Many people think that they can obtain a Grant of Probate themselves and carry out the necessary work required to transfer someone’s estate to the correct beneficiaries and whilst I’m sure that these people have the wits to do this it’s important that they understand the implications of obtaining the Grant in their own names before they set out on that journey. They may think that they’re saving the estate a little money by doing the job themselves but often this isn’t the case and below are a few reasons why.
1 – They may not be aware that the risk of any errors lies personally with them as Executors and Personal Representatives (PR’s)
2 – If they make a mistake in completing the Inheritance Tax forms or the final Income Tax forms for the deceased then they are personally liable and will have to pay the tax themselves.
3 – If they make an error in the value of any individual’s pay out then they are personally liable for the amount.
4 – If they are also one of the beneficiaries along with other family members, this often causes mis-trust between family members who are not in control of the pay out.
5 – Many Solicitors obtain the Grant of Probate in the name of the Executors so they remain personally liable even though they’ve engaged a Professional to obtain the Grant for them. We don’t do this, we obtain the Grant of Probate in our name so that we are the ones taking the risk and shouldering the responsibility.
6 – We pay back any out of pocket expenses such as Funeral costs as soon as we are able to rather than waiting for the full Estate Administration to have occurred prior to re-imbursement.
7 – One thing that most beneficiaries ask is how soon will we get our money, because we are experts in Probate, we are able to speed up the process to a large degree and so our clients get their inheritance far sooner than they would have if they’d been doing the work themselves.
8 – When the deceased was the last person living in a house we automatically get the property drained down so that the pipes are kept in good order, we get it secured so that it remains saleable and safe and we insure it for a full 12 months from the date of death. Many insurance companies policies cease at the date of death.
If you need a fixed price quotation for any Probate work, please call me on 01305 774786 and I’ll be able to help.