If you have recently lost a loved one and you are faced with probating a will, you may be under a great deal of stress. Many of us are not familiar with the probate process, and it can be daunting, especially at a time when we have just lost someone close to us.
One concern that most people have is probate fees and that is only natural. When you have been left with probating a will, the last thing you want is for the proceeds of your loved ones estate to be eaten up by legal costs.
Does Everyone Have to Pay Probate Fees?
Not all estates are subject to probate fees, there are some exceptions. If these exceptions apply to you, you may not have to apply for probate at all.
If the deceased has assets of less than ‚5000, after funeral costs you won`t need to apply for probate. Most banks will just require proof that your loved one has died to release money from the deceased`s account. Some banks allow assets of less than 10,000 to be released, so it is best to check with the deceased`s bank.
Also, if all the deceased`s assets were held in joint names with you, you will not need to apply for probate. In this case you will just need to ask the financial institutions to transfer any assets into your name only.
How Much Will Probate Fees Cost?
The cost of probate fees can depend on a number of factors. Fees can vary depend on the value of assets left by your loved one, whether the deceased`s financial affairs are complicated and the type of probate service you use. For example, you may choose to use a solicitor, the bank, or an expert probate service to probate the will for you. Fees will vary enormously depending on which service you choose.
Banks
Many banks offer probate services but this is the most expensive route to go. Some banks charge double the cost that solicitors do to probate a will.
Solicitors
Solicitors are the traditional choice when looking for probate services, because it`s often easier to let the family solicitor deal with probate. But costs can be high and difficult to control. Most solicitors will charge by the hour, or on a per item basis. This means that you have no control over the final cost of probate, and if the deceased`s estate is complicated you could face huge legal costs.
Expert Probate Service
An expert probate service can remove the worry about costs. Many expert probate services offer fixed probate fees. This means they will discuss your loved ones estate with you, then agree a fixed fee for dealing with probate on your behalf. So you won`t have to worry about the final fee, as you will know exactly what needs to be paid and you won`t usually have to pay any money up front.
Also, a fixed fee probate service usually employs a team of experts who deal with probate on a regular basis. You are unlikely to find such a team of specialists in a law firm or a bank. Because probate services specialise, they are likely to save you time, as well as money.
One concern that most people have is probate fees and that is only natural. When you have been left with probating a will, the last thing you want is for the proceeds of your loved ones estate to be eaten up by legal costs.
Does Everyone Have to Pay Probate Fees?
Not all estates are subject to probate fees, there are some exceptions. If these exceptions apply to you, you may not have to apply for probate at all.
If the deceased has assets of less than ‚5000, after funeral costs you won`t need to apply for probate. Most banks will just require proof that your loved one has died to release money from the deceased`s account. Some banks allow assets of less than 10,000 to be released, so it is best to check with the deceased`s bank.
Also, if all the deceased`s assets were held in joint names with you, you will not need to apply for probate. In this case you will just need to ask the financial institutions to transfer any assets into your name only.
How Much Will Probate Fees Cost?
The cost of probate fees can depend on a number of factors. Fees can vary depend on the value of assets left by your loved one, whether the deceased`s financial affairs are complicated and the type of probate service you use. For example, you may choose to use a solicitor, the bank, or an expert probate service to probate the will for you. Fees will vary enormously depending on which service you choose.
Banks
Many banks offer probate services but this is the most expensive route to go. Some banks charge double the cost that solicitors do to probate a will.
Solicitors
Solicitors are the traditional choice when looking for probate services, because it`s often easier to let the family solicitor deal with probate. But costs can be high and difficult to control. Most solicitors will charge by the hour, or on a per item basis. This means that you have no control over the final cost of probate, and if the deceased`s estate is complicated you could face huge legal costs.
Expert Probate Service
An expert probate service can remove the worry about costs. Many expert probate services offer fixed probate fees. This means they will discuss your loved ones estate with you, then agree a fixed fee for dealing with probate on your behalf. So you won`t have to worry about the final fee, as you will know exactly what needs to be paid and you won`t usually have to pay any money up front.
Also, a fixed fee probate service usually employs a team of experts who deal with probate on a regular basis. You are unlikely to find such a team of specialists in a law firm or a bank. Because probate services specialise, they are likely to save you time, as well as money.
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