How Do Solicitors Charge for Probate?
11 September 2017
At Co-op Legal Services, our Probate Solicitors do not charge a fee based on a percentage of the value of the deceased person’s Estate. This could save you thousands of pounds in Solicitors fees.
Our Probate Solicitors charge a fixed fee for Probate which is agreed upfront before any work starts. There are no upfront costs to pay as our Probate Solicitors fees are deferred and will be taken from the Estate once it is in funds.
Other Probate Solicitors and banks are known to charge an hourly rate fee and/or charge a fee that is a percentage of the value of the entire Estate (everything the deceased person owns). This percentage fee can be as high as 6% of the value of the Estate.
So if an Estate is valued at £500,000 and the Solicitor’s fee for Probate is 5% of the Estate value, then the Solicitor’s fee would be £25,000 plus VAT at 25%, so that’s a total of £31,250 if there are no other charges involved.
How Much Do Co-op Solicitors Charge for Probate?
To find out how much Probate will cost simply request a fixed fee Probate quote. Once we have provided you with a written quote for the agreed work to be done that price will not change, unless the original information we are given is shown to be incorrect or circumstances change.
With our Probate Complete Service we take full responsibility for getting Grant of Probate and dealing with the Legal, Tax (excl VAT), Property and Estate Administration affairs.
We can also pay all the costs of a Co-op Funeralcare funeral, providing the Estate owns sufficient assets which can be sold in due course to cover our costs.
The Probate Process
The Probate process often involves legal, financial, tax and property matters as well as having to deal with all of the deceased person’s possessions. On average in England and Wales, the Probate process can take 9 to 12 months to complete, but this depends on the Estate, if there is a valid Will, and if there are any issues related to the beneficiaries.
If the Estate is not complicated or has limited assets, you may be able to deal with Probate yourself. However, you should be aware that completing the Probate process may be time consuming, and that you can be held liable for any mistakes made. If Inheritance Tax or Income Tax are involved in the Estate, you would need to deal directly with HM Revenue & Customs.
Our Probate Solicitors and Case Managers can take this burden off your shoulders. When you choose our Probate Complete Service you can rest assured that the Probate and Estate administration processes are being dealt with correctly, by a brand name you know and can trust.
Co-op Legal Services is the largest provider of Probate and Estate Administration services in England and Wales, trusted to deal with over £1.3 billion in Estates annually.
Our Probate team includes over 170 staff of specialist Probate Solicitors, Lawyers, Case Handlers, Advisors and our national network of Probate Consultants; all of whom only deal with Probate.
Co-op Legal Services is regulated by the Solicitors Regulation Authority (SRA) and insured with insurance covering all of our work, plus we have protection of client funds under the Financial Services Compensation Scheme (FSCS).