How Much Money Does Probate Cost

A lot of money is spent on court fees and lawyers associated with probate proceedings in case of the death of a loved one. Probate is a process in which the will is proved. The probate process proves that the will in question is the last will and there are no challenges to it. It also adjudicates claims that are against the estate under the supervision of the court.

If a person dies and leaves no will behind then the property is distributed according to the state intestacy laws and goes to the heirs of the deceased. Even if there is a will the court generally allows an opportunity to contest and challenge the will. If the estate is worth less than £5,000 then there is no fee.

Cost of probate

Whether you hire professional wills and Probate lawyers in the UK or decide to do it alone you will have to pay an upfront fee for probate. You may find going to probate with any legal assistance but it is important to understand that if you are dealing with a simple estate case then you do not need to waste money on probate specialists. Doing it yourself is much cheaper. If the case is complicated and there are other 

contestants, then it is better to hire a specialist lawyer.

DIY probate

It is the most affordable option as you only have to deal with paperwork related fees. If you are taking DIY option then the fees increases and you will have to pay more as the fees increases to £215.

You just have to pay 50p each to get additional copies of the probate. It is smart to get additional copies because you will need them for the administration process.

Cost of hiring probate specialist

The application fees for the probate are £155 if you choose to apply through a lawyer.

People often prefer to hire a probate specialist to deal with the estate because it is hard for them to focus on the matters of the estate while grieving for a loved one.

The cost of hiring a specialist can vary according to the option you choose. There are three main ways you can hire the legal help you need.

·        There are specialists that have a fixed-fee. The fee is charged according to the volume of the work involved in the probate case. If you are looking for the cheapest option then you can use the telephone advice service. The phone service has advisors that can help administrators and executors by guiding them through the process and providing solutions to their problem.

·      Another option is to hire an hourly rate solicitor and specialist. The hourly fees they demand are based on the value of the estate. The fees can be anywhere between 1 to 5 % of the value of the estate and VAT is also added to the fees. It is a good option if you are dealing with a complicated estate as it will prevent loss of money down the road.

·        Your bank is also going to offer estate administration service and probate. But their services are often more expensive than hiring a probate specialist on your own. You can ask them for a quote but if you do not want to throw away money then it is better to stay away from that option.