Consumer Champion looks into Probate Fees

Which? has blown the lid on exorbitant probate fees. The report reveals that one of the market leaders in probate would charge £4,095 to administer the sample estate used by Which?. This was actually one of the least expensive compared to some of it’s peers and over 20% less than the average solicitor’s quote.

The problem is that some probate solicitors have fixed fees for winding up an estate and obtaining Probate and they are often high – as much as 2.5% of the value of the estate or more. 

Many properties in the UK might be worth £750,000, in which case fees could easily be £22,500 – or more – just for overseeing the sale of the house, plus selling off, say, a portfolio of £150,000 of investments. Bear in mind that most solicitors charge on a time basis so every time they answer the phone for even the simplest of enquiries, the clock starts ticking.

The report highlights the role of executors (those appointed to administer the Will) in the probate process. It can be very costly having a solicitor as executor. Probate solicitors may vehemently deny that there are any drawbacks in appointing them as executors. However, you have nothing to lose by letting the executors appoint legal and accountancy advisers, secure in the knowledge that they can be 'disinstructed' if they are not perform or appear to be overcharging fees.

The report highlights a growing problem with some probate providers being unwilling  renounce an executorship on request even though this may be  allowed by the terms of the Will.

Which? offer their own consumer guide to Wills and Probate but please beware that it was published in 2001. As suggested by one consumer on Amazon ,the approach adopted to probate is very good but the Probate rules have changed.
If you have to get probate, then it is obviously cheaper to do it yourself rather than use a probate solicitor. Please note that there are still costs involved in DIY probate. For estates of a net value of less than pounds 10,000 there is no probate court fee; for estates between pounds 10,000 and pounds 25,000 the fee is forty pounds. When you apply for Probate personally the Probate Registry will make an additional charge of pounds 1 per pounds 1,000 for processing the papers for Probate.

At Fridaysmove we have a specialist probate team of probate lawyers who are suitably qualified to help. It is often possible to have a discretionary free telephone consultation at the outset of the matter at which the executor's options can be considered.