How To Reduce Probate Fees

By Author: Robert Deans
Total Articles: 246
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The death of a loved one is among the most traumatic incidents in anyone's life. Thus, whilst handling the emotions that follow, the last thing we would like to be doing is handing out our loved ones life savings to banks and lawyers.

Sadly, the loss of a life costs money, and there exist several legal issues that need to be addressed at such a time, this includes, in most cases, probate.

If the dearly departed leaves behind possessions valued at £5000 or over, probate is going to be required before any property or financial savings can be accessed or dispersed.

Probate includes identifying the value of the deceased’s belongings and making sure these are dealt to the receivers as stated in the will.

Probate is obtainable in several ways. The majority of people opt to employ the assistance of a solicitor or probate firm. However the rest opt to complete the process without professional help.

Though applying for a probate without legal help might sound tempting, with the amount of money linked to employing legal support, the months that follow the ...
... loss of a loved one aren't a time to be struggling with the pressures of law and money. Applying for the probate itself is very time consuming and will involve numerous hours studying the deceased's documents. So at such a time it is usually easier to let others cope the legalities.

The cost of employing a solicitor may differ in accordance to the size of the business or the solicitor’s seniority. It's not unusual for solicitors to ask for £150-£300 for every hour they invest in the case. They might also request a portion of the estates worth, typically 0.5% to 1.5%.

There are however businesses who offer a fixed fee, with no extra hourly costs. These can typically provide the best value, together with reassurance that the probate fees will not spiral out of control. Usually the fee will depend on individual situations. Make sure that you choose a solicitor or firm that can supply you with a no-obligation appointment, as well as a quote or idea of the probate fees before you sign anything.

If you wish to make sure that you do not pay above the odds for probate fees , avoid employing the services of a bank. Even though they might convince you they're the best, and simplest solution, banks are noted to charge very high fees; 4% of the estates valuation is more than typical.

What’s more, the banks are often not carrying out the legal work themselves, and are in fact often outsourcing it to a probate specialist. In this case, you would save a large amount of money by going directly to the solicitor or probate professional, while receiving precisely the same, if not better, service.

This article was written by R.Deans on behalf of Wills and Probate Service, experts in keeping probate fees to a minimum. For more info on probate fees please visit WillsAnd ProbateService.co.uk