It’s been reported that a higher level of completion within probate could significantly reduce costs consumers, according to industry specialists.
Ronnie Wayte, Chief Executive of probate service provider Golden Charter, claims the current £870 million a year spent on settling estates falls within the hands of the probate practitioners. He says professionals need to increase the rate of completion in order to relieve financial burden on their clients.
Data released by Golden Charter states the average probate bill is an estimated £3,000, which equates to a total of £870 million a year. With just half of all executors utilising legal services to handle their probate cases, this is a significant figure that needs to be reduced so that more families are encouraged to seek professional assistance.
However, with the introduction of new legislation being introduced last month that allows chartered legal executives (CILEx) to provide probate services, Wayte says this will lead to stiffer competition between service providers, and should create a reduction in costs.
Wayte adds that qualified solicitors are thought to be in the best position to settle complex estate issues and reduce completion setbacks. CILEx members who wish to provide such services are obliged to become authorised by the regulator and need demonstrate they have the expertise required.
Director of The Will Company, Stephen Oliver, advises that practitioners should keep the client at the forefront of their work and focus on efficient completion.
