DIY probate - a risky business
It is entirely possible to apply for probate and deal with an
estate, without seeing a lawyer, but it’s not without risks, warns
legal group, Solicitors for the
Elderly (SFE).
Many professionally drafted Wills contain
trusts to save tax, to avoid those who inherit paying care fees and
to reduce the likelihood of potential disputes. SFE members have
noticed an increase in ‘DIYers’ returning to them to seek advice
when they have made a mistake or find the paperwork too tricky. Mrs
A’s will had included a tax saving trust, but when her husband
administered the estate, he paid the whole estate to himself. The
solicitor was thankfully able to sort out the matter and avoid
future complications occurring when Mr A eventually dies. In Mr G’s
case, he sold some shares that had made a gain during the
administration of his late sister’s estate and had to pay tax. If
he had transferred the shares to himself first, before selling
them, he could have avoided the tax.
Local SFE member and head of Blake Lapthorn's
Succession and Tax in Oxford, James
Antoniou, said, ‘People aren’t always aware of
the complexities and assume probate work is straightforward. It is
true that it can be, but it is just as true that sometimes it
isn’t. In all but the most straightforward cases, it is
important to seek timely specialist legal advice that can actually
save you money and worry.’
Many SFE members’ practices will offer to work
in partnership with the deceased’s family to help and support them
with the legal and technical work. As elder law specialists,
members can even add value to their work, for example, by
identifying cases where money is owed to the estate for care
funding, which should have been met by the NHS and assist in making
a claim.
View previous articles on a similar topic:
Find our more about how we can help with drafting
and updating Wills.
Find out more about how we can assist you
with claims arising out of drafting errors in Wills or a
failure to carry out a testator's instructions
For further information or to talk to someone about a
specific matter, please contact a team member in the
office nearest you:
Rachel
Brooks, partner and head of Private Client
Services group in our Portsmouth office, on 023 9228
2714 or at rachel.brooks@bllaw.co.uk.
James
Antoniou, partner in our Oxford
office, on 01865 254286 or at james.antoniou@bllaw.co.uk.
Fiona Fox,
solicitor in our Southampton and Portsmouth offices, on 023 8085
7282 / 023 9228 2748 or at fiona.fox@bllaw.co.uk.
Douglas
Smith, partner in our London
office, on 020 7814 5438 or at douglas.smith@bllaw.co.uk.
Alternatively, email our general enquiries helpdesk
on privateclientinfo@bllaw.co.uk.
