The passing away of a loved one is amongst the most traumatic incidents in anyone’s life. Thus, whilst going through the emotions that follow, the last thing we wish to be doing is handing out our loved ones life savings to lawyers and banks.
However, the sad truth is that death costs money. Thus, when a person passes away there are many legal issues that need to be dealt with, and in many instances, probate will have to be obtained.
Probate must be obtained before any of the deceased’s assets can be accessed or allocated, presuming the overall worth of these comes to more than £5,000.
Probate entails identifying the exact value of the deceased’s belongings and ensuring that they are dealt out to the beneficiaries as stated in the will.
There are a number of ways through which probate is obtainable. Most people choose to utilise the assistance of a solicitor or probate firm. However the remainder choose to accomplish the task without professional help.
Although juggling the legal obligations of a probate without the help of a professional will save a great deal of money, the aftermath of a loved ones demise is not the ideal time for you to be coping with such worries. Making an application for the probate itself is very time intensive and consists of numerous hours reviewing the deceased’s documents. Instead it is usually far better to be mourning in peace, and letting others handle the legal issues.
The price concerned in hiring a solicitor or probate firm commonly varies in accordance to the expertise of the solicitor or size and reputation of the firm. It is not unusual for solicitors to demand £150-£300 for every hour they invest in the case. They will often also demand a percentage of the estates worth, usually 0.5% to 1.5%.
Fortunately, there are firms and solicitors that are prepared to give a fixed fee for their services. These can typically offer the best value, as well as reassurance that the probate fees are not going to get out of hand. Usually the fee will depend on individual circumstances. Just remember to opt for a solicitor or firm that will provide you with a no-obligation consultation, together with a quote or idea of the probate fees prior to signing on the dotted line.
The most crucial thing to keep the expense of probate fees to a minimum, is to not hire the services of a bank. Whilst they might convince you they are the best, and easiest solution, banks are known to ask for extremely high fees; 4% of the estates valuation is more than common.
What is also significant, is that typically it isn’t the banks themselves that are undertaking the legal work. They are usually merely outsourcing the work to another legal company, and charging you a premium. In this instance, you’d save a great deal of money by going straight to the solicitor or probate expert, whilst getting exactly the same, if not better, service.