How much does probate cost?
You can get probate yourself, which is the cheapest option. This should only be done in the most basic of cases and could result in you saving thousands of pounds in legal fees. In more complex cases, you should instruct a probate specialist or a solicitor. Complex cases of probate may include the following factors:
- The value of the estate is more than £325,000 (the inheritance tax threshold).
- There is no will and the estate is complex.
- There are doubts about the validity of the will.
- There are dependents who were deliberately left out of the will and may wish to make a claim.
- There are assets held in a trust.
- There are foreign assets.
- The estate is bankrupt.
- The individual lived outside of the UK for tax purposes.
Most solicitors will charge an hourly rate for probate services. These can be up to as much as £400 plus VAT. However, it is also possible to find solicitors who will charge a fixed percentage of the total value of the estate. The fee is usually between 1% and 5% plus VAT. You can instruct any probate specialist or solicitor to carry out probate. You do not have to instruct the one who stored the will safely although this is usually the most convenient option. In any event, you should shop around if cost is important to you because it is likely you will negotiate a better price once you have obtained a few quotes from different companies.