Dealing with an estate is often a confusing and complicated process, especially when still in mourning. This is why many people use probate companies like ourselves or solicitors to handle deceased estates. Even if you do wish to take on the responsibility of dealing with the estate, you would still need a legal professional as well for certain aspects. Although it’s the norm to use a solicitor we strongly believe probate companies are the superior option.
Probate companies are true probate experts
A core reason that probate specialists are considered better than solicitors is that they have a narrower focus. While solicitors deal with a wide range of legal issues, including probate, probate researchers specialise solely in researching and analysing probate cases. This means that they have a deep understanding of the ins and outs of the probate process, including any potential complications that may arise.
Efficiency
Another advantage of probate researchers is that they are often more efficient than solicitors. Since probate researchers only focus on probate cases, we are able to quickly and accurately research each case. Solicitors, on the other hand, may have to spend a significant amount of time researching the details of a probate case, which can slow down the process and increase costs.
We are tracing Specialists
Probate researchers are also experts at identifying and tracing potential heirs and beneficiaries of an estate. Using an array of research methods, genealogy, specialist tracing software we are unparalleled at Heir Hunting. Solicitors may not have the expertise or resources to conduct this type of research. So much so, that solicitors outsource their tracing and genealogy work to probate researchers like us. Leaving us with the question “why not cut out the middle man?”
Probate companies are more cost effective
Solicitors will always charge more because they can afford to. They are certified, gaining accreditations that probate professionals cannot obtain. Therefore they can charge what they want because they know people will use them. However, if you are savvy to probate companies, you would know we can do everything solicitors can, and more, for a fraction of the price. On average, solicitors can charge double the price of probate companies, with this rising further in London. Average solicitors charge £350 per hour while we charge £145 per hour. This can be especially difficult for those who are dealing with the death of a loved one and may not have a large budget for legal fees. Furthermore, Blanchards can handle an estate on a percentage basis. So payment will be subtracted from the estate meaning if you truly can’t afford the fees you will not need to pay anything directly.
Solicitors use us!
As mentioned before, solicitors outsource a lot of their work to probate companies like ourselves. We have the expertise and resources to perform an array of probate and tracing tasks that of which would be unachievable as solicitor. That is why they outsource a lot of their work to us. Not only tracing work which is our speciality but also asset searches. This is the process of gathering all assets of the estate which may be hidden. Including, bank accounts, pensions, insurance policies and more. Asset searches are not a requirement but are always recommended as there can be unknown funds hidden away which can be a huge contributor to an estate. Due to them not being a requirement, solicitors may not undertake an asset search if they do not contact probate companies.
Missing Beneficiary Indemnity Insurance
Probate companies also obtain missing beneficiary indemnity insurance for solicitors, as well a ourselves. In order to fill out an insurance report, you must have a family tree and supporting documents. Probate companies are the only ones who can get this as solicitors do not have the means to do so. This insurance is needed in case a beneficiary is missed after the estate is paid out. The insurers will then pay out the missing beneficiary equal to their share.
Overall
In conclusion, while both probate researchers and solicitors are important in the process of settling an estate, probate researchers are considered to be experts in this field. They have a specialised focus, are more efficient and cost-effective, and are able to provide more compassionate support to those who are going through this difficult process.
If you have any questions about Blanchards and the process please contact us here.
