Well that really depends where you go
Most of us will turn to the nearest High Street solicitor because its the easiest option but in general not necessarily the best option. Typically you’ll find they will either quote you an hourly rate (150-200 per hour) or charge a percentage (2-4%) of the Estate value (+ Vat + Disbursements of course) because they won’t want to put a cap on the cost, so why is this?
It is a ‘how longs a piece of string’ scenario. It depends on what there is to do and how long it is likely to take. Then there are the unknown factors that no one can foresee.. how do they accommodate for these in a quotation?
Most of us can’t see or don’t understand what the problem is and why it all takes so long; after all there’s a house, some money and possessions less some liabilities isn’t there? So what can go wrong? Will disputes… they’re more common than you think. There may be disgruntled beneficiaries wanting to put a claim in on the estate. Does the Will set up a Trust? Is Inheritance Tax payable? How do you fill in the HMRC Tax forms? Have all of the creditors been paid off? If the estate has been given out to the beneficiaries and then a claim arise, yes it is a personal liability on the Executors, you wouldn’t want that now would you?
What do I recommend? Well as a member of the Institute of Professional Willwriters, we have a recommended partner in Kings Court Trust. They process a lot of probate cases every year so they’re very good at this. When you’re a specialist you can streamline your processes and save money. Yes they are in it to make a profit but their skill and greater knowledge allows them to quote Fixed Costs, so you know exactly what the cost is, it is not open ended.
How much then? Most cases are under 2% of the Estate value, plus of course Vat and Disbursements, neither of which anyone can avoid even if you decide to go DIY.
How much will you benefit if you do DIY? If you act as the Executor and do all the work, unless you are the main beneficiary, the reward will be shared amongst all of the beneficiaries and whilst they’ll thank you for it, it will have been you that has put all of the effort in. When you add in the personal liability factor, I would seriously question if it is worth your while? Let us take the strain and do it for you, please contact us here.