If you have recently lost a loved one and you are faced with probating a will, you may be under a great deal of stress.
Many of us are not familiar with the probate process, and it can be daunting, especially at a time when we have just lost someone close to us.
One concern that most people have is probate fees and that is only natural.
When you have been left with probating a will, the last thing you want is for the proceeds of your loved ones estate to be eaten up by legal costs.
Does Everyone Have to Pay Probate Fees? Not all estates have to bear these costs - there are some exceptions.
If these exceptions apply to you, you may not have to apply for probate at all.
If the deceased has assets of less than £5000, after funeral costs you won't need to apply for probate.
Most banks will just require proof that your loved one has died to release money from the deceased's account.
Some banks allow assets of less than £10,000 to be released, so it is best to check with the bank.
Also, if all the deceased's assets were held in joint names with you, you will not need to apply for probate.
In this case you will just need to ask the financial institutions to transfer any assets into your name only.
How much are legal fees? The cost of probate fees can depend on a number of factors.
They can vary depend on the value of assets left by your loved one, whether the deceased's financial affairs are complicated and the type of probate service you use.
For example, you may choose to use a solicitor, the bank, or an specialise practitioner service to probate the will for you.
Rates will vary enormously depending on which service you choose.
Banks Many banks offer probate services but this is the most expensive route to go.
Some banks charge double the cost that solicitors do.
Solicitors The traditional choice, because it's often easier to let the family solicitor handle estate administration.
But costs can be high and difficult to control.
Most firms will charge by the hour, or on a per item basis.
This means that you have no control over the final cost, and if the deceased's estate is complicated you could face huge legal costs.
Specialist Services An independent firm can remove the worry about costs.
Many expert practitioners offer fixed probate fees.
This means they will discuss your loved ones estate with you, then agree a fixed price for dealing with the estate on your behalf.
So you won't have to worry about the final bill, as you will know exactly what needs to be paid.
Plus, you don't usually have to pay any money up front.
A specialist company usually employs a team of experts who deal with estate administration on a regular basis.
You are unlikely to find such a team in a law firm or a bank.
And, because they are more experienced, they are likely to save you time, as well as money.