In the past, if an individual needed a will or someone to deal with the estate of a loved one, they would approach a solicitor for assistance. However, now, more than ever, there are other avenues open such as approaching banks, will writers or even retailers (such as the Co-op) etc. Individuals can also try and run an estate themselves.
It is possible to apply for Probate and deal with an estate without seeing a lawyer but, as with all things in life, this approach is not without risks – risks that legal group Solicitors for the Elderly recently highlighted.
Like all things in life, a proper assessment of the risks involved is required before setting out to deal with an estate otherwise mistakes can be made and significant, and unnecessary, costs incurred in the future.
One of the things that the SFE pointed out is that they have noticed an increase in individuals who have initially tried to deal with a probate themselves but then turned to them for advice when they have made a mistake or found the paperwork too tricky.
The SFE highlighted an individual, Mrs. A, whose will had included a tax saving trust but when her husband dealt with the estate, he paid the whole estate to himself. The solicitor who he eventually approached was able to sort out the matter and avoid future complications occurring when Mr. A eventually dies.
They also highlighted the case of a Mr. G. who sold some shares that had made a gain during the administration of his late sister’s estate and had to pay tax. If he had known and had transferred the shares to himself, before selling them, he could have avoided that tax.
Darrell Collins, local SFE member and Partner with FDC Law, says that, "People are not always aware of the complexities and assume that the Probate work will be quite straightforward. It is true that it can be, but it is just as true that sometimes it isn’t. In all but the more straightforward of cases, it is important to seek timely specialist legal advice that can actually save you money and worry.”
If you would like more information on these issues or help with the administration of an estate, please contact us or call our office at Frome 01373 465051, Midsomer Norton 01761 417575 or Keynsham 0117 916 1088.