A report on the cost of dying has highlighted that a bereaved family will spend £3,000 on average when hiring a legal professional to administer the estate of a loved one. Administering an estate typically involves dealing with all of the assets associated with the person who has died, paying any debts and managing all of the legal and tax implications.
Last year, estate administration specialists Kings Court Trust [KCT] administered over 1,000 estates on behalf of families across the UK. Their average net fee for carrying out all of the legal and tax work associated with these cases was £2,549 – a saving of almost 15% compared to the industry average quoted in the research report.
Unlike the service offered by many traditional solicitors, KCT ’s comprehensive estate administration service comes with a guaranteed fixed price that is agreed up front with the customer.
This means that the family have complete peace of mind in knowing that the cost of the service will not change, regardless of the complexity of the case.
In contrast, many solicitors still use an hourly rate model which means that the final fee is dependent on the length of time that the estate takes to administer, which is often unknown until well into the estate administration process.
The report highlights the significant costs involved in someone passing away.
Professional fees often need to be met by the immediate family, so it goes without saying that they should shop around to find the service that best suits their needs.
Unfortunately, it is all too common for us to hear of families appointing the first solicitor or estate administration provider that they come across. This often means that they end up paying over the odds for a service that they don’t fully understand.
We don’t believe this is fair for the family, which is why KCT takes the time to explain how the estate administration process works and provide a guaranteed, fixed price quote before any work is undertaken.
KCT offers a comprehensive estate administration service for a guaranteed fixed price. For more information on their services or if you have any questions relating to the estate administration process give me a call and I will give you a personal introduction.
Jan Oliff Financial Planning is pleased to work with KCT in a business relationship that enables our firm to be alongside our clients as they make crucial financial decisions. Sometimes other financial planning can also be used to further reduce the final costs of estate settlement.