Do I need a probate solicitor?

Title: Do I Need a Probate Solicitor? Considerations and Costs Explained

As the executor of a will, one of the key decisions you’ll need to make is whether to hire a probate solicitor to assist with the probate process or to handle it yourself. While managing probate on your own is an option, there are certain circumstances where seeking professional help is advisable.

It’s worth considering hiring a probate solicitor if you’re dealing with a complex estate. This includes situations where the will may be disputed, there are questions about its validity, a dependent was left out of the will and may want to make a claim, there are complex arrangements such as assets held in trust, the estate is bankrupt or insolvent, the deceased lived or passed away outside the UK, or the estate includes foreign property or assets.

The fees for a probate solicitor are typically deducted from the estate funds. However, if you choose to manage probate yourself, resources like the DIY probate guide can be helpful.

If you decide to enlist the help of a probate solicitor, you can start by checking the Law Society directory in England and Wales, the Scottish Law Society directory for Scottish residents, or the equivalent directory in Northern Ireland. It’s important to note that if the deceased used a bank to draw up their will and appointed the bank as a co-executor, it can lead to expensive probate costs.

Probate solicitors usually charge based on an hourly rate, taking into account the complexity of the estate and the work involved. According to estimates from STEP, probate fees can range from £1,000 to £5,000 depending on the size and complexity of the estate.

Some solicitors offer fixed-fee quotations for probate work, especially for estates below the inheritance tax threshold. This can provide clarity on costs and potentially save money compared to traditional time-based estimates.

When it comes to conveyancing fees for properties within the estate, it’s common for the same solicitor handling probate to handle conveyancing as well. However, you have the option to use conveyancing specialists for potentially lower fees if you choose to handle probate without a solicitor.

In conclusion, the decision to hire a probate solicitor depends on the complexity of the estate and your comfort level with managing the probate process. Understanding the considerations and costs involved can help you make an informed choice on whether to seek professional assistance.