Should I use the services of a professional to help?
The cost of asking a professional to help you is paid for out of your loved one`s estate, and then only after the estate is administered. Things you may want to consider are:
- Speed – it is generally quicker to use a professional as neither you nor the professional needs attend an interview at the probate registry
- Property – if the estate includes a house, a professional will need to be instructed at some stage in any event, and seeking their help at an early stage can help with the entire process
- Absence of a will – if your loved one did not leave a will, using a professional to advise on the Intestacy Rules is usually sensible
- Inheritance Tax – if your loved one`s estate is subject to Inheritance Tax, asking a professional may well help minimise the tax liability, for example by using a Deed of Variation.
- Fully insured – professionals have insurance for their work, which should allay some of your concerns about your liability as an executor.
- Fee – the Probate Registry charges a fee of £105, although if the application is made by a professional this is reduced to £50.
Seek Legitimate assistance from a third party whose fees will be covered by the Estate.
If an Executor does not wish to take on the responsibility and would prefer the estate is fully managed. IWC offer a fully managed probate service. Call us on 020 8150 2010 for further details.
Our service can be reviewed here:
We offer a fixed fee that is agreed before we start work. One of our consultants will visit the Executors at their home (coverage across England and Wales) and go through the work that needs to be done. IWC fees, when divided between all of the beneficiaries, typically results in each beneficiary only paying a few hundred pounds for a fully managed probate service.
Choosing this option would be preferred if:
a) The Executor does not have the time
b) The Executor is concerned about legal and procedural matters.
c) There is a challenge to the will by outside parties
d) The Estate has no funds to pay off existing debts
e) The estate is subject to inheritance tax and the Executor does not have experience to deal with such matters.
f) The deceased owned a business or a farm
g) A foreign Grant of Probate is either required or needs to be obtained. This would typically occur if the deceased owned assets outside of England & Wales.