Solicitor Fee structure for Probate: % fee vs. fixed fee

[ali101]

Do most solicitors charge a fee for handling probate that is based on a % of Total Assets? Or, do some charge fixed fees? How open is a solicitor typically to negotiate on fee?

Specifically, with respect to a house asset, why is a house asset not charged as a flat fixed fee? Is the work required by a solicitor to handle a house asset during probate not the same regardless of house Valuation?

Is there any publicly available data that would help compare the costs of % fee vs. fixed fee models?

 

[Salvadore]

Specifically, with respect to a house asset, why is a house asset not charged as a flat fixed fee? Is the work required by a solicitor to handle a house asset during probate not the same regardless of house Valuation?

In answer to this, there is no valid reason why a fee for work undertaken should relate to the value of a property.

The amount of work undertaken however may vary as not all properties are as easily administered.

If it’s a relatively straightforward will that’s being administered, you could consider doing so yourself, saving yourself time, money and the hassle of dealing with a solicitor.

 

[thedaddyman]

In fairness to the solicitors, it can depend on the complexity of the probate, the number of beneficiaries, executors etc that have to be dealt with. Done it a couple of times, one was very straight forward, 1 executor, 2 beneficiaries and a straightforward estate. Other one was a mare, 26 beneficiaries, (some of whom died during the process), a farm, no tax paid for years, bank accounts all over the place, money litterally under the mattress and it took over 2 years to get everything sorted and cost a small fortune but the solicitor had to engage an accountant and tax advisor to resolve.

So no certain answer, will depend on circumstances but they should provide you with a proposed bill of costs before they start

 

[ali101]

In fairness to the solicitors, it can depend on the complexity of the probate, the number of beneficiaries, executors etc that have to be dealt with. Done it a couple of times, one was very straight forward, 1 executor, 2 beneficiaries and a straightforward estate. Other one was a mare, 26 beneficiaries, (some of whom died during the process), a farm, no tax paid for years, bank accounts all over the place, money litterally under the mattress and it took over 2 years to get everything sorted and cost a small fortune but the solicitor had to engage an accountant and tax advisor to resolve.

So no certain answer, will depend on circumstances but they should provide you with a proposed bill of costs before they start

Thank you for the input. There is one executor and 3 beneficiaries (children of deceased). So, fairly straightforward I would anticipate.

 

[Pmc365]

If I was hiring a Solicitor I would go on a recommendation or get a number of quotes ( if they will give you a fixed price but they may be reluctant to do this). If its a straightforward case you will probably find it easier to get a fixed quote, if it's far from straightforward with multiple layers of complexity such as potential litigation, tax issues, a large complex estate with many beneficiaries and some overseas expect to pay alot more. In the past Solicitors did charge on a % basis of the gross estate.

 

[ali101]

If I was hiring a Solicitor I would go on a recommendation or get a number of quotes ( if they will give you a fixed price but they may be reluctant to do this). If its a straightforward case you will probably find it easier to get a fixed quote, if it's far from straightforward with multiple layers of complexity such as potential litigation, tax issues, a large complex estate with many beneficiaries and some overseas expect to pay alot more. In the past Solicitors did charge on a % basis of the gross estate.

Thank you very much

 

[ali101]

In answer to this, there is no valid reason why a fee for work undertaken should relate to the value of a property.

The amount of work undertaken however may vary as not all properties are as easily administered.

If it’s a relatively straightforward will that’s being administered, you could consider doing so yourself, saving yourself time, money and the hassle of dealing with a solicitor.

Thanks Salvadore