SHEFFIELD 0333 5770215
CRIMINAL 0333 5774213
ROTHERHAM 0333 5774215
KILLAMARSH 0333 5774214
MOBILE FRIENDLY RATES. Calls are FREE from mobiles & landlines with inclusive minutes and geographic rate (01) charged from all others
Protect your familys wealth solicitors sheffield

Protect your family's wealth

This article appeared in the Sheffield Star on 3rd February 2010 and the Sheffield Telegraph on the 4th February 2010.

Recent press coverage has highlighted the high fees charged by some high street banks and unscrupulous will-writing firms forprobate advice acting as executor of a deceased person's estate. Figures of up to 4.5% have been charged, equating to a bill of £18,000 on an estate of £400,000.

Although untangling some people's finances can be complex, 4.5% does seem expensive when an experienced firm of solicitors like Norrie Waite & Slater would normally charge on an hourly basis, or in cases where a percentage fee was appropriate, not usually more than an additional 1%.

That is a huge difference, but many people still ask, why do I need someone to do this for me, can I not handle it myself?

The answer depends on the complexity of the deceased's financial affairs, and your knowledge of, and willingness to get to grips with tax issues and the law. There are many potentially costly pitfalls in handling an estate yourself, which have to be weighed up against the savings that an experienced solicitor can deliver, often more than offsetting their fees. A few points to consider include:

  • It doesn"t have to be all or nothing. You can instruct a solicitor to deal with only certain aspects of the estate. For example, you may be comfortable dealing with things such as utility bills, banks and life insurance, but would rather a solicitor deal with finalising the income tax, inheritance tax and property transactions.
  • estates advice
  • When someone dies part way through a tax year, a solicitor may be able to save you money by calculating and claiming any overpayment of income tax from HM Revenue and Customs. This would not be returned to you automatically otherwise.
  • Inheriting money may affect a beneficiary's own tax position. A solicitor can advise you on the best way of dealing with this to minimise any future tax liability.
  • Many people who lose a loved one to a disease such as cancer or heart disease wish to make a donation from the estate to a relevant charity. A solicitor can advise you as to whether a deed of variation to the person's will can be used to reduce the amount of inheritance tax payable by the estate.

These are just a few examples of where a specialist probate solicitor can save you money.

Follow this link to see our page on Probate and Estates.

Click here to go back to In The Media.

Enquiry Form

Our lawyers offer legal advice and representation at court or the police station on a private or legal aid basis. Legal aid is available in some areas of law only. Please see our pages on legal aid for more advice. We offer a free initial consultation in some areas of law. Personal Injury compensation claims can be conducted on a 'no win no fee' basis.