|Typical Bank fee||£2,600||£7,200||£16,200|
|Typical Solicitor’s fee||£1,300||£3,600||£8,100|
Ten Top Tips to Reduce Probate Fees
DIY Will and Probate
If the Estate is straightforward, you may not need to use a probate solicitor to obtain Probate. Here at Final Duties we offer a halfway house option where we obtain the Grant of Probate for you then leave you to deal with the distribution of the Estate yourself.
About 29% of executors decide to deal with Probate themselves in order to reduce fees. You should, however, be aware that the work will be quite time consuming and that you will be legally liable for any mistakes that are made. Some people also find it upsetting to have to keep going through the papers of someone they knew and loved. This is why 71% of people decide to seek help from a professional.
Get more than one Quotation
Probate fees vary hugely between providers. The most expensive can cost ten times as much as the cheapest. It is therefore important to get more than one quotation. Final Duties automatically does this with every case. It is interesting that even within our panel; quotations can vary by as much as 100% depending on how much each firm wants the work, we make the solicitors compete for the work. We take away the burden of calling every Probate solicitors and getting hundreds of quotes. We let the bid against each other and in turn reduce probate fees.
Don’t use the firm that is named in the will as an Executor
Most people believe that they have to use the solicitor, bank or Will writer who is names in the Will as executor. This is not the case. A professional executor can choose to renounce their appointment and most will do so if asked. Final Duties offer a no win no fee service for customers wanting to ask executors to renounce.
Don’t agree to an hourly Rate
Many probate solicitors and banks charge an hourly rate for administering an Estate. This means that it is impossible to know how much the bill will be until the work has been completed. It also gives them no incentive to finish the work quickly. All of our solicitors work on a fixed price quotation basis.
Avoid Percentage based Charges
Many banks and probate solicitors calculate their fees as a percentage of the Estate. The size of the Estate has little bearing on the amount of work that will be needed to obtain the Grant of Probate and administer the Estate. You should insist on a fixed price probate quotation.
Insist on a Probate Quotation not an Estimate
An estimate can be increased later. A quotation is fixed and binding. Always insist on a written quotation before you confirm your instructions.
Use an Expert
Probate is a highly specialist area of the law and you need to choose a solicitor or Probate provider who is an expert in this field rather than a general practitioner who will often take longer to complete the work and charge more.
Protect the Assets of the Estate
Once the assets within the Estate are sold the proceeds will be held in a client account. If your Probate provider is a qualified solicitor these monies will be fully protected by the solicitors compensation fund. If your Probate provider is not a qualified solicitor you need to check what arrangements are in place to safeguard their client account. There have been several cases over the years of Probate companies stealing money from their clients account and using …….. A cheap, unregulated Probate provider could prove to be a terrible mistake.
Provide Paperwork Promptly
Probate cases often drag on because key documents cannot be found. You can help your Probate provider to help you by providing all documentation promptly.
Maximize the Value of the House Sale
The biggest asset in most Estates is the deceased’s property. By spending a little money getting it ready for sale and choosing the right Estate agent you can often make enough extra money to pay for the entire cost of the Probate fees, For this reason, Final Duties offers a cleaning, gardening and Estate agency service.