Save on Probate Costs

What is Probate?

Most people have heard the term “Probate”, however far fewer are aware of what it means and how to save on probate costs.

Just because we have a Will, that does not automatically mean that after our death the people dealing with our affairs can immediately begin sharing out our estate.

If there is a Will, then the people dealing with an estate are called “Executors”, and if there is no Will, then those people are called “Representatives” instead.

Applying for a Grant of Probate is a request by Executors/Representatives for official legally valid permission from a government department known as the Probate Registry, for those Executors/Representatives to then be able to officially distribute estate assets to beneficiaries.

Is Probate Always Required after Someone Dies?

No. A Grant of Probate will usually only be necessary if a deceased person:

Owns property in their sole name or jointly as a “Tenant in Common”* rather than as “Joint Tenants“* (Please see towards the end of this article for definitions) with another person; and/ or

They have significant savings (approximately £25,000 plus) in a bank account or Personal Equity Plan (PEP) or Individual Savings Account (ISA) or Investment/Premium Bond holding; and/ or

If they hold more than approximately £10,000 in one shareholding (e.g., BT, Santander, Glaxo SmithKline, etc.)

(The potential variance in the above figures is due to differing requirements between the various banks, investment companies, and share administrators).

If any of the above apply, then the Executors of a Will or Representatives of an estate must obtain permission from the Probate Registry before an estate can be distributed to the beneficiaries according to a Will, or the law if there is no Will.

Only once the Executors/Representatives have obtained this Grant of Probate from the Probate Registry can they then commence fully collecting in and then distributing the relevant assets of a deceased person’s estate to its beneficiaries.

Must I use a Solicitor to Obtain a Grant of Probate?

No. It is a myth that you must use a solicitor firm to obtain a Grant of Probate. This is an extremely expensive and unnecessary route to take. It is not uncommon to pay over £5,000 to a solicitor to obtain a Grant of Probate, and so-called “Legal Services” firms can often charge even more than this. It is an unregulated and inconsistent marketplace where practitioners are free to charge whatever they like.

Such companies can prey upon Executors/Representatives when they have just lost a loved one. The Executors/Representatives are often also beneficiaries of an estate, so they may not miss several thousand pounds if they are set to inherit a value far greater than any possible opportunistic and unnecessary Probate-related fees.

Therefore, it pays greatly to shop around for a more cost-effective and local service Probate Guidance service.

As a result, it is an advantage to ALL beneficiaries for as little as possible to be expended in Probate costs, as they then all receive a greater value of an estate value by inheritance as a result and save on probate costs.

Some people are confident enough to apply for a Grant of Probate directly from the Probate Registry. However, if Executors/Representatives are not confident to apply to the Probate Registry directly, they need not spend more than £1,000 to obtain the same outcome, merely by carrying out some worthwhile research. This can easily be achieved by using a local Probate Guidance service instead. As a result, Executors/Representatives obtain lower-priced successful guidance to correctly obtain a Grant of Probate for a far lower cost.