DIY probate - a good idea?
DIY Probate can be a pretty hefty undertaking, as it combines grieving the loss of a loved one with the difficulty of coping with a variety of financial and legal burdens which would be difficult to complete even in the best of times. It’s for this reason that DIY Probate is genuinely unsuitable for most people.
One of the reasons that many people feel that DIY Probate is the best approach is that they feel they will save money by doing so. Many are aware that, if they should employ a professional, it’s possible to take their fees out of the amount left behind by the deceased, but feel that it is better to take a route which leaves as much of the estate intact as possible, so that a larger sum can be passed on to relatives and loved ones.
While this is certainly an honourable goal, the fact is that in many cases DIY Probate can be a more costly option than employing the services of an expert. For a start, while a professional’s fees can be reclaimed from the estate, only the “reasonable expenses” of a non-professional executor can be charged for – things like petrol or telephone calls – meaning that, if you should have to take time off work or suffer any other loss of income as a result of having to dedicate your time to the Probate process, you will be left out of pocket.
The other more serious downfall of DIY Probate is that mistakes in such an arena are easy to make, and if anything should go wrong as a result of your inexperience then you will be held fully liable to cover the losses incurred by any party. Depending on the severity of the mistake, this could lead to financial disaster for you.
It is for these reasons that, while DIY Probate can be undertaken, it is generally best to employ an affordable expert. Here at Law on the Web, you can use our completely free Find a Solicitor service to look up the best Probate solicitors for your needs – there’s no obligation to use the solicitor we suggest, so give it a try today!
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