When you’re dealing with the death of a loved one, there’s so much to deal with even from an emotional standpoint – and that’s before you even look at the will, estate, and all of that side of things.
But one of the most pressing concerns people have when it comes to dealing with the assets, finances, and legal side of things is…
How Much Does Probate Cost?
It’s a good question, and the natural instinct for many of us when we think about contacting a probate solicitor is that it’s going to cost us a FORTUNE – but it doesn’t necessarily work like that.
To be connected to a specialist solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.
How Does Probate Work?
To give you a basic understanding of how probate works, it’s essentially the legal permission to be able to administer the estate as per their wishes (which will be found in their will).
It’s a formal process and involves several stages, which begins by registering their death.
This can be done online, and the application MUST be submitted no later than FIVE days after their death (this is slightly longer in Scotland at eight days).
Once you’ve done this, you’ll be issued with a death certificate, which can then be used as proof of death for any banks, investments, and pensions so that funds can be released to the estate.
It’s also important so that local authorities, government, the DWP, and the tax office can end any forthcoming charges and inform you of any outstanding payments.
You’ll also need to factor in inheritance tax, properties, and how the estate is set to be divided.
If your loved one has left any property as part of their estate, then you should look to get a valuation from an estate agent or surveyor to ensure it’s accurate.
As a reminder, the current nil-rate band for Inheritance Tax (IHT) is £325,000 – and it’s currently taxed at 40% of anything above the £325,000 threshold.
How Much Will Probate Cost Me?
The reality is, it depends.
If the value of the estate is less than £10,000, then there’s every chance you might not even need a grant of probate – although it’s worth seeking legal advice to be certain.
And the reality is that the larger the estate, and the more complex the will, the more it’ll cost…
The good news is that probate fees are paid out of the deceased’s estate, so it won’t leave you immediately out of pocket. However, it’s obviously in the interest of the beneficiaries to keep the costs as low as is reasonably possible.
You can expect to pay between 2-5% of the total value of the estate in solicitors fees.
So, that means if the total value of the estate was £200,000, you’d pay between £4-10,000 in fees, although this will depend on how much work is required to receive a grant of probate, how many hours it will take, and how complex the entire case is.
This figure may or may not include the various costs associated with probate such as the £155 probate court fee for solicitors (it’s slightly more at £215 when paid by an individual), and the costs of various searches, contracts, and fees.
Probate Solicitors Near Me – Contact Us
The good news is that Probate Solicitors Near Me are here to guide you through the entire probate process!
We can connect you with expert probate solicitors near to where you live for FREE.
You’re under no obligation to work with the solicitor we connect you with, and you’ll only pay the solicitor if you decide to proceed with them for your probate case.
All of our solicitors are hand-selected to be the best at what they do, so you can be assured of a high quality, personal service.
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