How a Fixed Fee Probate Service can Save you Money
A fixed fee probate service has the potential to save you thousands of pounds in fees. When considering different companies to handle your probate case it’s always best to select a company who offers a fixed price, agreed with you in advance. This way, there can be no arguments later on. After all, as an executor, it is your duty to ensure fees are kept to a minimum so beneficiaries receive their full entitlement.
Some companies will charge £200 to £300 per hour, without committing to how many hours. In effect, you’re writing them a blank cheque to charge whatever they see fit. This is extremely risky; once other expenses, disbursements and 20% VAT have been added on, you could end up with an extortionate final bill.
How Long’s a Piece of String?
You may find some firms will simply refuse to give a quote, arguing that they can’t tell you how long a piece of string is. This is unfair, providing the case is straight forward; it’s pretty easy to calculate probate fees. The amount of work depends on factors such as how many beneficiaries, whether inheritance tax is owed, how assets are spread out. Don’t just accept they can’t give you a price.
Be Wary of Fixed Percentages
You’ll find many firms offering fixed fee probate but be wary of how they calculate their fixed price. Some firms will charge you a percentage based on the value of the estate. This too is unfair. The value of the estate bears little relevance as to the amount of work that the company must undertake. This allows them to make a hefty bonus, at your expense.
Will Writers as Executors
You may feel obliged to allow a certain company to manage probate on your behalf. Maybe they are a family solicitor, or sometimes professional will writers include themselves as executors. You are not obligated to use a company you don’t want to use, if you’re concerned about this, contact our probate helpline on 0800 612 6105, we're open until 10pm, 7 days a week.
IWC offer a true fixed fee probate service with no hidden extras. After an initial chat, we’ll prepare a quote which will detail the total cost. Our fees are calculated on the amount of work we carry out and we don’t ask for any advance payment.