Avoid Huge Probate Costs & Family Stress
Probate is the legal process by which an estate is administered and distributed following the death of an individual. In the UK, probate can be a costly and time-consuming process, typically taking around 9 months to complete. See the cost comparison below based on an estate value of £300,000:
- Bank (5% fee): £15,000 + VAT (£3,000) = £18,000 + disbursements
- Solicitor (3.5% fee): £10,500 + VAT (£2,100) = £12,600 + disbursements
- Probate Specialist (1.99% fee): £5,970 + VAT (£1,194) = £7,164 + disbursements
Probate Planning in Advance – The Solution
A Property Lifetime Probate Trust Visit Tax Insider can avoid probate completely for many people or at least reduce the cost substantially. The Probate Trust also protects the inheritance you leave your children and grandchildren for up to 125 years against divorce claims, means testing for state benefits and even creditors.
The fixed fee to set up your Probate Trust now is just £3000 including VAT and your property conveyance. Compare this to the huge escalating cost of your family probate in the distant future. In fact, some firms offer Prepaid (Fixed Price) Probate Plans simply to avoid rising costs. But these are considered high risk, and the Financial Conduct Authority issued a warning about these schemes in 2023. Therefore, your Probate Trust is by far the safest way to reduce or completely by-pass Probate whereby children can immediately access their inheritance without long delays and hassle.
Probate Required Now – Solution
If you are a family member and/or Executor dealing with the estate of a loved one who has recently passed away, we recommend a choice of two very competitive Probate Specialists.
Probate Specialist 1
Charge just 1.5% to 1.75% plus VAT and disbursements. Importantly their percentage fee is based on the net value of property after any mortgage is deducted unlike others often with massive savings. Also, unlike many probate service providers, they also act as Professional Trustees if the deceased has set up a Will Trust to protect the beneficiaries’ inheritance for up to 125 years. Minimum probate fee £2,000 + VAT
Probate Specialist 2
One of the UK’s largest probate specialists that solely deal with probate and nothing else. They provide access to an online portal so that Executors can track the probate progress 24/7. This law firm quotes low fixed price Probate fees, solely based on the number of legal tasks involved. Alternatively, a DIY option is available to help with legal/tax work for as little as £995 + VAT.