posted by on Jun 14
Probate is a formal legal process which can be required after the death of a family member. The process is only usually required by law when the assets of the deceased exceed £5000. However, the most convenient way to determine whether probate is required is to contact a specialist wills and probate service which will often provide initial advice free of charge. If the individual were to make further use of the services offer by a wills and probate service probate fees would apply which should be discussed up front.
Probate is required prior to the deceased’s assets being made available for distribution between the beneficiaries. Therefore it is not normally possible for beneficiaries to access the deceased’s bank accounts, savings and investments or to sell property without a ‘Grant of Probate’ with the exception of paying for funeral bills and inheritance tax. The ‘Grant of Probate’ can be achieved by making use of a specialist wills and probate service or by requesting a similar service from a high street bank or high street solicitor. The probate cost varies considerably between different institutions and different companies but generally specialist services are the most competitive.
The process of obtaining probate is generally the responsibility of the beneficiaries of the last will and testimony of the deceased. However, if there is no will available the responsibility falls upon the next of kin. After applying for probate that beneficiary is then legally required to ensure that the deceased’s estate is dealt with correctly and divided up according to the wishes expressed in the last will and testimony. In the absence of a will the estate will be dealt with by the next of kin. However, many choose to use a specialist wills and probate service that includes obtaining probate within the probate fees charged.
A specialist wills and probate service can relieve the beneficiary or next of kin of the responsibility of obtaining probate. By choosing such a service and paying associated probate fees the beneficiary or next of kin can have the entire probate process conducted from start to finish on their behalf. Such a service can relieve the individual of the stress and worry of obtaining probate at such a difficult time and provide a wealth of experience in dealing with the matter. Specialist wills and probate services tend to deal with clients in a profession manner which is both sympathetic and efficient while offering a lower probate cost than competitors.
The probate fees charged by a specialist wills and probate service can be as little as half the fees charged by a high street solicitor and a quarter of the fees charged by a high street bank. Moreover, a specialist service will tend to charge a fixed probate cost agreed up front rather than charge as a percentage of the estate or on an hourly basis. Fees tend to be calculated according to the size and complexity of the estate, the number of beneficiaries and the time required by the case.
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