The pitfalls of DIY probate
…and why you should use a professional
With the huge increase in internet use and the wealth of information that can be found on it, more and more people are being tempted to deal with the administration of an estate themselves. This blog sets the factors you should consider.
Probate, the process of dealing with someone’s estate (property, possessions, cash, savings) when they pass away, can be applied for without seeing a lawyer, but it’s not without risks. Official statistics indicate that the number of claims against executors for breach of fiduciary duty (in other words “getting it wrong”) has more than tripled in recent years. There is speculation that this increase is linked to the rise in DIY probate.
There are various factors to consider before deciding whether or not to handle the process yourself. These factors can include:
- Understand your responsibilities
- The Will itself can be complicated
- Understand your personal liability
- Amending entitlements
- Completing an Inheritance Tax return
- It can be time consuming
- Value independence
- Understand all the tax implications
- Use a reputable lawyer
For all the details: UK Care Guide