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Loan charges: Brits wasting millions on wills and probate

Brits who are currently having to pay off hefty loan charges may be looking at ways to save money.

Research by Saga has revealed that over 90 per cent of older people choose to use a solicitor or a financial advisor when it comes to making a will or dealing with probate.

This is despite some charging as much as five per cent of the value of the estate, amounting to around £7,200 on the average estate and millions across the UK in total.

Roger Ramsden, chief executive of Saga Services, said: "The cost to families if they pay unnecessarily high charges could be astronomical.

"We would strongly advise people to get professional help rather than attempting to go it alone where probate is concerned but make sure you don't over-pay.

"Simple research can save hundreds, if not thousands of pounds, so we really do urge people to shop around."

Research by Saga showed that only 63 per cent of over-50s would compare prices for these services.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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