Executors are responsible for carrying out the terms of your will after you die.
Generally, this involves sorting out your finances, making sure debts and taxes are paid, and ensuring what remains is properly distributed according to your will. This process is often called “administering your estate”.
You can choose professional executors, friends and family, or a combination of both to do this role. On average a professionally administered estate is distributed within a year.
Our professional executor service is called Farewill Trustees. Farewill Trustees is separate to the wills side of what we do, but part of the same group of companies, and founded on the same principles of using technology to offer a different, more modern and transparent approach.
Choosing a professional executor
Being an executor can be time consuming and complicated, even if the estate is straightforward. You can appoint a professional to take care of the process for you.
There are no upfront costs for choosing a professional executor as any fees are paid out of your estate after you die. That said, it’s important to be careful when choosing a professional executor because of how some charge.
How professional executors charge
Most solicitor firms charge on an hourly rate basis, offering estimates but no fixed promises on what their fees will eventually amount to. Some solicitors and other professionals do offer fixed fees, but they are linked to the value of your estate, often of between 2-4% of an estate. This could be up to £20,000 if your estate is worth £500,000 when you die.
At Farewill Trustees (our professional executor service) we take a different, more modern and transparent approach - the same way we have with will writing.
We use technology to make the process seamless, and currently charge a fixed fee of between £1,000 to £2,750 depending on how complicated your estate is.
How common is it to get professional help?
About two thirds of people choose a professional executor to help with their estate after they die.
The main reasons to choose a professional:
To take the stress away from family and friends (it can be an emotional time)
To act as an impartial third party if family conflict arises
To resolve the probate process quickly
To act as a co-executor, or backup in case a chosen executor dies
To save your family money compared to going to a solicitor for help
How do I nominate Farewill Trustees?
If you'd like to nominate Farewill Trustees as your executor you can follow the simple steps in the Executor section. Here you can pick either Farewill Trustees, Friends & family or a mix of the two. If you have any questions we're here to help 9am - 7pm, 7 days a week on 020 8050 2686 or on our online chat.