How Much Does Probate Cost
Going through probate after the death of a loved one can be a difficult time, we understand. With the help and guidance from a probate solicitor, you will never be alone.
A probate solicitor can help guide you through the process including all the legal aspects of dealing with a Will. This can make the process easier, but how much does probate cost?
Having a better understanding of what the probate process involves can help to manage your expectations and provide a clearer idea of the potential costs involved.
In this article, we will provide an insight into the cost of probate and how our team of specialists and experienced Wills and Probate solicitors can support you through the process. Keep reading for more information.
Probate - What Is It?
Probate refers to the legal process of reviewing and managing the assets and property left behind by someone who has passed away. This includes verifying the authenticity and validity of their Will and distributing the assets according to its instructions.
Part of the process involves ensuring that the Will is the most recent version, written by the deceased, and has not been tampered with.
Before the assets can be distributed, any outstanding debts and taxes must be settled.
Grant of Probate
The Grant of Probate is the legal document that grants the administrator of a Will the authority to distribute the assets according to the instructions outlined in the Will.
This process, also known as inheritance, requires the named executor in the Will to apply for the Grant of Probate.
When Might I Need a Probate Solicitor?
A probate solicitor is a legal expert in the field of probate law and can assist in navigating the process of distributing an estate and handling a Will. It is highly recommended to seek the help of a probate solicitor in the following situations:
- The value of the estate exceeds the Inheritance Tax threshold, or there are complex tax liabilities
- The deceased did not leave a Will, or the estate is complex to settle
- There are questions or challenges about the validity of the Will
- If the estate includes assets held in a trust or other complex asset arrangements
- The estate is insolvent (bankrupt)
- The dependants have been left out of the Will and may seek to claim the estate
- If the deceased was living outside of the UK or has foreign assets
How Much Does Probate Cost?
The probate process cost can vary depending on the size and complexity of the estate, as well as any challenges that arise during the process.
There are several ways that solicitors can charge for probate, including charging through a percentage of the value of the estate, plus VAT. If a solicitor charges in this way it can be between 1-5% of the value of the estate.
At Bell Lamb & Joynson, if we are instructed for a Grant only, then we will charge a fixed fee and the cost depends upon whether the estate is taxable or not. If we deal with the administration of the estate, this is done on a time and cost basis. A full quote of our costs will be provided in our initial appointment with you.
If you would like a more accurate figure about the costs or advice on your situation, then contact us at Bell Lamb & Joynson for help.
Is Every Will Probated?
Not all Wills require probate, and not all estates require a probate solicitor. The probate process is not always necessary in the following cases:
- If the estate is small, the value is below a certain threshold, or the costs have been paid
- If the estate is small and consists of cash and a few personal possessions such as furniture, jewellery, a car, etc.
- If the deceased did not leave a Will and the estate is small
- If the assets and/or estate were jointly owned by a surviving partner
However, it is worth noting that in most cases, if an estate includes property, it will go through the probate process to be administered properly.
Bell Lamb & Joynson
At Bell Lamb & Joynson, our team of Wills and Probate solicitors can assist you with the probate process, providing personal and sensitive service and support during this difficult time.
We can handle the legal work and ease you of the paperwork, making the process as easy as possible for you.
We offer flexibility to meet your specific needs and requirements and will be upfront with you about the costs from the outset, as we believe transparency is best.
If you need guidance or advice, or if you have a question about the costs, please contact us. You can find all our contact information on our website.