'Probate' is the term commonly used to describe the process of winding up a person's estate after they have died. It involves establishing what assets were held, what debts owed, the extent of any Inheritance Tax to be paid, and the distribution of the (net) estate value to those entitled to receive it. Hopefully a valid Will exists so that the wishes of the deceased for dispersing their assets is clear to both executors and potential beneficiaries.

The fees charged by many Banks and Solicitors to probate a Will are very high indeed, and executors are well advised to shop around to achieve fair value. Doing so could literally save an estate tens of thousands of pounds!! Many Banks and Solicitors charge fees as high as 4 or 5% (plus Vat) of the value of the estate, which on an estate worth £500,000 would mean a bill of just under £30,000!! Some solicitors hide high fees within the context of 'hourly rates', charging as much as £350 an hour, as well as adding a set percentage of the estate value (around 1%), and an amount per letter with other disbursements on top. A bereaved family are eventually presented with a bill of charges far greater than they ever imagined, sometimes higher than if the charges had initially been fixed at 4% or more of the estate value! Thankfully such extortionate fees and charging methods can be avoided.   

Do I Need a Professional?

Whilst the administrative work involved in handling an estate through probate is within the capability of most people, having the amount of time required to complete the task is not. Often close family members feel too emotive to attend to the estate themselves. Other family or friends may be willing to carry out the task in their spare time, but feel less keen on discovering that they cannot charge the estate for their work (aside from reasonable expenses incurred), and that should they make any errors, they could be held personally accountable by the beneficiaries and have to make good any losses from their own pocket.

In a number of scenarios it's imperative to seek professional help...

These include:-

- if the deceased owned a business, or was a partner in a firm;

- if the deceased owned agricultural property;

- where a Trust is created by the Will;

- if the deceased was unmarried with a partner, children and property;

- if the deceased was married with children but left no Will, and had assets exceeding £250,000;

- checking the interpretation and/or validity of a 'home-made' Will;

- if there is likely to be a claim on the estate under the 'Inheritance (Provision for Family Dependants) Act' 1975;

- where there are insufficient assets to pay the legacies in full;

- where the beneficiaries of a Will or an intestate estate wish to change the terms of their legacy by effecting a 'Deed of Variation', possibly as a measure to reduce the impact of Inheritance Tax; 

- where the Inheritance Tax bill cannot be paid out of 'money' assets, and significant 'capital' assets (like the family home) might need to be sold.

What if there's No Will?

If no Will was left, a person is said to have died 'intestate', and their estate passes to family members in accordance with the 'Rules of Intestacy' as set out in the 'Administration of Estates Act 1925'. This Act only recognises spouses and 'relations of the blood', and, if there are none, the Crown is the ultimate beneficiary. Unmarried partners, stepchildren, friends and charities have no rights under the Act.

Should a non-entitled relative or dependant feel that the intestacy rules make insufficient provision for them, then they may be able to bring a successful claim on the deceased's estate via the 'Inheritance (Provisions for Family and Dependants) Act 1975'. Under this Act, the Court has scope to acknowledge that the intestacy rules (or indeed the outcome of a Will) may provide insufficient provision for next of kin and maintained dependants, and order that the estate provide for them.

Please contact us by email giving brief details of the estate to

be handled (and we'll call you back) or phone us direct on

0208 886 2344. We'll supply you with a fixed fee probate or estate administration quotation, and provide useful advice and assistance. Give us a call - We're here to help!