Probate
The importance of using a probate professional in the UK
Navigating the probate process can be a complex and often overwhelming experience for many individuals. In the UK, the legal procedure of dealing with a deceased person’s estate requires meticulous attention to detail and a strong understanding of relevant laws. While it may be tempting to handle this process independently, engaging a probate professional can save time, reduce stress, and ensure that all legal obligations are met effectively. Here, we explore why hiring a probate professional is essential, supported by statistics and examples, and the pitfalls of handling probate as a layperson.
Understanding probate
Probate is the legal process of administering a deceased person’s estate. This includes validating the will, identifying and valuing the deceased’s assets, paying debts, and distributing the remaining estate to beneficiaries. Although it might sound straightforward, the probate process is often fraught with complexities, especially when understanding tax implications, legal terminology, and potential disputes among beneficiaries.
Reasons to hire Liberty probate services
1. Expertise and Experience: We are Probate professionals with extensive knowledge of estate law and the probate process. According to a survey conducted by the Law Society, 70% of respondents felt more confident when working with a qualified person during the probate process. Our expertise can help navigate potential issues, reducing the likelihood of errors that could lead to delays or complications.
2. Time-SavingThe probate process can be time-consuming. On average, probate can take anywhere from six months to two years to complete, depending on the complexity of the estate. A probate professional can streamline the process, enabling a quicker resolution and allowing beneficiaries to receive their inheritance sooner.
3. Mitigating Risks of Legal Issues The risk of legal disputes increases when handling probate without professional help. According to statistics from the Judiciary of England and Wales, around 20,000 probate cases are contested yearly. A knowledgeable probate professional can help ensure all legal requirements are met, significantly reducing the risk of future litigation.
4. Financial Efficiency While hiring a probate professional involves costs, it can also save money in the long run. Professionals can provide guidance on tax obligations, inheritance tax (IHT) planning, and how best to handle debts during the probate process. For example, failing to handle IHT correctly could result in significant penalties. In 2020, HMRC collected over £5.4 billion in IHT revenue, demonstrating the importance of accurate tax management.
The pitfalls of going it alone
1. Lack of KnowledgeMany laypersons do not fully understand the legal jargon and complexities of probate law. Mistakes can quickly occur without proper knowledge, such as misvaluing assets or neglecting to notify creditors, which could lead to expensive legal ramifications.
2. Increased Stress The emotional toll of losing a loved one is profound, and managing their estate can add unnecessary stress. Handling probate independently may exacerbate overwhelming feelings, particularly when facing deadlines, paperwork, and potential disputes among family members.
3. Potential for Delays Errors or omissions made by a layperson can lead to significant delays in the probate process. Tasks such as completing the probate application, inventorying assets, or addressing disputes may take much longer without professional assistance, extending the time beneficiaries must wait for their inheritance.
4. The executor is legally responsible for the Estate Administration. Any mistakes can be costly. We have many examples of laypeople being involved with disastrous results.
Conclusion
In summary, engaging Liberty Probate Services is a wise decision to bring peace of mind, efficiency, and legal security to the challenging probate process. The advantages of hiring a qualified expert outweigh the costs and the complexities involved, along with the potential for legal disputes and financial penalties. As highlighted by reputable sources and statistics, a skilled probate professional can ensure that the estate of your loved one is managed smoothly and correctly, allowing you to focus on what truly matters during a difficult time—the memories and legacy of the person you have lost.
Costs
As all estates are different, it’s not possible to give an exact cost until we have reviewed the work required to complete the probate process.
We work out a bespoke package, which may be based on a percentage or a fixed fee.
We work towards keeping the costs as low as possible. As we are specialists in reducing Inheritance Tax, our fees are often covered by the substantial Inheritance Tax savings that we achieve.