subject: Probate Fees - Don't Get Ripped Off [print this page] Probate fees can cost a lot but if the bank or solicitor who helped write the will set themselves up as an executor automatically, then probate costs be even higher. Therefore, it is important to check the details of the will to ensure that you are not being ripped off.
Ever year Britains high street banks and solicitors earn a massive 1.25bn in fees for sorting out wills. Between them, 88% of the market is all for dealing with the last testament. A management consultant however revealed that half of that 1.25bn is blatant overcharging.
Hiring the services of a probate broker that can help you save money and get the bank or solicitor off the will which is the best solution to your problem.
Probate
Probate is the legal process that takes place after a death of someone and usually involves proving the validity of his/her will. This is done through identification of the properties of the deceased person and having it appraised, paying any outstanding debts and taxes that includes inheritance tax, and distribution of the property according to the will, or in some cases, according to the law.
The process could take several months or sometimes even years for more complicated estate cases. The executors who will be named in the will are the ones responsible to carry out legal duties. If there is no will, the courts will appoint administrators.
However, if the deceased person left a small amount (5,000 or less), then a grant of probate or letters of administration to withdraw money from the deceaseds account is no longer necessary.
Probate Fees
Banks and most solicitors usually charge by a percentage of the estates value regardless of the work involved. A lot of banks charge 4% flat rate plus VAT of what is left of the will and most probate solicitors work on a per hour cost plus a percentage of the estate.
This is unreasonable since the value of the estate does not automatically determine the volume of work that needs to be done.
It is a good thing that there are probate brokers who can help you save a great deal of money by giving you the most competitive quotes and offer fixed-free quotations. Probate brokers offer fairer quote based on an estimate hours needed.
So it is vital to know your options and consult a probate broker immediately in order to reduce probate costs and avoid being ripped off by banks or solicitors who charge unfairly.
