A probate lawyer, as the name suggests, is someone who is specially trained to deal with probate. Although some people choose to deal with probate themselves, as the executor of the will, there are many benefits to hiring a probate lawyer instead.
Who Needs a Probate Lawyer?
You may want to think about using a probate specialist if:
- The value of the estate is over the Inheritance Tax threshold, and the estate is still earning a regular income where there are complicated taxes due. The threshold for the 2021/22 tax year is £325,000.
- The deceased died without a will, and it’s a complicated estate to administer.
- There are doubts about the validity of the will.
- The deceased had dependents who were deliberately left out of the will, but who may be willing and entitled to make a claim on the estate.
- The estate has complex arrangements, for example, assets held in a trust.
- The estate is bankrupt, this is also known as insolvent.
- There are doubts that the estate may be bankrupt.
- The estate includes foreign property or foreign assets.
- The deceased resided outside of the UK for tax purposes.
How Much Would a Probate Lawyer Cost?
The cost of a probate lawyer can vary quite considerably. Some specialists will charge an hourly rate, whilst others will charge a fee that is a percentage of the value of the estate. The fee is usually calculated between 1% – 5% of the value of the estate, plus VAT.
Some probate lawyers may charge both an hourly rate and a percentage fee, but this doesn’t always mean they are more expensive. There may also be some probate lawyers who charge a fixed fee for their services, this is based on an estimate of the work involved.