Probate - further information

‘So how does probate work, and what do I need to do now?’

Once someone has died, somebody has to deal with their estate (their money, property and possessions) by collecting in all the money, paying debts and distributing the estate to those people entitled to it. ‘Probate’ is the term often used to describe the legal document given to one or more people authorising them to do this.

There’s two types of Probate – ‘Grant of Probate’ (for those with a will) and ‘Letters of Administration’ (for those without a Will).  These are also sometimes known as ‘Grant of Representation’.

If your assets are in the region of £200,000, banks will typically charge you up to 5% (£10,000) and a Solicitor can be as high as 3.5% to administer the estate.

'That’s £10,000 to distribute the estate? There must be another way?'

Fortunately there is. Independent Trust Corporation (itc Legal Services) are the UK’s largest probate provider and they offer a fixed price service to ensure that money can be one less thing for you to worry about.

For example, for a £120,000 estate itc Legal Services will usually charge £1,500, saving you up to £3,700 on a typical bank's fee and up to £1,500 on a typical solicitor's fee. On an estate of £450,000 itc Legal Services will usually charge £4,500. This could save you up to £12,250 on a typical bank's fee and up to £4,500 on a typical solicitor's fee.

'What do I do next then?'

To find out whether you need probate, speak directly with itc on 0800 195 2926.

Alternatively they can call you - request a call back here.
 
itc Legal Services will explain what your options are, offer guidance on doing probate and arrange a free home visit from one of their probate administrators.