Cheap Probate in the Basildon, Chelmsford, Southend triangle.
Probate in Basildon, Chelmsford, and Southend, as well as the surrounding areas, can be a minefield for an executor, particularly if the executor has never completed the task beforehand.
When someone passes away, you need to gain the legal right to deal with their money, property and possessions, known commonly as the persons “Estate”.
The first step is to look for a “grant of representation” more commonly known as Probate.
The cost of Probate can vary dramatically :
Let us look at the average estate in the UK today having a value of £300,000
If Probate is conducted by a bank, who often offer a free will service in order to secure the executorship and probate – this could cost up to 11% - which would see a cost of up to £33000 in probate fees.
If probate is conducted by a local solicitor the average costs are between 4% and 8% so taking it to the lower end at 5% that’s a cost of £15000 in probate fees.
One of the cheapest companies in the UK is Probate and Estate planning specialists, the Will Associates. Working on low-cost high volume, who charge as little as 1.75% which would see the probate fees from as little as £5250. You can check out the local specialist in your area at the following website https://will.associates/richardm
The difference in costs is astronomical.
So let's look now at what happens in the probate process, how you can start the process and what it takes to complete it.
What Happens if someone passes without leaving a will?
1. If there is no will then the next of kin can seek the grant of representation. This could be a spouse or a child.
2. You cannot apply for representation if you are an unmarried partner, no matter how long you have been together.
3. An unmarried partner (or civil partner) has no automatic right to the estate of their partner.
The key thing is that if you die without a will in place, the government and law will decide who gets your estate and in what proportions.
There are many permutations on an estate but the following are the most likely :
Husband or Wife passes – Estate is less that £250,000
If your spouse or civil partner passes and the estate is less than £250,000 then the Estate will pass to them automatically.
Husband or Wife passes – Estate is more than £250,000
If your spouse civil partner passes and the Estate is worth more than £250,000 then the estate is split as follows :
a. The surviving spouse received the first £250,000
b. The surviving spouse receives a further 50% of the remainder of the estate.
c. The other 50% of the remainder of the estate is split equally between any children or their children if they have already passed.
This can obviously lead to massive implications for the surviving partner if the children are of the mindset that they want their share now and in the worst case scenarios, they could force the sale of the family home to achieve this.
All of this could be solved simply by putting a Will in place which can cost as little as £99 for a single and just £149 for a couple with an expert company like the Will Associates.
If a will is in place when the person dies then the named executors will then go to the Probate registry to see representation.
You may find though that an Executor may decide when the time comes that they do not want to execute their duties.
This is common for most people who have never conducted Probate before as there are 4 main steps to this :
1. Complete the Probate Application Form
2. Complete the inheritance Tax Form
3. Send off the applications
4. Swear an Oath
The implications of not completing the forms correctly could leave the Executor liable to prosecution, particularly if mistakes have been made in the Inheritance Tax calculations.
The good news is that all of this can be managed and all of the stress can be taken away from this process by engaging a professional executor in managing the process alongside the chosen Executor. As we have seen, though, care should be taken to spend as little as possible to complete this process.
We have mentioned the Will Associates previously but more so because they have been proven to be the most cost-effective solution that we have managed to find in this field.
The Will Associates are a national company, operating in England and Wales. With over 90 staff at their headquarter location in the Old magistrates Court in Market Drayton in Shropshire and 250 consultants throughout the country, the Will Associates are fast becoming the largest Estate planning and probate company in the UK.
The local senior consultant in the South Essex region is Richard Morris. Richard can be contacted on Freephone 0800 847 7030 as well as via email on Richard.firstname.lastname@example.org
Richard also advises on Wills and Testaments, Lasting Power of Attorneys and Property and Monetary trusts.