5 ways to reduce will fees

Most executors and representatives in the UK use a professional to request inheritance and manage deceased assets on their behalf.

In a time of grief, inheritance taxes may be the last thing you think. As an executioner, however, you have a legal obligation to keep costs down and preserve the legacy of the recipients.

Here are 5 ways you can keep legalization costs to a minimum.

1. Get more deals

There is a massive variation in legal inheritance taxes. The Fair Trade Office estimated that UK consumers spend more than £ 40 million a year on inheritance taxes, not walking around. Which one? He got offers from 4 different street banks and discovered that the difference in wealth management fees in the amount of £ 350,000 was £ 8750. Therefore it is worth getting at least 3 offers, just make sure to compare the services like.

2. Give up unwanted executors

There is a widely recognized phenomenon known as "bait" where authors write a will as executors and then charge exorbitant fees for heirs. Some companies even write wills as a "loss leader" and get their money from a healthy portion of the deceased's estate. If you are in the situation, you should seek professional advice immediately to give up your execution.

3. Select a flat rate succession service

Never give a green light to a company to load whatever it considers appropriate; You may be in a state of shock when the final bill arrives. Always get a fixed price and find out what's included. Read all the fine printouts to make sure there are no hidden enhancements.

4. Don't use a company that calculates your rate as a percentage of equity

This can be much more expensive. Also, it is not necessarily a fair way to calculate rates because it is not based on the amount of work to be done. For example, 3 bank accounts require more work to manage than 1, no matter how much money.

5. Consider applying for a will independently

Using a lawyer to handle the estate is not a legal requirement. If it's a simple matter, you may want to consider doing it yourself to save money on fees. In some cases, this is not recommended, especially for deaths between large or complicated estates or farms. If you decide to follow this path, there are DIY sets available that include everything you need to complete the process. Another alternative is to get the grant yourself and then appoint a professional to handle the wealth management process.

In addition to saving money on inheritance taxes, make sure that the inheritance company you choose is qualified. Unfortunately, the industry is not regulated, and a professional does not have to be a qualified lawyer to offer these services. On the other hand, some attorneys do not have the specialized experience to handle inheritance cases. The best advice is to choose a company regulated by the Society of Will Writers and Estate Planning Practitioners.