Lower cost Probate – how we help you to get value for money:
Further down the page, 4 things to ask before appointing a probate professional. So just skip down and check how to save money on probate by understanding how many firms bulk up your bills. A couple of savings we have helped people make – over 90% on an £8,800 quote. From £120,000 down to £55,200 on a £23,000,000 estate. With top lawyers commanding up to £33.60 a minute (over £2,000 an hour) and newly qualified ones from £4.58 a minute (£275 an hour), all plus VAT, it is easy to see that some substantial savings can be made when we put in a little research on your behalf. Fixed fee probate services are available, more detail below.
Probate Quotes: How much can we save you? It costs nothing to find out.
If you like, you can just email any quote you get to st***@*********************co.uk with details of the estate and we’ll do our best to save you some money – it won’t even cost you a stamp, but could save thousands.Be aware that a surprising number of firms carrying out probate are not actually authorised to do so, but they can get around it by charging for “Estate Administration” rather than just obtaining the grant (which is the bit authorisation is required for.) It is perfectly possible to separate the two parts and that alone can be a big saving.
Read this before you ask anyone for professional help.
(Click for our general page on Contentious Probate.)Few people are experienced at dealing with probate: both bureaucracy and traps await the unwary executor! You can be personally liable if things go wrong. The Taxman can charge very substantial penalties if you don’t get the Inheritance Tax right. You will also find that the institutions quite frequently give incorrect information – and if you fail to realise it, you are still responsible.You could also run into problems if you miss out people who should have inherited (it is quite common if you don’t know the rules – especially if there is no valid Last Will.) Or there could creditors or “dependents” you don’t find out about. Saving the estate some money could be very expensive for you if you end up having to pay compensation from your own pocket. Our help could be invaluable.But probably the worst part of being executor is that you are piggy in the middle, and in around half of cases, family members (and especially their partners) will think you are being slow, unfair or even cheating them. We hear it all the time. We are experts at defusing these sorts of situation, getting the job done as quickly as possible and keeping the family unit from self-destructing. Disputes after deaths are really common.We strongly recommend that if there is any possibility of Inheritance Tax being due, you do contact us for professional advice. Bear in mind that any gifts made in the previous 7 (sometimes 14) years need to be considered, as do any trusts. Gifts where the deceased retained a benefit (a typical one is people giving their house to their children to “save” tax but carry on living in it) are also brought into account. Another surprisingly common one is the holiday home “given” to the children – but still used.
Simple estate?
If it really is, and you have the time to deal with the bureaucrats (not the few remaining Civil servants in the Probate Registry – the banks, investment houses, councils etc etc) – go for it, you’ll save money which the estate would otherwise have paid. Just double-check everything before you send off the forms!We keep an eye on the probate market so we can refer you to firms who have both the time and the capacity to look after your case properly. And we rely on your feedback when advising future clients which gives them a strong incentive to look after you well.
Is Fixed Fee Probate the answer?
This is a pricing structure for probate services where the solicitor charges a set fee for the entire process, regardless of the amount of time or work involved. This can be a more cost-effective option than traditional hourly rates, especially for simple estates. Wait for the BUT! Here are some of the advantages of fixed fees:
- Transparency: You know upfront how much the probate process will cost, so there are (usually) no hidden surprises.
- Budgeting: This can help you to budget more effectively and avoid any financial stress during a difficult time.
- Speed: Fixed fee cases may completed more quickly than hourly rate probate, as the solicitor has an incentive to keep costs down.
- Convenience: You can usually complete the entire process online or over the phone, which can be more convenient for those who are busy or live far away from the solicitor’s office.
Here are some of the disadvantages of fixed fee quotes:
- Not always available: Not all solicitors offer fixed fees, so we may need to shop around to find one that does.
- May not be suitable for complex estates: Fixed fees may not be suitable for complex estates, as the solicitor may need to charge additional fees for unexpected work.
- May not be as flexible: If there are any unexpected complications, the solicitor may not be able to stick to the fixed fee quote.
Overall, fixed fee probate can be a good option for simple estates where you want to know upfront how much the process will cost. However, the fixed fee will be based on the information you have provided, so if anything unexpected (good or bad) pops up, things may change. Bad might be someone disputes the Will or and executor or beneficiary makes unreasonable demands on the lawyers time. Good might be the discover of a substantial overseas shareholding with significant extra work needed to release it.
How can you save money on probate fees?
Ask any probate firm to confirm they don’t use these methods of inflating fees:
Survey of Solicitors fees
This is the most recent survey of solicitors fees we could find; clearly, you are unlikely to be using a “Magic Circle” law firm (unless you are very rich!)
Average Solicitors hourly fees 2011. (2022 in brackets.).
plus VAT.Posh City solicitors: £600-£700 (£1020 to £2020)Posh firms newly-qualified lawyer: £300 (£450 to £600)City firm partner (outside the magic circle): £425-£600 (£600 – £900)City firm with less than 2 years’ post-qualification experience: £215-£300 (£450 to £600)Major regional and national firm partner: £325-£450 (estimated £450 – £600)Major regional and national firm with less than 2 years post qualification experience: £175-£240 (estimated £275 to £360).Source: Jim Diamond’s Hourly Rate Survey 2011 The 2022 and Final Report (he retired) did not cover all grades so there are some estimates.Low cost probate our associates hourly rates: are much less and the extras (“disbursements”) will be a lot lower, as they don’t have any hidden or unclear charges to help you save money on probate!Do I need probate? Who can apply for Probate? More on Probate Quotes