LLP Solicitor to renounce on Will....Is this letter correct?

[mathremuk]

Our solicitor has agreed to renounce the position on my grandmothers Will for a fee. They have sent me this letter for myself and my brother to sign. Can you tell me if it looks about right......Thanks in advance

THIS INDEMNITY is made on the ........... day of ...................... 2011 by <my name> and <brothers name> both of <our address> in the estate of <Grans name> of <grans address> deceased, who died on the Twenty-Fourth day of November two thousand and ten domiciled in England and Wales having made and duly executed her last Will and testament ("the Will") bearing date the Twenty-Eigth day of March Two thousand and six by which the deceased appoints as her Executors and Trustees the said <my name> the said <brothers name> and the members at the date of her death in the firm of <Solicitors name>.

We agree to enter into a joint and several indemnity to idemnify the members of <solicitors> or the firm that has suceeded to and carries on its practice in respect of all liabilities, actions, proceeedings, demands, taxes and duties and all associated interest, penalties and costs and all other costs and expenses whatever arising out of the said members agreeing to allow us to administer the estate of the said <grans name> including taking out a Grant of Probate of the Will (if necessary) without any or all of the members of <solicitors name> being involved in the administration of the estate nor taking out a Grant of Probate of the Will (if necessary). Duncan Jackson as an authorised signatory on behalf of all the members having duly renounced by Deed of an even date hereof.

[woofgang]

I think if you don't get an answer on here and aren't sure what you are signing, you might do well to go back to the solicitor and ask them to explain to you exactly what this means.

[bednobs]

it seems right to me, but what do i know!

[joggerjayne]

That looks okay.

Essentially, it says ... you do the Admin yourselves, as long as you don't lond the solicitors with any expenses.

Why are they charging a fee to renounce? That really is "money for nothing", isn't it!

[joggerjayne]

"land"

[mathremuk]

they either want to do it themselves or will renounce for a fee. so i either pay them 420 to renounce or a few thounsand to administer the estate.....

[tamborine]

It costs to draw up the Indemnnity, with admin etc 420 sounds right for professional fees.

[dzug2]

The fee is in part recompense for not getting the fees on the estate they would have been entitled to had the testator's wishes been followed. OK they do less work - but I'm sure they would rather have done it and get paid.