Paying for advice from a solicitor with specialist knowledge can actually save you and your family money in the long run.
Quite recently a client came to see me, his father had passed away, he had dealt with the estate himself to save on solicitors fees, but almost 2 years down the line he needed my help as he wanted to vary the provisions of his father’s Will.
I asked to see a copy of the estate papers so that I could advise him properly. I was very surprised to discover that he had paid approximately £96,000 in inheritance tax which he didn’t actually have to pay. There were exemptions and reliefs available to the estate that he did not know about and therefore hadn’t claimed. He had spoken to the Inland Revenue Inheritance Tax Helpline and to the Probate Registry on more than one occasion, but no one had pointed out to him that he should not be paying inheritance tax in the circumstances.
I was able to claim the tax back with interest but it took a good few months. The Inland Revenue would probably still have the money now if he hadn’t taken advice.