Find out whether you`ll need to pay probate fees- article by IWC Ltd.
1. Will You Need To Pay Probate Fees?It can be difficult to think about thepracticalities when a loved one dies. Butworrying about the unknown while youare in mourning puts you under a greatdeal of stress. So it is a good idea to dealwith the deceased’s estate as soon aspossible, to remove that worry anduncertainty. One big concern may be the thought thatmassive probate fees could wipe out a huge amount of the inheritance your loved oneleft. And that is completely understandable. If you instruct a solicitor to deal withprobate on your behalf and it is a long drawn out process, the legal fees could bemassive because he will be working on a huge hourly rate.Do You Need to Apply For Probate at All?Regardless of whether the deceased made a will, or not, you may not have to apply forprobate if they left assets of less than £5000 after the cost of the funeral. Your lovedones bank may simply require a copy of the death certificate before they release themoney to you.Also if all of your loved ones assets were in joint names with you, you may not need toapply for probate. It may simply be a case of asking the financial institutions involvedto change them into your name. In either of these cases, you may be able to avoidpaying any probate fees at all.How Do You Apply For Probate if the Deceased Died Intestate?If the deceased did not make a will, you can still apply for probate. But you need toapply for a Grant of Letters of Administration, instead. As with probate, once youhave done this you will be granted permission to deal with your loved ones estate.Dealing with the estate of someone who died intestate may not be easy at all,especially if they left valuable assets and it would make sense to consult a probateservices practitioner, or a solicitor.What Fees Are Involved?Anyone who applies for probate will need to pay probate fees when they send theappropriate forms to the Probate Registry. On top of these further fees may beinvolved, depending on how complicated it will be to deal with the deceased’s estate.Dealing with such matters, at the same time as you are mourning your loved onesdeath may be too much for you to cope with. And you may be better off getting legaladvice or assistance.How to Decide Whether You Need Legal AssistanceIf your loved one died intestate leaving assets in excess of £5000, it may be wise toseek legal assistance.If your relative did not make a will and had a common law partner, carefully considertaking legal advice.
2. If children under the age of eighteen will benefit from your husbands estate, legaladvice should be sought.If the deceased’s assets include stocks and shares, property, government bonds, abusiness, or anything other than cash, it is in your best interests to seek legal help.If you are not sure whether you need to pay probate fees, speak to a probate servicespractitioner, or a solicitor. Also consider using a fixed prices service, so you don’tneed to worry about rapidly mounting legal fees. IWC Estate Planning & Management Ltd. are a specialist Will Writing and Probate Company offering nationwide coverage. The company provides fixed fee probate services; rates are agreed with clients in advance. Fees are based on the work that has to be carried out, ratherthan the estate value or at an hourly rate.IWC are regulated by the Society of Will Writers and Estate PlanningPractitioners and registered at Companies House. Their head office is locatedin Croydon, Surrey, with satellite office coverage across most of England.Follow us on Twitter @IWCLtd