In a recent report by Which? Magazine, a call was made for fairer fees for winding up someone’s estate after their death. This report is vital reading for anyone appointing an Executor.
One of the great glories to have come out of the consumer society is “Which”, the Consumers Association campaigning magazine.
In a report last year, they called for fairer fees for winding up someone’s estate after their death and suggested that Banks’ charges appear disproportionate to the work carried out.
Banks typically charge a percentage of the value of the estate, this can be as much as 4%. We have always believed that it is right to only charge for work carried out, with due recognition given to the complexity and size of the estate. A wealthy person can leave their assets well organised and quick to deal with and this can involve far less work, than that for someone owning half as much, whose estate is disorganised and complex, yet on the Banks’ basis of charging, the fee would be double for far less work.
Our strong advice is if you are appointed as an Executor you should ensure you are clear as to how the solicitors you appoint are going to charge for their legal services.
We are happy to offer advice and guidance.