Probate Cost: % of large assets included?

[Dingbat88]

As executors we have a situation where there are large assets included in a will - three houses, commercial premises, some lands/sites, large share portfolios but there may be relatively little cash. The assets totalled up potentially could run into millions.
The large assets have been specifically bequeathed to individuals named in the will, with the remaining cash to be divided up at the end. The solicitor suggests a percentage fee or a per minute arrangement.
If the total assets are exceed several millions - therefore a percent fee may run into hundreds of thousands, there certainly isn't enough cash to pay it so which of the assets has to get sold to cover the solicitors fee?
Is the order of which assets are named in the will of any relevance - like do the first people named get theirs first and then if it looks like there isn't enough to pay the solicitors someone else's asset lower on the running order has to be sold?

 

[Vanilla]

The order is set out in the Succession Act, and yes, it depends on the wording of the will. The solicitors will need to interpret it for you because how the testamentary costs etc are applied is quite complicated.

Don't forget your right to seek more than one quote- not all solicitors charge on a percentage basis, many will give you a straight figure quote.

 

[Bronte]

The solicitor suggests a percentage fee or a per minute arrangement.

I would go with neither of those options. Your fee per minute will I guarantee you be equal to or higher than the percentage fee. If that solicitor will not agree with an all in price I would go elsewhere. It's a complicated probate with so many bits and pieces and various beneficiaries so it will be a hefty fee. But the estate can undoubtably afford that. Make sure you get someone competent. You need to ask for a S68 letter (outlining the fee and work) and on top of the fee their will be various legal costs along the way which are outside the solicitors control.

Better to start the process off on the right footing. If you do have to go to another solicitor, and shopping around is always a good idea, ask some friends who they found good or you could try on the excellent solictors on AAM (that's Vanilla and MF1 - but I'm not sure if either of them are open to business from AAM users). You can see from their posts on here that they know their stuff.