News For This Month: Wills
Learn the Reason Behind the Popularity of Fixed Fee Probate
Dealing with the real estate of your loved one after they die can be daunting. Although it is not mandatory for people to deal with the real estate of their loved one on their own, many people go this direction. One of the main reasons why people go this direction is because they want to save the legal cost. The last thing many people want is spending a huge chunk of money on legal cost.In case you would not want to handle probate on your own, consider going for fixed fee probate.
One of the benefits of using fixed fee probate is that you will not be required to pay for the probate cost upfront. Although you will not require paying any money, you will agree on the total fee you ought to pay upfront. Agreeing in advance can guarantee you that there will be no surprises after the estate is settled. To many people, the mere thought of hiring a solicitor makes them anxious since the services of a solicitor can get very expensive.
With probate, you will write to the tribunal service, asking them to permit you to gain control of the estate of your loved one and their money. Again, applying for probate is not necessary in case the deceased had a total wealth that is less than $5000 and the wealth is in money form at the bank.Many banks will allow you to get access to the account of your deceased if the money is below $5000.
Also, in case the total amount of money is above $5000 and you a have joint name with the deceased you will not have to apply for probate. It is a pleasure for every bank to switch the wealth of the deceased to your name on proving the death of the deceased.In case none of the above applies to you, you may have to deal with probate.
In case you are not confident to deal with probate yourself, you should not be ashamed of it. The fact is that you are not the only one who find it taxing to handle probate on their own. It is not that easy to deal with money issues and taxes. It is even harder to handle these issues when you are still mourning the loss of your loved one. In most cases, in case you have a family solicitor, the temptation to leave all things to him or her is high. However, avoid doing so. You certainly would not want to incur the high cost of hiring a solicitor. The best course of action to take is to use fixed pay probate.