Probate at what cost?

If you are dealing with the loss of a loved one, it’s often difficult to know where to start when it comes to administering their estate. It can all be very overwhelming, and it is for this reason that people often instruct a solicitor to act on their behalf.

When it comes to instructing a solicitor, it’s good to know in advance how much it is going to cost the estate.

Law firms generally charge for probate services in one of two ways: –

Hourly rate charge

Value element

The first is simple to understand. It is a charge based on the amount of time required to administer the estate.

Where clients choose the second option, law firms generally charge for the time taken based on a lower hourly rate but in addition there will be a charge of around 2% based on the value of the estate. So in a year where property prices have increased significantly, this will impact the fees you pay your lawyer to administer an estate.

At WY Solicitors we have always charged based solely on the time taken to do the work. More complex estates will cost more to administer as more work will be required and additional fees will not be payable simply because the housing market is booming.

Don’t be put off by firms charging higher hourly rates. Their overall estimate for the work will often be less than firms charging lower hourly rates and a percentage element.

Ultimately, whoever you decide to instruct, their fee structure should be clear, and you should be able to easily determine the fee estimate i.e. without need for a law or maths degree!

If you named as an executor under a Will and wish to seek advice about administering an estate, or you are dealing with an estate where there is no Will in place, get in touch with our friendly Wills, Trusts and Probate team by calling 01752 660384 or emailing probate@wysolicitors.co.uk.