Removing bank as executor

[VienneseFingers]

A family member has recently died. There is a very straightforward will leaving everything to their spouse - this would be money in personal bank accounts as house was owned jointly with spouse anyway.

The will was made over quarter of a century ago with a high street bank and names them as executors of the will.

Due to the extortionate amount of fees they reportedly charge, the straightforward nature of the estate and the capabilities of other family members, can we ask the bank to sign a form of renounciation removing themselves as the executors? Will they do this?

Bumping my thread in the hope someone can help... please.

An Executor can renounce (refuse or resign), leaving the other Executors to administer the Estate without them. However, they can only do this if they have not yet taken any steps to administer the Estate, such as opening an Executor’s account with the bank.

Thanks. The bank has done no executor duties yet. Will they resign if we ask them do you think?

Our solicitor wrote to the executor who renounced their duties, not sure if you can do it yours3lf, is there a second executor named in the Will.

The bank is the only executor named on the Will. It was one of the "cheap" ones that banks offer to do for you, but name themselves as the executor. Then when the time comes, they charge £1,500 + 2.5% of the estate. Which is extortionate.

To be honest, I can't see why they would remove themselves as executors... you can ask; but there's nothing in it for them. Especially if this was part of one of those cheap deals where they essentially help write the will for free and get paid when it needs to be executed.

That's terrible though. It's like stealing from from the bereaved

That's terrible though. It's like stealing from from the bereaved 

I can see what you mean; but the alternate view would be that they allowed the deceased to postpone payment until after they'd gone. It's not something I'd ever recommend anyone do.

I know with solicitors that their professional guidelines ask them to consider requests to step down if asked to do so; but make it clear that they are not obligated to do so, and should not do so if they believe it would not be in the best interests of the estate - which seems a bit of a catch all to allow them to justify never stepping down, if I'm honest.

My best advice would be that if you complete the probate forms etc yourself; you might be able to negotiate on price, if it wasn't a set amount that was agreed.

NatWest removed itself as my mother’s executor on my request, that was 25 years ago though. Her estate was not worth a huge amount which may have influenced their decision.
Recently I tried to get the solicitor names along with me as executor and she flatly refused. They legally do not have to stand down.
Hopefully if you ask bank to stand down , show you can do probate they might agree.

Anchor- that’s exactly how dads solicitor played it. She went on about respecting his wishes ( even though he hadn’t named her, but a solicitor who was a member of his church and then retired, selling on his interest in various wills to her practice).The fact that dad was a very frugal man who would have wanted to minimise costs was neither here nor there. She had some easy legal work in her clutches and wasn’t
letting go. When I do my will I will not be naming a solicitor as executor.

Some older people do name banks as executors because they believe relatives won’t want to do it. It’s all about chatting through the options with relatives but lots of people don’t do that and take the view they would rather have their estate pay. It’s the estate’s money, not yours, and the relative chose what they wanted to happen.

That’s as may be Bubbles, but when the estate isn’t that big solicitors’ fees can take out a significant chunk. I know solicitors add value where situations are complex and there is dispute between heirs, but otherwise it’s work many a reasonably competent lay person can manage themselves. I believe that as more and more people realise that, and feel stung by a solicitor who has got themselves a nice easy job as executor eg in a parent’s will, won’t not be naming solicitors in their own will. Hence in the long run the profession will lose out because of its own practices.