Avoid costly mistakes: the case against DIY probate

For some Executors of an estate, it can be tempting to apply for probate yourself in a bid to save money and time. After all, the cost of living is constantly on the rise, so it’s inevitable that many try to do themselves what they would previously have paid a professional to do.

Can probate be done without a solicitor?

Yes. It is possible to apply for probate and administer the estate without a solicitor, however, it’s a process which isn’t without its risks for the unwary.

Many people assume that probate work is straightforward and whilst it’s true that it can be, more than often that’s not the case. Even what appears to be the simplest estate at face value can be far more complicated.

In many ways, DIY probate can be a false economy. Many people who take on probate themselves ultimately end up seeking legal advice due to errors made or because they’re struggling with the paperwork. Even a simple mistake may mean that any money you saved by not using a solicitor is spent on instructing one to fix it.

The benefits of instructing a solicitor for probate:

• It gives you peace of mind that an expert is handling the process.
• It minimises the risk of errors or avoidable delays.
• We can provide related services such as handling the sale of the deceased’s home and referring you to other experts, e.g. tax advisors.

That’s why we recommend you speak to a probate specialist for legal advice that can save you both time and money.

How does probate work?

Probate is the term generally used to describe the legal process involved in dealing with the assets and liabilities of someone who has died and distributing their estate to their beneficiaries. This process typically involves checking the validity and terms of their Will, if they had one, investigating what assets the deceased owned when they died and sorting out any debts or taxes owed by the estate

If the deceased person had a Will, the Executors would need to apply for a Grant of Probate before they can administer the estate. If they died without a Will (intestate), the administrator of the estate needs to apply for a Grant of Letters of Administration.

Once the Grant of Probate or Letters of Administration have been received (this can take several weeks or even months; see our recent blog on probate delays), the Executors can collect or sell the assets in the estate, pay off any debts and consider whether any Income Tax or Capital Gains Tax issues have arisen. Once all matters have been dealt with, the estate can be distributed to the beneficiaries.

How long does probate take?

The time it takes to get probate varies enormously and depends upon the size and complexity of the deceased’s estate. Probate can be a daunting process and brings with it many complicated and onerous duties that can take months or even years to complete.

Common pitfalls of DIY probate

The process of applying for probate (or Letters of Administration) is complex enough before you have applied a layer of emotion and grief after losing a loved one.

As Executor of the Will, you have an important role. It’s a position that carries considerable administrative, legal and tax responsibilities.

If you act wrongly, albeit accidentally, you may be liable to pay compensation to the beneficiaries from your own pocket.

Some of the most common mistakes people make when doing probate themselves relate to legal errors that they hadn’t even considered, such as:

• Not requesting the original Will, which is needed when applying for a Grant of Probate.
• Not valuing the estate.
• Failing to pay all liabilities, or missing some.
• Paying tax owed on the estate, e.g. Inheritance Tax if the estate is above the threshold.
• Not dealing with Income Tax or Capital Gains Tax issues that arise after the date of death.

Other complexities can come up, including:

• You have question marks over the validity of the Will.
• Dependents have been left out of the Will.
• The estate includes assets held in Trust.
• The deceased hasn’t left a Will and has a spouse and/or children.
• The estate is insolvent.
• There is a difficult family relationship, prompting tension and even disputes about the estate.
• By not consulting a probate solicitor, you run the risk of undervaluing the estate, underpaying tax or missing out on people who were entitled to inherit.

Contact our probate and estate administration solicitors in Bristol

Before you decide to go down the DIY probate route, speak to our specialist probate solicitors. Our team can offer the friendly, straightforward guidance you need to ensure your duties as an Executor are carried out properly.

For professional advice about probate and dealing with the affairs of someone who has died, call 0117 325 2929 or complete our online enquiry form.