A recent article published on the ukcareguide.co.uk website provides some great insights into Probate Fees and the best value for money.
There are 3 types of organisations that can support you with probate. They all do exactly the same thing but the costs vary significantly.
If we take the example of someone with an estate of £300,000, without including disbursements, as they would all charge similar for this, this is how the costs would break down:
- Using a bank with a 5% fee = £15,000 plus VAT at 20% (£3,000). The total cost would be £18,000 plus disbursements
- Using a solicitor charging 3.5% = £10,500 plus VAT at 20% (£2,100). The total cost would be £12,600 plus disbursements
- Using a Probate specialist, charging 1.99% = £5,970 plus VAT at 20% (£1,194). The total cost would be £7,164 plus disbursements
As you can see the difference in cost between using a bank and a probate specialist is extraordinary. A probate specialist is more than half of the price of a bank and still significantly cheaper than a solicitor. The key thing to remember here is that all three provide the same type of service.
However, using the services of Redwood Wills & Trusts, an Estate Planning and Probate specialist, the benefits can be even greater.
Our probate services are offered on a fixed fee only. We do not charge hourly rates and we passionately believe charging a percentage is a very unfair way to charge for the service. We prefer a fixed fee for everything wherever possible, so our Client always knows the exact cost down to the last penny before they decide if they want to progress. The end result is, our Clients always achieve The best value for money, the best possible service and all at a fair and competitive price.
Redwood is one of the South’s leading Pensions, Investments, Probate, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. We specialise in helping our Clients with Long Term Care Fee Planning. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email info@redwoodfinancial.co.uk to book an obligation free Initial Meeting with us to review your financial planning needs.
You can read the full UK care Guide article here
