DIY Probate
Occasionally we receive enquiries from people who have elected to take DIY one stage further! They take on the task of obtaining a Grant of Probate or Letters of Administration themselves. Very often this is because they perceive it will be cheaper than instructing a solicitor.
Often this is not the case. Even where the administration of the estate appears to be straightforward, the DIY enthusiast will not know of the many and varied situations in which inheritance tax could be saved. Why pay the Chancellor more if you can avoid it?
As a result of his recent announcement on the nil rate band for married couples and civil partners there is an opportunity to look back to the estates of pre-deceased spouses. It would be easy to miss that opportunity to gain an additional £325,000 taxed at the nil rate. In a stroke, an additional £130,000 could be lost to the estate and the pockets of the beneficiaries. Further, those disappointed beneficiaries may hold you personally liable and sue!
Where you take the DIY route, we can always give ad hoc advice if difficulties arise along the way but we cannot view the situation as a whole: we cannot therefore advise on the complete picture and the chance to save tax may be missed.
We urge anyone who has been recently bereaved, before embarking alone, to come and see us. An initial consultation need not be expensive and we will always give you a clear indication of our anticipated costs.
Contact Kathryn Tarry on 0118 9842266 or by email kathryn@rwp-solicitors.co.uk. You will be surprised at the value for money and peace of mind we can give you.