Probate & Intestacy
Probate
The death of a loved one is a very stressful and emotional time for those they leave behind.
If you have been appointed as the Executor of a Will you are responsible for ensuring that the estate of the Deceased is administered in accordance with their wishes.
Our experienced team can offer practical advice at the difficult time following the death of a loved one. Our input can be limited to dealing with only certain aspects of an estate or, where we are appointed as Executors, to deal with the entire estate. Most Executors choose to instruct us to deal with the administration of the entire estate as it helps to reduce the burden at what is a very difficult time. Our team will ensure that matters are progressed quickly and sympathetically to relieve you of the stress of having to deal with what can be a bewildering number of financial institutions, utility companies, government bodies and others. However we are involved we will ensure that matters are dealt with as quickly as possible thereby minimising and further upset and worry. Depending on the size and nature of an estate we estimate that the administration of the estate can take between 6 to 18 months to be finlaised.
What is involved?
The administration of an estate could involve:
- Obtaining details of the assets and liabilities of the estate
- Registering the death with various institutions
- Preparing the probate application and inheritance tax account
- Completing and submitting to HM Revenue and Customs the necessary tax returns
- Paying any tax due
- Submitting the probate application to the Probate Registry
- Obtain the Grant of Probate and register the same with the various institutions
- Arranging for the sale of the Deceased's property
- Collecting in the other assets of the Deceased
- Paying any liabilities of the estate
- Preparing final estate accounts.
- Distributing the estate in accordance with the Will of the Deceased
How much will it cost?
Without knowing the full extent of the Deceased’s assets and liabilities and complexity of the estate it is not possible for us to give a precise indication of our fees, which are generally calculated largely by reference to the time spent dealing with a matter. We offer both a fixed fee and an hourly rate option. Where we offer a fixed fee this will not change unless our instructions change. For an hourly rate charge we will provide an initial estimate with a minimum and maximum fee depending on the size and nature of the estate. However based on our experience we have set out some typical scenarios to provide an indication of our fees and disbursements which may have to be paid.
Disbursements are payments which have to paid on your behalf to third parties such as court fees. Disbursements are paid in addition to our fees. Standard disbursements in relation to the administration of an estate are the Probate fee of £273.00 and bankruptcy searches at £2.00 per name searched.
We do offer a first free appointment and normally during that meeting once the extent of an estate has been established a better indication of our fees can be provided. Should you wish to arrange a first free appointment please contact Reception on 01902 429051 to make an appointment with Miss Richards.
Scenario 1 – obtaining details of the Deceased’s assets and liabilities and completing the inheritance tax account (where there is no inheritance tax to pay) and probate application and then supplying the Grant of Probate once received - £750.00 plus VAT (charged at 20%) and probate fee of £273.00
Scenario 2 - scenario 1 together with collecting in all the Deceased’s assets and paying all liabilities and then distributing the estate in accordance with the Deceased’s Will - £2,500.00 to £3,500.00 plus VAT (charged at 20%)
Scenario 3 – scenario 2 where Inheritance Tax may be payable - £3,500.00 - £7,500.00 plus VAT (charged at 20%)
Scenario 4 – scenario 3 where there is a large estate with significant Inheritance Tax liabilities and complex assets - £7,500.00 - £12,000.00 plus VAT (charged at 20%)
Where the Deceased’s Will appoints the Firm as Executors or when the estate is unusually large and/or complex our fees may also include an element to reflect the responsibility of the Firm of 1% of the gross value of the estate not including the value of the Deceased’s property where the rate would be 0.5%.
Intestacy
Where your loved one has died without making a valid Will it is necessary for someone - normally a close relative - to apply to the court for a Grant of Administration.
Once issued the Grant of Administration gives the authority to act in the administration of the Deceased's estate. This can involve:
- Completing and submitting to Revenue and Customs the necessary tax returns
- Arranging for the sale of the Deceased's property
- Taking in the other assets of the Deceased
- Distributing the assets of the estate in accordance with the Intestacy Rules
Our experienced team can help to guide you through the legal and practical difficulties which arise in these cases whether by simply helping with the court application to obtain the Grant of Administration or by dealing with the administration of the estate on your behalf.
What is involved?
The administration of an estate could involve:
- Obtaining details of the assets and liabilities of the estate and Deceased’s next of kin
- Registering the death with various institutions
- Preparing the probate application and inheritance tax account
- Completing and submitting to HM Revenue and Customs the necessary tax returns
- Paying any tax due
- Submitting the probate application to the Probate Registry
- Obtain the Grant of Administration and register the same with the various institutions
- Arranging for the sale of the Deceased's property
- Collecting in the other assets of the Deceased
- Paying any liabilities of the estate
- Preparing final estate accounts.
- Distributing the estate in accordance with the Intestacy Rules
How much will it cost?
Without knowing the full extent of the Deceased’s assets and liabilities, complexity of the estate and Deceased’s next of kin it is not possible for us to give a precise indication of our fees. However based on our experience an indication of our fees are as detailed regarding probate matters.
