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WILLs & Powers of Attorney
0800 0352 781
020 7046 6078
Sep. 8, 2015

5 Tips to Save on Probate Solicitor Fees

“There are only two certainties in life, death and taxes” –Benjamin Franklin.
It is likely that Franklins personal representatives would have added something else to that list. The retirement age is on the rise with no signs of slowing; people are working longer and harder to save money for their loved ones. Having this money taken is not always pleasant. These 5 tips can help reduce this amount.

1. Don’t Just Shop Around, Hunt Around.

The biggest mistake we see people make is not shopping around. People don’t pay out for the first car insurance provider that they find; they hunt around, find the best option, and then hunt around more to make sure it is the best option. Doing this with Probate is an excellent way to save money.

2. Be informed.

The more information you can provide about the estate the more accurate of a quote the Probate Solicitor can give.

3. DIY Probate.

A great way clients save money is by doing some of the probate themselves. Some of the tasks involved in probate are actually quite simple, filling out forms, getting in touch with banks and other service providers to close accounts, the more the client does the more they save. Normally probate solicitors are happy to provide advice on what the client needs to do with certain forms and what certain terms mean.

4. Banks Aren’t Nice.

This one isn’t really a method to save money as a ‘what not to do’, in general probate solicitors fees should fall anywhere between 1% and 5% of the estate. The Law Society recommends that probate solicitors charge 1.5% of the estate, whilst banks commonly charge between 5% to 9% of the estate.

5. Fees not to Exceed.

A ‘shall not exceed’ quote, a good solicitor will already offer this without the client having to ask, this is especially useful when it comes to pay per hour. It is completely reasonable for the client to ask for a number in writing that the overall costs they charge for their services not to exceed. It’s a good sign if your solicitor is happy to give out at least an estimate.

Size Doesn’t Matter, but Quality Does.

One thing executors usually look over whilst looking for a probate specialist is quality. Don’t forget quality. When looking for the cheapest quotes out there, keep in mind where they are coming from. Probate solicitors can work out of anywhere from a top floor office in the centre of London to a Garden shed at their mother’s house. There is no direct correlation between the size of your business and the work quality. Specialists that are just starting up their company usually work a lot harder to show that they’re competent; however large firms have experience behind them to deal with complicated cases. A good rule to keep cost down whilst knowing the probate is appropriately handled is trying to aim somewhere in the middle. If clients really aren’t sure, organise a face to face meeting with the probate specialist, this allows the client to have a little snoop around their work place, in addition to letting them properly meet the man/ woman who will be dealing with their case.

We provide various services to help with obtaining the Grant of Probate as well as general estate administration. If you have any further questions or would like some more information, please call 01722 410009 to speak to Dean Steele, our Probate specialist. (By accepting free advice you are under no obligation to use our services).