Six reasons why it pays to pay for probate
Given the current high levels of inflation and economic conditions, it is reasonable to expect that several executors will opt to manage a deceased individual’s estate independently to avoid the expenses associated with hiring a solicitor.
Amid the high levels of current inflation and the economic backdrop, it is understandable that many executors will decide to administer a deceased’s estate themselves and dispense with the cost of instructing a solicitor. We have compiled a list of 6 key reasons why it pays to pay for Probate.
Protection from financial risk
Executors are accountable to beneficiaries and are liable personally for anything that goes wrong, and so administering an estate oneself, rather than instructing a solicitor, means taking on additional risk. This can be exacerbated by the fact that for many executors, it will be the first time they have carried out the role. Unfamiliarity with the Court system, dealing with HM Revenue & Customs, HM Land Registry and generally with financial organisations can all mean that important deadlines are missed, and financial penalties can result. If something goes wrong and you have instructed a solicitor, you can complain to them and have the benefit of their indemnity insurance. Instructing a solicitor to handle the estate can therefore give you peace of mind – not just that you are in safe hands, but also that you have an added layer of protection.
Relying on a solicitor’s expertise and access to resources
Instructing a solicitor who carries out this work on a daily basis and is familiar with the deadlines and organisations mentioned has a lot of advantages. A solicitor will have access to precedent letters and software specifically designed for completing and filing necessary documents, not to mention technical resources if there is a point of law or procedure which needs addressing, or the expertise within their firm to draw on. That may include a conveyancing practice to sell an estate property or specialist knowledge about anyone who may make a claim over the estate. Unless you have access to these resources and software yourself, it is likely to take you longer than it would take a solicitor to complete the same work.
It saves you time
Administering an estate is a time-consuming process, with lots of the correspondence involved still needing to be carried out by letter. It is not uncommon for the administration to take one or even two years. More complicated estates can take even longer to administer. The amount of work required often comes as a surprise to an executor and the time involved can interfere with other work you might be carrying out, or simply eat into spare time. A solicitor can therefore help to free up evenings and weekends which you would otherwise spend on administering an estate.
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