We thought you may be interested in a little item which came to light during a recent meeting with a new client. We had been asked to meet with the gentleman, a very pleasant 88 year old who wanted to address a couple of items within his existing Will. During our conversation he told me that one of the things he wanted to do was replace the present executors, as the same people (a well known firm of solicitors in the city) had acted when his wife had passed on some years prior. He said that not only did he think the job they did was below standard but as her estate was simply cash and a few shares, no property, their fee of over £6000 was a tad heavy, especially as her assets amounted to about £50,000... he thought a fee rate of over 10% excessive to say the least. On this basis, the survey referred to in our previous pages under estimates the sort of costs which are out there!!
Posted @ 01:13:42 on 25 September 2006 back to top
In the five years we have been preparing documents, it has never ceased to amaze us how many times we have to chase clients in order to obtain their confirmation that that which is in their Will is as they wish it to be.
Just recently we were all very upset as we were experiencing such an event with a lovely lady albeit she was more prone than most to procrastinating! It was this trait which ultimately lead to our being upset. You see, part of her instructions were that her brother should not benefit from her estate. She had her reasons which are not for here, suffice to say she was not happy with him or his son and thus nothing from her estate should go their way.
Unfortunately, despite our best efforts over a number of months, we could never get her to give her OK to the draft in her possession, there was always something she wanted to check out before giving us the go ahead, nothing to do with the draft mind you, that was fine as far as we could tell, but she just wanted to see to XY or Z... then, and you know what's coming, one Saturday morning we got a call from a friend of her's who told us she had died while watching TV a couple of nights before, we were all shocked and saddened, especially by the knowledge that due to her never giving us authority to produce her final papers so we could arrange their attestation, her only living relative.. yep, her brother, would now receive through the intestacy laws, everything!! Which was well in excess of £100,000.
We know how saddened this lady will have been by this outcome, all we can say is we hope it has not upset her too much and that she rests in peace.