Whilst there are are lots of questions commonly asked about probate, the most common is arguably How Much does it cost ?
Assessing the costs of probate is never easy as no one case is the same. There are a number of important factors when determining costs and hopefully this article will help clarify some of the frequently asked questions.
How Do Solicitors Charge for Probate ?
There are a variety of ways, hourly rates, percentages or fixed fee. As a firm focusing entirely on probate we offer a guaranteed fixed fee service on all probate cases. The reason for this is we believe it to be much clearer and transparent than charging a percentage or an hourly rate which very often does not create any efficiency. By quoting a fixed fee clients know exactly at the beginning what the costs will be. Our advice is avoid hourly rates or percentages, or anyone that cant provide a fixed fee. Obviously, there are exceptions ( for example a very large estate ) but in most cases an experienced probate solicitor or provider should always be able to give a quote or a capped estimate of the likely costs.Â
What information do you need to know to quote a fixed fee ?
We always try to give a fixed fee straightaway. We base this upon a variety of factors such as whether there is will, the number of beneficiaries, the number of assets and liabilities, whether inheritance tax is payable and the overall value of the estate. It is all these factors together that we use to determine the fixed fee. The value of the estate is not necessarily the key factor. For example an estate with a low value with shares and multiple beneficiaries and assets may take longer than the estate with just one bank account and one beneficiary than has a higher value.
Do You Charge any fees upfront?
No all our fees are deferred until the conclusion of the case and paid from the estate. Most reputable firms will defer their fees, avoid any organisation that will want fees upfront.
Are there any other costs ?
When applying for probate, the Court do charge a fee. Currently this fee is £155 when a solicitor applies and £215 if a personal application is made.
Can you give me a quote for probate ?
We offer a no obligation quote service – if you would like to know the costs of probate – please contact Tim Murden on 0330 404 3018 or e-mail tim.murden@tmsolicitors.co.uk
