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Legal, pensions and money

Probate costs - how much have I saved?

(7 Posts)
Grannyjacq1 Wed 30-Jun-21 11:51:19

I just wondered if any gransnetters had had recent experience of probate. I have nearly finished sorting out my late father's affairs - I was the executor of his 'estate' and I just wondered how much I had saved my 4 siblings by doing this myself. It has been very time-consuming, with some financial and other institutions being far more 'bereavement friendly' than others. I won't 'name and shame'..... yet ..

Katie59 Wed 30-Jun-21 13:34:02

How much it costs depends on complexity and how much work you do, getting all the assets valued and finding the documentation for investments can take weeks. On the other hand if it is just a house to be sold and a couple of other investments or bank accounts would be much quicker.
If a solicitor is paid it’s probably going to be £2000 plus, as executor you can make a reasonable charge for your time or decide you need help from professionals. In many cases it’s controlling the family and making sure everyone is fair and honest when they “help” to clear the property that is most stressful.

muse Wed 30-Jun-21 15:46:18

A relative of my husband died 18 months ago. We were 2 of the 6 beneficiaries and the solicitor acting for her was the executors. I acted as go between as I lived close and we could call into the solicitor when needed.

She quoted us a fixed fee of £2500+VAT if no problems arose. I'd looked after this person's finances for some time and knew there would be a lot of work involved with estate which included: house and contents, savings and investments. There was work to do with the will at the request of one beneficiaries. She spent a total of 15 hours on everything with no extra for the problems that arose with the sale of the house. I consider her charges extremely good value.

I'm not sure how this will help but hope it does.

Jaxjacky Wed 30-Jun-21 16:26:03

My mother’s estate, involving probate, was complex with a very large inheritance tax bill to pay, now nearly done after 19 months. Just got to claim 10k overpayment to HMRC, as that will take goodness knows how long, solicitor has been paid, 12k.

Fennel Wed 30-Jun-21 18:21:17

12K! Good Lord.
I was executor for my mother's will and it was quite straightforward. No dealings with HMRC etc
I can't remember much about it now except that when I'd got all the documents together I took them in person to the Probate Office in London. so scared of them going missing.
This was in 2002, I think it's all online now.

Germanshepherdsmum Wed 30-Jun-21 18:34:11

I assume the 12k JaxJacky paid included VAT but even if not that’s not a huge amount for a solicitor who’s had to take 19 months to sort out a complex matter. If the solicitor had London overheads, as I did, that’s very little for so much work. I speak as a retired partner in a City law firm. People often assume we think of a figure and double it. Not so.

Jaxjacky Wed 30-Jun-21 19:21:39

It was worth every penny, as I said, complex, various bonds, accounts and investments that needed unravelling, VAT was included. My mother had severe dementia, my Dad died 16 years ago, one executor, also their accountant died 10 years ago, the other executor, relinquished his responsibility as he’s in his late 80’s and lives some distance away.