executor of will

[gerryg]

We are trying to gather information about the executor of wills.

If anyone is in a position to help with the following I would be grateful.

1) How difficult is it and does it require specialist knowledge.

2 ) Very roughly how many man hours does it take.

3) Lawyers fees seem to vary and depend , usually, on the size of the estate. But some of the charges I have heard about seem exorbitant. So the question is what would be a reasonable charge on a estate of 500000 euros. I do realise that circumstances will vary from person to person but a very rough idea would be helpful.

Gerry G

[Princebytor]

We were told not to appoint a lawyer as executor via the will, as the scale of charges are already set as a percentage of the estate and are excessive. Appoint a trusted family member who can then engage the services of a lawyer (probably one on the British Consul recommended list) and get them to quote for the work before they start.

[Tuppence]

We were told not to appoint a lawyer as executor via the will, as the scale of charges are already set as a percentage of the estate and are excessive. Appoint a trusted family member who can then engage the services of a lawyer (probably one on the British Consul recommended list) and get them to quote for the work before they start.

The Law changed in 2018
https://www.news.cyprus-property-buyers ... d=00154704

Relevant part of the article below:

Now that the Minimum Fee Regulations have been consigned to the litter bin, anyone wishing to engage the services of a lawyer in Cyprus to draw up their Will, act as their Power of Attorney, administer their estate, etc., etc. can shop around and get competitive written quotations for the work.

It is also vital that if the work involves the administration of the estate the agreed fee, which must not be a percentage of the estate’s value, is written into the Will.

[Princebytor]

Yes obviously changed since we did our will, but still can't see the point of appointing a named solicitor to be executor, even if they are now more likely to behave themselves when it comes to the fees.

[Uncle D]

What are the fees, is it a percentage of the estate?

[Princebytor]

What are the fees, is it a percentage of the estate?

Looks like the new legislation has removed the right of lawyers to charge a % of the estates value, so it'll now be priced like any other piece of work for legal advice. The key is for the executor to scope out the work required and get a couple of quotes from reputable solicitors.

[glang3000]

When we did our wills a couple of years ago we put our daughter as executer, our Lawyer said that she will have to use a Greek speaking person to handle the will but they need not be a Lawyer, he has set a fixed price of Euro 3000 if she decides to use him.

Gary.

[gerryg]

Hi
Thankyou all for your contributions towards this topic . They have been most helpful.

However if any other member has anything further to add , that too would be most useful.

Gerry g

[trevnhil]

We are going through the Probate of my wife's will. I think that to DIY would be very difficult. Especially if there are assets in the UK and Cyprus..
My Wife and I have nominated the Solicitor to be the executor of both our wills. If you nominate someone in the UK then they would need to get someone in Cyprus to act for them
I am not sure how they would get an estimate from a solicitor.. In our case things are not simple.
There are bank accounts in both countries. There is property going to 3 children in the UK.. And of course the money has to be divided up. Also there were two cars that needed changing into my name..
The tax clearance / probate for Cyprus has been granted, but the probate for the UK is still outstanding.
It has been 21 months now, waiting for things to be sorted out