyers or accountants as executors as they will charge their normal rates of £ hundreds pounds an hour for so doing ( and why not, that’s their business). Appoint someone you trust who has common sense

Fortunately in respect of my own mothers demise I had a background in financial services and could produce an income and expense account for the administration of her estate to the court which is what an executor is required to do, with back up documentation, invoices etc.

That said there are people uncomfortable with doing all that but any lay executor, can for example place a property of the deceased for sale with a estate agent without the time recorded for doing so on a time sheet to be invoiced at a later date. Similarly why pay lawyers, accountants or banks to deal with a house clearance when that can be done yourself in a phone call?

If there are particular complex  issues surrounding the administration of an estate then by all means employ a professional to deal with those but not the whole shooting match.

But yes in terms of drawing up the will itself I would leave that to an advocate.

My sister dealt with it as she lived in the same area as dad (north Norfolk). She told the guy from the bank where he could stick his bill and found a note in dad's flat that he had used to get the will drawn up. It was a simple estate, £10,000 to each grandchild and the rest split 50/50 between me and my sister. It took a while though to stop the bank chasing their bill.

[GD4ELI]

8 hours ago, John Wright said:

My preference when drafting is to have the testator appoint someone from their family, or a family friend, as executors with a non binding clause that they take legal advice from me, if required.

As I'm now in the UK and have no direct family I used a well-known online service to draw up a very simple will. A cousin's offspring (soon to be a QC I believe) also checked this will.

As for executors - never, ever use banks. 

And always have a will. Many people have no idea what the intestate laws are; in the UK they are online and any idiot can understand them.

[Happier diner]

11 hours ago, John Wright said:

I’ve never charged to store a will, or to put it into safe custody, or to take it out and hand it over to the executors.

Surely these day they could be stored electronically. It seems more than apt that they could be stored in the cloud😇

[John Wright]

7 minutes ago, Happier diner said:

Surely these day they could be stored electronically. It seems more than apt that they could be stored in the cloud😇

But the court requires an original signed hard copy for probate. Go talk to the court!

[CallMeCurious]

6 minutes ago, Happier diner said:

Surely these day they could be stored electronically. It seems more than apt that they could be stored in the cloud😇

Ever noticed how when it comes to what is legal and binding, if keeping the system on paper allows solicitors to charge more for it then electronic communications are not acceptable. However, any electronic communication that can send you to prison or otherwise get you in the courts is acceptable. 

Coincidence?

[mad_manx]

10 hours ago, John Wright said:

My preference when drafting is to have the testator appoint someone from their family, or a family friend, as executors with a non binding clause that they take legal advice from me, if required.

I was thinking of making  a will..I can understand how you can leave property etc in will to your loved ones but how do you actually put in details of funds held in a bank account on the will..  Do you put in an account number and branch name ? or is it  a case of all funds held with say IOM  bank IOM .

With savings / flexible/ fixed  etc  everyone will have multiple account numbers in the same bank and the amount held may be different later on ..(more savings added/ interest etc )

Edited March 30, 2023 by mad_manx

[GD4ELI]

1 minute ago, CallMeCurious said:

Ever noticed how when it comes to what is legal and binding, if keeping the system on paper allows solicitors to charge more for it then electronic communications are not acceptable. However, any electronic communication that can send you to prison or otherwise get you in the courts is acceptable. 

Coincidence?

I've never been charged for keeping a will by an Advocate.