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How to keep death from your bank balance

The old saying has it that there are only two inevitable things in life; death and taxes.

An alarming new report*shows the cost of dying is skyrocketing and creating an additional burden for hard-pressed families at the worst possible time of their lives.

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The ‘Cost of Dying’ report has highlighted that a bereaved family will spend almost £3,000 on average when hiring a legal professional to administer the estate of a loved one.  Administering an estate typically involves dealing with all of the assets associated with the person who has died, paying any debts and managing all of the legal and tax implications – often before the financial wishes of the deceased can be executed.

At the Family Building Society we understand the stress that this process can involve. That’s why we have partnered with Kings Court Trust who specialise in this area. Last year, estate administration specialists Kings Court Trust took care of more than 1,000 estates on behalf of families across the UK.  Their average net fee for carrying out all of the legal and tax work associated with these cases was £2,549 – a saving of almost 15 per cent compared to the industry average quoted in the research report.

Unlike the service offered by many traditional solicitors, Kings Court Trust’s comprehensive estate administration service comes with a guaranteed fixed price that is agreed up front with the customer. This means that the family have complete peace of mind in knowing that the cost of the service will not change, regardless of the complexity of the case.

In contrast, many solicitors will just charge an hourly rate which means that the final fee is dependent on the length of time that the estate takes to administer, which is often unknown until well into the estate administration process.
Tom Curran, Chief Executive at Kings Court Trust, commented: “The report highlights the significant costs involved in someone passing away. Professional fees often need to be met by the immediate family, so it goes without saying that they should shop around to find the service that best suits their needs. 

“Unfortunately, it is all too common for us to hear of families appointing the first solicitor or estate administration provider that they come across.  This often means they end up paying over the odds for a service that they don’t fully understand. 

“We believe this is unfair for the family, which is why we take the time to explain how the estate administration process works and provide a guaranteed, fixed price quote before any work is undertaken.”  

For more information on our estate administration services please call our New Business Team 03300 244595 or email newbusiness@familybsoc.co.uk

By Steve McDowell 

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Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
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