A specialist legal group has highlighted the risks of a “DIY” approach to applying for probate and dealing with an estate.
Solicitors for the Elderly (SFE) – a national organisation of lawyers committed to providing the highest quality legal advice for older and vulnerable people, their families and carers – says that 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 “DIY-ers” returning to them to seek advice when they have made a mistake or find the paperwork too tricky.
The group cites the example of Mrs A, whose will had included a tax-saving trust. However, when her husband administered the estate, he paid the whole estate to himself, although his solicitor was able to resolve the matter and avoid future complications occurring when Mr A eventually dies.
Clare Hopkins, an associate in Gregg Latchams’ Estate Planning & Tax department and a member of SFE, said: “People aren’t always aware of the complexities and assume probate work is straightforward.
“It is true that it can be, but sometimes it isn’t. In all but the most straightforward cases, timely specialist legal advice can save you money and worry.”
For more information, please contact the Estate Planning & Tax department.
