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Probate Fees Explained

Category: England & Wales

The probate system can be rather confusing at first glance. There's a maze of forms, interviews, and probate fees to navigate, along with annoying little extras that can quickly add to the probate cost if you aren't aware of them. If you need multiple copies of the grant, or if you need to be interviewed, then the cost of applying for probate - in terms of both time and money, can increase quite rapidly. Why do we have to pay probate fees? The probate system is designed to make sure that the person who manages the deceased's estate is the right person. A lot of the probate cost goes towards verifying your identity, checking the will, and if there are any doubts, arranging to interview you to confirm that everything is as it should be. In some cases, there's no need for probate fees. If all of the deceased's assets were in a joint account, and their home was jointly owned, then there may be no need to get a grant of probate in order to arrange anything. In that case, paying the probate cost would be wasteful. However, if the estate contains any complex assets, or anything that was solely in the name of the deceased, then a grant of probate will probably be needed to access those assets. In some cases, you may be able to work with banks, building societies, and other companies to get access to accounts without needing a grant of probate. Often, there will be conditions put on those arrangements, and in some cases you may have to pay a fee. If this fee is greater than the probate fees, or you will end up having to pay several different companies, then it would make more sense to just opt for the one-off probate cost. However, if it's a small fee to access just one asset, then you could save money by negotiating. It is always worth exploring that option - especially if you have any reason to believe that you claim could be complex. Getting help with probate fees If you are confused about how probate works, or think that you will be unable to pay the fees, then you may find it helpful to seek professional advice. For help with the legal side of probate, there are many solicitors that specialise in estate management and probate. If you need other support, then the Citizen's Advice Bureau will be glad to point you in the direction of support and financial aid. After you have provided all the information required by the probate registry, and paid the correct probate cost (which could differ depending on the number of copies of the probate form that you require), your grant will be prepared and then sent to you by post. The process usually moves quite quickly, and if you have all of the information prepared in advance, then you should find that the process is as stress-fee as such an issue can be.
Date Added: July 22, 2011 03:03:05 PM
Author: Amy Fowler
 
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