The cost of probate – fascinating insights from market research

Unfortunately, as any adult will tell a child “money doesn’t grow on trees” and to coin another cliche, there is no such thing as a “free lunch” and dying is no exception. Historical research has shown that for understandable psychological reasons perhaps, a significant proportion, upwards of 30%, do not make wills and many do

Home » Probate » The cost of probate – fascinating insights from market research

Unfortunately, as any adult will tell a child “money doesn’t grow on trees” and to coin another cliche, there is no such thing as a “free lunch” and dying is no exception.

Historical research has shown that for understandable psychological reasons perhaps, a significant proportion, upwards of 30%, do not make wills and many do not explore the cost and practicality of funerals.

So, how much does dying cost ?

In an annual survey from Sunlife, they commission leading market research company Mintel to provide the answers. Here is a link to the latest report just published.

The big points we take away from this report are :-

  • funeral costs have been rising at 7% a year on average for the last 12 years, that’s a big hike
  • the total average cost associated with dying is just over £7,000.00 including funeral and estate administration
  • professional charges for probate such as solicitors fees are on average £1,900.00 plus VAT which is a fall of about £300.00 in a  fairly short time period.

In circumstances where there has been no or inadequate planning for the costs associated with passing away there are often options available to releases funds or assets in order to ensure that the deceased has the right funeral or cremation and for funding probate.

The costs of using solicitors are usually paid for once all assets are administered and debts paid so there is usually little or no upfront costs and it is worth noting that the fees will often depend on how complex the estate is and of course the amount involved as in many cases a percentage is charged. Other variables based on fixed fees are also possible – we offer various options.

For more advice or information about wills and probate, please do get in touch  for a free discussion.

Here is an additional resource from us on probate.

 

Probate

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