The process of probate is a complex one, and something that many people worry about. There are a lot of possible probate fees to worry about, and the probate cost can be crippling to many people, especially considering that the issue of probate is something that only comes up during an incredibly traumatic time.
What is probate and why are there so many probate fees?
Probate comes from the Latin for “prove it”. In the UK, a Grant of Probate is made when a person dies after having clearly written out their wishes in a last will. The process that most people think of as being “Going to Probate” is actually getting a “Grant of Representation”. The probate cost in this case can be quite expensive.
Some common probate fees include legal representation, valuation and assessment of any major items of property, and the services of an accountant, or other professionals. The biggest probate cost is probably tied to any tax issues associated with the property owned by the person who died.
Saving your loved ones from probate fees
If you don’t want your loved ones to have to worry about the probate cost, then the best thing to do is to produce a last will. This will help to ensure that dealing with your estate is as easy as possible. If your estate is quite simple – for example, you want to leave everything to your spouse, then you could draw up a will yourself, however, if you have a lot of assets, or want to give different things to different people, then it is a good idea to bring in an expert. Don’t skimp on writing your will – the few pounds you save while alive could amount to a huge amount of probate fees for those left to deal with your estate.
Court fees are an unpleasant sounding probate cost and one that could be easily avoided for most people, just by taking the time to clearly write out their wishes while they are alive and healthy. Dealing with an estate is already a lengthy enough process without extra probate fees coming into the picture. It can take a year or more to wind up an estate, and when there are disagreements and extra expenses in the picture things can get even more difficult.
Talking about probate may not be a pleasant thought, but taking the time to deal with that part of the future now will give you a lot of peace of mind, and will ensure that your loved ones don’t have to deal with an unexpected probate cost and lots of stress and financial worry during what is already an unpleasant time for them. The financial savings alone are worthwhile, but the extra peace of mind is, for many people – especially those with dependants, priceless.
A few minutes with someone who is an expert in probate fees and Will writing today will ensure that you are prepared for whatever the future holds.
This post was written by James Harper on behalf of the Wills and Probate Service. James writes on several subjects including money matters and family finances.