In this article, we look at the standard costs for probate, how they are calculated, and look at some of the alternatives to asking a solicitor to do probate for you, including the growing in popularity DIY Probate option.
How Are Probate Costs Calculated – Traditionally?
Solicitors’ probate costs historically were usually calculated by reference to the total value of the deceased’s estate.
Solicitors charged a percentage of the value of the estate as their fee, with the percentage charged to undertake probate varying from solicitor to solicitor.
These fees may vary from 1% to 5%, depending on the complexity of applying for probate (was there a valid Will, are there various assets to sell and distribute etc), so for a £500,000 estate value, the approximate fee for a solicitor to do probate on a percentage basis could range from £5,000 plus VAT to £25,000 plus VAT.
You should ensure you are happy with the percentage fee quoted for probate and understand how much will be payable to the solicitor once the probate process has been concluded.
Clearly, for a large value estate, the fee for a solicitor can become incredibly high, as shown above.
Over the years, this has led to many law firms and other legal service businesses moving to fixed fees for probate.
Fixed Fee Probate Legal Services
There are now numerous companies offering fixed fee probate services, from solicitors to Accredited probate practitioners.
The fees can vary greatly, depending whether you ask them to undertake the full probate process or simply apply for Grant Of Probate (if you have a valid Will) or Letters of Administration (no Valid Will) for you.
If you look around you will find quoted fixed fees from as little as a few hundred pounds to a few thousand pounds.
As when buying anything, the key is to ensure you know what you are paying for and be aware of any hidden costs.
You should also look at reviews of the service you are considering using.
Whilst it might seem a good idea to save thousands in legal fees, if the time it takes to obtain probate increases dramatically due to a poor probate service provider, it may cost you both financially (delays in receiving your money) and emotionally (the stress of dealing with the estate carrying on far longer than it should do.
If you do not want to pay for either solicitors probate fees on a percentage basis, or fixed fees from solicitors or other probate practitioners, then there is still one more option, that of DIY Probate.
DIY Probate (Do It Yourself Probate)
It is perfectly possible to undertake DIY Probate and save yourself hundreds or thousands of pounds in the process.
There is even a specialist guide, taking you step by step through the probate process, created by a DIY Probate Expert.
For only £29.99, The DIY Probate Pack contains all you need to know and do to complete the provate process yourself without a solicitor or probate practitioner.
It has nearly 500 reviews on Amazon, so you can buy it with complete peace of mind.
Click here to view on Amazon now:>>
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