Probate is the legal process, generally undertaken by a Probate Solicitor, by which an estate in Birmingham owned by someone who is deceased is passed to his or her heirs after their death. Simply stated probate is passing a title or determining who gets what when someone passes away. Either by looking at the will, or if none exists, then the laws of intestacy or laws that determine the hierarchy of heirs. The latter does not apply in the UK but is applicable to countries in Europe.
When someone passes his or her property it must be distributed through probate. The process is generally overseen by an executor if there is a will or by a court (and a court appointed personal representative) if there is no will. An executor and an administrator are persons designated to administer the estate. These persons are also known as the personal representatives.
• identifying and listing the deceased person's property;
• accounting and appraising the property;
• paying taxes and creditors with the deceased's assets.
If there is a will, the assets are distributed according to the instructions of the will. If not then state law determines who gets what and how much.
Having a will, alone, does not mean probate is unnecessary. Although a will might make the process simpler, probate is still required for assets in the deceased's name alone.
In general, property which the deceased owned individually has to pass through probate for ownership to pass to his or her heirs. Jointly owned property and the proceeds of life insurance, retirement accounts and annuities pass to the surviving joint owner or the named beneficiaries without the necessity of probate
Firms which have been present for over 50 years have accumulated a large Will bank. In a vast majority of these Wills the firm has been appointed as Executor. This guarantees probate business upon death. Although it is not common for probate to be dealt with by Birmingham law firms, certain firms do undertake probate work in respect of high net worth estates and also prepare tax efficient Wills. The Probate Registry in Birmingham is where probate interviews are held if you are not using a Solicitor or Probate Lawyer.
What kind of probate solicitors are in Birmingham?
The following types of Solicitors are commonly known to undertake probate work:
(a) Birmingham High Street practitioners;
(b) Sole Practitioners;
(c) Companies such as Will drafters and the co-operative who subsequently outsource to solicitors;
General information about choosing probate solicitors in Birmingham
Fridaysmove recommend you search through various search engines (ie google and yahoo) using key phrases such as “Probate fees in Birmingham” or “Probate Quotes” to see which companies are offering the most competitive quotes. It is always worthwhile, where possible, to instruct a solicitor though the recommendation of friends or family.
General information about probate fees in Birmingham
The fees range from fixed to hourly rate charges. A high street practice in Birmingham may typically charge a fixed fee for small estates, which are non tax paying and may charge hourly rates (anything between £100 - £300 per hour) for larger estates.
How quotes vary from final bill
At times, if matters become protracted, firms may increase their fees and the final bill may vary from the original quote. However, clients are usually advised during the transaction if the fees are likely to increase. The difference between a probate quote and the final probate bill can be as much as £4000.
Banks charge consistently higher fees than solicitors fees – and, in turn these are often undercut by will-writers. To confuse matters some charge a percentage of an estate’s value, others charge for work done by the item or on an hourly basis, and many charge for both.
Bank’s fees for probate can generally work out at between 4% and 5% so are generally not good value.
Solicitor’s Probate fees usually follow guidance from the Law Society which sets an initial fee of 0.75% of the value of the property, plus 1.5% of the value of other assets, and other charges on top of that. After totalling up all the costs a large estate may work out closer to 2% – that’s £10,000 on an estate of £500,000 Average fees for probate work hover around £5,000. But even for smaller estates, the probate fees don’t often to go below £2,000 – £3,000.
While these figures provide a guide, it is important to ask around and get prices. Solicitors can charge from £100 per hour to £300 per hour or more for such work, depending on the seniority of the person on your case. If a simple estate took 10 hours it would be much cheaper than a more complex estate taking 20 hours’ work – and a solicitor would have to quote depending on your circumstances. Fixed fees are also common.
The big variables in the level of fees are when a will gives rise to a particular issue or where there is a mistake or an omission. The will might be contested by disgruntled family members who feel they have a right to a share in the estate.
Sometimes beneficiaries cannot be traced – or assets cannot be found. If there is no will to be found, the deceased is regarded as dying ‘intestate’, and the Government’s rules on intestacy come into play. This too can increase the costs.
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