Price is very reasonable for the dry bumming legal profession. With an estate of that value you should be able to deal with it yourself as there is no inheritance tax due.I`ve taken on the task of appointing a solicitor for my MiL to do the legal side of my FiL`s will , the FiL died a few days ago , first quote for doing the legal work nearly knocked me off my chair .
Further to your telephone conversation with my colleague xxxxxxxxx, I confirm the following costs:
- Grant Only: we will draft, arrange execution and submit the application to obtain the Grant of Probate. The fee for this is from £950.00 plus VAT and disbursements (Court fee of £273.00 plus £1.50 each for copies required) as long as no Inheritance Tax is payable.
- Full Administration: we will correspond with the asset and liability holders to obtain the date of death information; draft, arrange execution and submit the application to obtain the Grant of Probate; realise the assets of the estate; pay the liabilities of the estate; prepare Estate Accounts; deal with taxation matters and distribute the estate in accordance with the Will. The fee for this depends on the value of the estate but will start from £6,500.00 plus VAT and disbursements if the gross value of the estate is less than £325,000.00.
As far as I can see it is a mirror will , all is going to the MiL , they have joint bank accounts, he had a good civil service pension and an ISA in his name.
The only complication I can see is there is a serious clinical negligence claim in place against a care company,any compensation would go to the MiL I assume, the quoting solicitors say a Grant of Probate is required because of this
So my question is about fees,is this quote extortionate? seems a huge amount to me for a simple mirror will , obviously I`ll be shopping around, also how much work can you do yourself to reduce solicitor fees?
This is under English law and the FiL`s share of assets has a value of approx £200k.
The process is initially bewildering and comes when many people have other things to think about. There's no rush to get it done. Take your time, do your research, and pay as little as is legally permissable.