Would you take a fee/larger for time taken to do probate?

yellowzest

‘Doing probate’ for a loved one is a complicated and time consuming process. If I was to appoint a solicitor we would be looking at £1000s maybe tens of £1000s in fees.

I have already done most of the investigation work to establish asset and debt values and plan to complete the probate process myself.

I am being advised by friends that I should take a fee/larger cut for my time and energy to do this from the estate. Is this something you would or have done?

I didnt agree to do this for money at all but to be fair if I wasn’t doing this I would be able to spend my time on my future business plans so it is technically costing me but again it is something I am determined to do.

Obviously this is a delicate subject. The other beneficiaries have little idea of the work involved in the process (and emotional strain after a bereavement) and I feel very awkward asking / telling them I may take some £ for my time. We are related and very close so I would hate to cause any rifts over this but money can be a complex thing.

Just interested you see what the consensus on this tricky subject is.

[Deleted User]

You're not able to charge for your time and your 'cut' is what is specified in the will.

blobbyrob

Just no and no again.

Flugelhorn

you can only claim expenses not be paid for your time as such. 

blobbyrob

yellowzest said:

If I was to appoint a solicitor we would be looking at £1000s maybe tens of £1000s in fees.

What just for the grant of probate? Mine will be less than £1k.

MoneySeeker1

Absolutely NOT!

You always have the option of employing a solicitor to do the work after all - as the other beneficiaries will know!

The solicitors fees would then come out of the estate as costs and all beneficiaries would share the costs in accordance with proportion they had been left in effect - as someone due for 10% would have 10% deducted from their share, someone due for 80% would get 80% deducted from their share. This would come in with all the other costs - as costs getting deducted from the gross Estate to start with and then the beneficiaries get paid what they are due for in accordance with provisions of Will after the costs have been deducted. 

The Co-op legal advice service does a fixed fee thing I understand. Otherwise I believe solicitors vary with charging between 1%-5% (plus VAT) from the estate. 

If things are unfair at inheritance time - then no-one is likely to be speaking to anyone else for the rest of their lives. Hence they have to be fair - and seen to be fair.

Not to mention I've a distinct suspicion that executors of a Will are legally not allowed to "tell" beneficiaries they will be charging for their time. They can "ask" if they like - but not "tell". If the beneficiaries refuse or aren't "asked" in the first place then you could probably land up in very hot water legally by doing that. This is not an "income stream" for you.

Mojisola

We have left an extra amount in our wills for the executors in recognition of the work involved and the disruption of their lives while dealing with the estate. 

yellowzest

blobbyrob said:

yellowzest said:

If I was to appoint a solicitor we would be looking at £1000s maybe tens of £1000s in fees.

What just for the grant of probate? Mine will be less than £1k.

We’ve been quoted around £1000 to submit the probate forms but that excludes fees and any additional solicitor work involved which is £300+ an hour and there is likely to be some additional work.
Another quote was for a % of the estate which would end up being in the high 1000s

I’ve got support from a retired accountant uncle who’s done the process before so feel capable and supported enough to try to do it myself.

yellowzest

Thanks very much for your comments!
Helpful to see the consensus.

yellowzest

Mojisola said:

We have left an extra amount in our wills for the executors in recognition of the work involved and the disruption of their lives while dealing with the estate. 

This is a good idea

xylophone

https://www.executorsinsurance.co.uk/are-lay-executors-entitled-to-financial-compensation/#:~:text=The%20short%20answer%20is%20no,on%20managing%20a%20deceased%20estate.&text=The%20only%20exception%20is%20if,to%20charge%20for%20their%20time.