Avoiding Using a Solicitor
This is much easier if the estate is straightforward. If the amount of the estate is small and there are not likely to be any problems such as a contested will it is possible to by-pass legal services altogether and take care of the probate application yourself. Almost one-third of executors opt to manage the process of applying for probate themselves. It is important to remember that the work involved is very time consuming and that you are legally liable for any mistakes.
Be Aware of Your Right to Choose
You do not have use the firm named as an executor in the Will. It is a common misconception, and one that is encouraged by solicitors and banks, that you are under an obligation to use an executor that has been named in the will. This is simply not true. Any executor can renounce their appointment. If a lawyer or bank has been named as an executor then you can ask them to relinquish this appointment. They may offer some objection as it will result in a loss of earnings for them, but they will generally step aside when requested to.
Do Not Accept an Hourly Rate
Getting a fixed price for the work is the only way you can ensure you will not pay too much. Most banks and lawyers will try to charge by the hour. This can be particularly costly if there are any problems with the will and it also means that you cannot know what the costs are until all of the work involved in administering the will has been completed. An hourly rate does nothing to incentivise a firm to finish the work quickly. If you want to avoid an unnecessarily protracted process and ensure that the estate does not end up with a hefty bill get a fixed price up front.
Do Not Accept Charges that are Based on a Percentage of the Estate
The size of the estate should have a bearing on the cost of applying for probate. The quotation should relate to the amount of work involved in administering the estate. If the estate is large and has many benefactors and some contentious issues this may result in more work in executing the will. Consequently the fees may be higher, but a large estate with a straightforward will should not result in higher fees. Again the best practice is to insist on a fixed price up front.
Ensure that the Assets of the Estate are Properly Protected
The proceeds from an estate will be held in a client account. If the estate is being managed by a qualified solicitor the funds in this account are protected by the solicitors compensation fund and are secure. If you have opted to use an unregulated probate provider these funds are vulnerable and it is essential that you have a clear picture of the safeguards that are in place to protect these funds. If you are not sure how secure the funds are you should consult with a financial services advisor.
Ensure You get Maximum Value from any Assets
The property of the deceased is usually the biggest asset. In some cases the sale is carried out quickly with little or no preparation and consequently the property does not achieve its maximum value. It is best practice to spend some money preparing the property for market.
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