Solicitors Bottom of the Probate Fees League: Hurray!
- AuthorPaul Hajek
When it comes to fees charged for the administration of a deceased’s estate, you might be surprised to know that the fees charged by Solicitors are the best value.
Good news for anyone thinking about making a Will and worried about the costs of administering your estate after your death
These were the findings of a report by the Consumer organisation Which and reported in the Sunday Times a couple of days ago.
It may not be a surprise that Banks are the costliest when it comes to Probate fees and can be more than a 100% dearer than the fees charged for Probate by solicitors.
The report used the example of an estate valued at £270,000 and administered by Banks, Solicitors and Will Writers. The estate comprised of one property, one savings account and two beneficiaries
Top of the fee league came Barclays who charged a staggering £13,395, pipped at the post were Nat West/RBS at £12,220.
The average Probate fees charged by Solicitor fees were £5199 based on 25 hours of work at £177 per hour
Bank Charges and some solicitor’s charges were based on a percentage of the estate, the highest 4.5% with Barclays on the first £100,000 compared with hourly fees charged by solicitors plus a percentage charge between 0.5% to 3%.
Fixed fees were also available although no figures were produced, but were likely to be even better value
So if it is peace of mind that you want and the knowledge that a significant proportion of your estate is not gobbled up in fees avoid the Banks at all costs-literally.
Give your solicitor a call and ask whether what their fees will be and if a fixed-fee is available, like it is with Clutton Cox.