Blog

The £600m RIP OFF

Just because you’re dead won’t stop banks & solicitors making a fortune from you.

Each year Britain’s high street banks & solicitors earn up a massive £1.25bn in fees for sorting out people’s Wills. That’s around 88% of the market for dealing with a last Will & testament excluding fees from dealing with disputes or challenges.

But, according to some experts, around half of the £1.25bn is “blatant overcharging”.

It’s a £600m a year rip-off, where banks & solicitors are charging extortionate fees to sort out small estates. What makes it worse is they prey on grief-stricken families who aren’t in a state of mind to argue or shop around.

Fees for “probate” (the process of dealing with a deceased person’s affairs) can run into thousands of pounds and take months to complete. But unless a person’s estate is large and complex it shouldn’t reach 5 figures as so many do.

Banks & most solicitors nearly always charge by a percentage of the estate’s value irrespective of the work involved. Some solicitors charge an hourly rate plus the percentage.

Don’t make an already difficult time worse by not comparing probate services.

A bereavement is bad enough but finding out later that you’ve been ripped just piles on the misery.

Barnet Wills offer a full Probate or estate administration service for a fixed fee, agreed in advance.

 

Facebooktwitterredditpinterestlinkedinmail

Write a Comment

Your email address will not be published. Required fields are marked *

Conversations about …

Almost half of us in UK have never discussed inheritance with our families, and a quarter don’t think it’s even a priority. …

Bereaved families being …

The scammers are sending letters to grieving family members as they tie up loose ends such as paying outstanding bills, dividing …

Will forgeries on the …

This is an issue that contentious practitioners are beginning to see on a more regular basis. In Rainey v Weller, a case …