NSW Crippling executor fees

[IHC07]

Hi
My partner recently passed away and he nominated a NSWTAG as the executor of his will. We've discovered that the fees they charge are %-based on the gross assets - no capped fee! - and will amount to a crippling sum that will make a significant dent in the benefits distributed to the family. One of the assets is a simple savings account that holds a large sum of money that was earmarked to purchase the home of his former wife. Just this bank account will apparently cost us a whopping $15K! Is there anything the beneficiaries can do to remove the executor or minimise their costs? The estate is relatively straightforward, there are no disputes amongst the beneficiaries, so it's hard to see how these uncapped asset based fees are justified! Highway robbery if you ask me.

 

[winston wolf]

I'm afraid the cost to remove the executor would be greated that the fees you would be charged. Also the testator would have been aware of the fees to it was their choice.
You could ask if there is some way to reduce the fees but I doubt it.
Probably best to take a deep breath and let it go.

 

[IHC07]

I'm afraid the cost to remove the executor would be greated that the fees you would be charged. Also the testator would have been aware of the fees to it was their choice.
You could ask if there is some way to reduce the fees but I doubt it.
Probably best to take a deep breath and let it go.

Thanks Winston. It is frustrating because it seems they have no one to answer to for the services they provide ie who is their client?! They are slow to respond to emails (quoting a 14 day turnaround!!), I've been told it will take 7-12 months for the estate to settle. The family would prefer to continue to pay the bills and manage the day to day running of the properties themselves rather than pay exorbitant fees for NSWTAG to do it.