When someone passes away, their estate must be administered. This may involve paying debts, collecting assets and distributing them to beneficiaries.
Probate can take a lot of time, so it’s essential that everything be done accurately. Therefore, hiring an expert to assist with probate is highly recommended.
Costs of preparing a will
A will is an essential step to ensure your wishes are carried out after death, and it may help you save more inheritance tax than necessary.
A UK solicitor can draft a will for you, making it simpler for your executors to manage your estate after death. Doing so could save tax and reduce stress in the wake of your passing.
The cost of a will depends on how complex your estate is and whether or not you require a trust or wish to leave assets abroad. It could cost as little as £30 for an easy will, or up to several hundred pounds depending on complexity.
Many charities and trade unions provide a free will writing service each November. You can find details of participating solicitors on the Will Aid website.
Costs of obtaining a grant of probate
Acquiring a grant of probate is a legal procedure that enables the next of kin or executor to manage and distribute someone’s assets upon death. It’s essential to act quickly after someone’s passing in order to avoid any unwanted claims or disputes.
Prior to making any financial plans or listing property for sale, it’s essential to obtain a grant of probate. Different organizations have different guidelines on when you must apply for this document.
Some banks may not require a grant of probate if the deceased’s account is worth less than £5,000 however, other organisations require it regardless of total value.
It is essential to have a copy of the grant of probate safely stored for future reference, and send one to each bank, building society, pension provider and other asset holder that the person who died used. The copy should have a hologram so they can return it to you once the application has been resolved.
Costs of collecting assets
Probate is the process of administering someone else’s estate, which includes getting court permission to manage their money and assets. You can do this on your own if desired, but many people opt to hire a solicitor as they guide them through the procedure.
Most probate specialists and solicitors charge a percentage fee based on the estate value, usually between 1-5 per cent. This does not include VAT or any court or application fees that may apply.
Some firms provide fixed-price professional services based on the size of an estate. This can be especially advantageous when the estate is relatively small or there are numerous complex issues.
The cost of uk solicitor for probate can vary significantly based on the estate’s complexity, number of beneficiaries, property owned and amount of inheritance tax to pay. Additionally, any disputes over wills or claims against the estate could add to this expense.