Choosing who will deal with your estate when you pass away is one of the most important decisions to make. The administrative and legal complexities of probate can be challenging and it is important to choose someone who’s both capable and trustworthy.
Britons are at risk of losing thousands of pounds from inheritances because they don’t know how much professional probate should cost.
You could be overpaying for help in navigating the complexities of probate due to hidden or disproportionate costs.
We should be careful because in addition to a percentage fee for acting as an executor, some professionals will also charge an hourly fee, meaning that the average UK inheritance of £180,000 could end up reduced by thousands of pounds.
Paying a professional firm to act as your executor can help to simplify the probate process for loved ones, however some professional firms charge a set percentage fee based on the value of the estate rather than on its complexity to deal with.
This mean an individual with large uncomplicated legal affairs could end up unnecessarily losing hundreds of pounds from the ultimate value of the estate.
Importantly once a person has passed away , an appointed professional is under no obligation to renounce its role as executor.
Top Tips in choosing a professional probate provider
- Always agree a fixed price up front to avoid any nasty surprises later.
- Shop around to find the right deal. Remember to strike the right balance between price and getting the service you require.
- Remember there are usually two options for probate: Full Administration where the professional will deal with everything on your behalf and Grant Only, where the professional prepares the legal paperwork for you only.
- Ask as many questions as you need in order to feel confident in what you are signing – if you have agreed a fee up front, you should not be charged extra to ask additional questions.
- If using a professional, choose one that is regulated by a relevant governing body and which offers insurance should something go wrong, such as an incorrectly drafted Will accidently missing out a beneficiary.
- Whatever your decision, talk it through with your next of kin so they fully understand your reasoning as tis will help to avoid potential disputes later on.