Wills and Probate

 

Did you know that if you die without leaving a will your estate will be divided according to a strict legal formula? This may not be in accordance with your wishes as this is often contrary to what you would want or expect.

A Will allows you to;

- Choose whom you would like to benefit from your estate

- Make provision for gifts or possessions to pass to a particular person

- Choose a guardian to look after your children

- Choose who you would like to manage and take care of your affairs after death

- Plan for Inheritance Tax and minimise or eliminate tax liability

We offer a prompt efficient fixed fee will service.

We also offer a full probate service and can help you administer an estate with sympathy and efficiency.

OUR CHARGES

Costs for the preparation of Standard Wills:-

 

 

Service
Fee
Wills & Severance
£375 plus VAT at 20%
Wills for a couple (Mirrored Wills)
from £300 plus VAT at 20%
Individual Wills
from £200 plus VAT at 20%

A Standard Will for an individual assumes that the person making the Will makes provision for one or two legacies and then leaves his/her estate directly to one individual with a gift-over provision in the event of that individual passing away before the person making the Will.


A Standard Will for a couple is a mirrored Will in which the couple agree their beneficiaries and provide that on first death the entire estate passes to the other and on the second death to their children.


The cost of any Wills which have more complex requirements will vary according to complexity but would usually cost between £250 and £500 plus VAT at 20% In the event you do not ask us to proceed to prepare a draft Will, our charges will be limited to the time spent and advice provided at our initial meeting. This would normally be in the region of £100 plus VAT at 20%

FORM OF RENUNCIATION FOR EXECUTORS


£150 plus VAT at 20%

DEEDS OF VARIATION


£400 - £500 plus VAT at 20%

APPLICATIONS FOR A GRANT OF PROBATE OR LETTERS OF ADMINISTRATION


If you require us to assist with obtaining a Grant of Probate or Letters of Administration and you have full details of assets and only a short form of IHT is required then our costs would be £900 plus VAT at 20% plus the Probate Court fee.


If a more detailed IHT form is required then our fees will be £2000 plus VAT at 20% plus the Probate Court fee.

As part of our fixed fee we will:

  • Provide you with a dedicated and experienced probate solicitor to work on your matter

  • Identify the legally appointed executors or administrators and beneficiaries

  • Accurately identify the type of Probate application you will require

  • Obtain the relevant documents required to make the application

  • Complete the Probate Application and the relevant HMRC forms

  • Draft a legal oath for you to swear

  • Make the application to the Probate Court on your behalf

  • Obtain the Probate and securely send two copies to you

If we are instructed to deal with the full administration of the estate including obtaining asset valuations and distribution then our charges will be based upon the fee earners hourly rate and the value and nature of the estate. These fees usually fall somewhere between £3,000 and £5,000 plus
VAT at 20%.

The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.

We will handle the full process for you. The costs are likely to be at the lower end of the range where:

  • There is a valid will

  • There is no more than one property

  • There are no more than 3 bank or building society accounts

  • There are no other intangible assets

  • There are 1-3 beneficiaries

  • There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs

  • There is no inheritance tax payable and the executors do not need to submit a full account to HMRC

  • There are no claims made against the estate

Disbursements

  • Probate application fee of £155 (no VAT)

  • Additional sealed copies of the grant (£1.50 each - no VAT)

Potential additional costs

  • If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.

  • Dealing with the sale or transfer of any property in the estate is not included.

  • Bankruptcy-only Land Charges Department searches (£2 per beneficiary)

  • £150 Post in The London Gazette – Protects against unexpected claims from unknown creditors.

  • £100 Post in a Local Newspaper – This also helps to protect against unexpected claims.

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

  • If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.

  • If any additional copies of the grant are required, they will cost £1.50 (1 per asset usually).

  • Dealing with the sale or transfer of any property in the estate is not included.

How long will this take?

On average, straightforward estates which do not require payment of Inheritance Tax (or do not require us to submit a full Inheritance Tax form) are dealt with within 3-6 months. Typically a grant of probate can be obtained in this timescale. Collecting assets then follows, which can take between 4-6 weeks. Once this has been done, we can distribute the assets, which normally takes 2-4 weeks.

For a quotation please call us on 01942 604135 or click here