The Benefits Of Fixed Fee Probate
When you lose a loved one, there can be an awful lot to think about at a time when you just cant seem to think straight at all
. One massive burden is dealing with the deceaseds financial affairs.
But you dont have to deal with it all yourself. Having someone else handle everything for you wont take away your grief, but it will remove a huge weight from your shoulders. And that is where fixed fee probate comes in.
It is possible to appoint a solicitor, or a probate services practitioner to deal with everything for you. They will apply for probate on your behalf and deal with the deceaseds financial affairs. The trouble is solicitors charge by the hour and you could face a massive fee, if dealing with your loved ones finances is a complicated affair. A probate services practitioner will remove the worry of escalating costs by offering you an upfront fixed fee for handling everything on your behalf.
A Fixed Fee Probate Service Will:
Apply for probate on your behalf.
Chase up money owing to your loved one, and pay bills they owe.
Deal with any financial institutions, including banks, stockbrokers and the sale of any properties if necessary.
Work out how much inheritance tax is owed and pay it on your behalf.
Distribute the proceeds of the estate to the beneficiaries of the will.
Take away the worry of mounting legal fees you will know exactly what the costs are upfront.
Remove the burden of dealing with the estate from you, to allow you time to grieve.
You may feel that you should handle everything yourself if you have been appointed as an executor of the deceaseds will. But when someone makes a will they often dont realise how complicated it may be to sort out their finances when they die. So just because they chose you as an executor of their will, it does not mean that they would expect you to sort out the financial aspects of their estate.
How to Decide Whether to Deal With Probate Yourself or Get Help
Is the deceaseds estate worth less than 5000? If so, you may not have to apply for probate at all, as the bank may give you access to your loved ones account without probate.
Are all the deceaseds assets in joint names with you, including the house, the bank accounts etc? If so, you will not have to apply for probate as you will be able to arrange to have all the assets transferred into your name.
Does the deceased have outstanding bills to pay, or do they have money owing to them? If not, you may want to deal with probate yourself.
Does the deceased have assets tied up in property, stocks and shares, a business, or anywhere else other than the bank? If they dont, handling probate yourself may be straight forward.
Do you feel confident about calculating inheritance taxes and dealing with HMRC? If you feel comfortable dealing with tax issues, you may want to deal with your loved ones estate yourself.
But, if the estate is not straightforward and there are stocks, shares and property to sort out, bills to pay and money to chase up, you may want to pass the responsibility to someone else. So a fixed fee probate service will be your best option. That way, you know that everything will be dealt with correctly, and you wont have to worry about huge legal fees at the end.
by: Tony Crocker
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