How is a solicitor remunerated if you make them executor of your will?

If you have shares, investment properties or trusts, you will likely need to appoint a solicitor as an executor of your estate. If not, you may just appoint someone you trust who you are confident is capable of dealing with your affairs. You should always check with the person first before appointing them. A common option is to appoint a trusted person and to also appoint a professional, such as a wills and probate solicitor – the two can then share the responsibilities of administering the estate. You can appoint between two and four executors.

One thing you do need to take into account is the cost of appointing a wills and probate solicitor as your executor. Executors are entitled to be remunerated for their efforts in administering the estate. For complex estates, a great deal of work can be involved over a long period of time. Most solicitors charge between 1 per cent and 4 per cent of the value of the estate, with an average charge of about 2 per cent. It is also possible to appoint a bank to act as executor; however, banks tend to charge more and are generally only worth using if the estate is very large.

You also need to consider whether, if you appoint multiple executors, they will be able to cooperate together. Either executor is entitled to insist on their appointment. Therefore, you want to be sure that there will not be a conflict over who has authority to manage your estate. Speak to a wills and probate solicitor for advice on your options.

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