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Follow on Google News | IWC Ltd Warns - Be Wary of Heir Hunters and Probate FeesLeading probate company IWC-Ltd highlights the growing concerns about bounty hunters and their extortionate probate fees. IWC have compiled a collection of shocking truths about inheritance wind falls and the subsequent finder’s fees.
By: IWC Estate Planning & Management Ltd. http://iwc-ltd.co.uk/ Astonishingly; It’s a similar scenario where someone has indeed made a will but beneficiaries are missing or cannot be traced. This often leaves the solicitor or personal representative to attempt to trace the heirs. The popular BBC show, Heir Hunters with 1.7million viewers has fuelled interest in this. The program follows probate firms who to try to trace the distant relatives of those who have died without leaving a will. They profit by charging a finder’s fee. When heirs are located, they are asked to agree to a percentage fee that will be deducted from their inheritance. IWC’s article explains that the problem lies in the fact there are no market comparisons. This means less reputable companies feel they can charge whatever they like for their services; probate fees can be anything from 10-35%. The average amount charged by heir hunters is 20% of the inheritance. To put this into perspective – on an estate worth £150,000, they stand to make £30,000 from information that is freely available on a government website. The sad part is; unscrupulous firms often use scare tactics to coerce heirs into agreeing to the fees; the government will take the money if it is not claimed. This is not true – 30 years must pass first. Like will writing, the industry is not unregulated and in desperate need of reform. Last year STEP (The Society of Trust and Estate Practitioners) “It is good practice to obtain a range of quotes from genealogists and you should be fully aware of the different options available including time-based, contingency or fixed fee options.” To find out more about probate fees visit http://www.iwc- End
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