Wills

Wills are very important documents which detail how you would like your property and possessions to be distributed after you die.

We have extensive experience in drafting all types of wills, ranging from simple husband and wife/cohabitee wills, mirror wills to more complex inheritance tax saving and estate planning wills.

We can advise you on the effective use of available Inheritance Tax allowances and the creation of trusts within wills to protect your assets for the future. We also have specialist knowledge in the ongoing administration of Will Trusts.

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Lasting Powers of Attorney

With people living longer, LPAs have become very important. Sadly, people may lose the capacity to run their financial affairs. Therefore, appointing an attorney when you have full capacity to make this decision is critical.

There are also Health and Welfare LPAs under which you can nominate someone as your attorney to make medical decisions in the event you are unable to do so, or to arrange a move from your home into a residential home.

We are experts at carrying out the drafting of LPAs and advising in respect of them. We are also happy to be nominated as attorneys and are attorneys for many clients. We have immense knowledge in this area of law and our expert solicitors always act with the upmost compassion and empathy. If you would like to know more about Lasting Powers of Attorney, please contact us to discuss this further.

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Probate

Probate is the process of dealing with someone’s estate after their death. The Personal Representatives have the responsibility of ensuring that everything is done correctly; from valuing the estate and preparing the inheritance, income, and capital gains tax returns, to collecting in all of the assets, settling all the debts, and distributing the estate in accordance with the Will or the Intestacy Rules. We recognise that undertaking this complicated and time-consuming task can be incredibly daunting if you are not aware of all the technical processes and pit-falls.

Our team of specialists are skilled in the administration of estates and are ready to help you bear this burden at what we know is an emotionally difficult time.

We frequently deal with a wide variety of estates; from complex, high net-worth estates, to relatively small estates. No matter what situation you find yourself in, we have the technical expertise to help you.

Contact us today to find out how we can help alleviate the stress of your appointment as a Personal Representative. We are here to guide you through the probate process and are happy to use our expertise to do as much or as little as you want us to do.

Probate Costs:

Due to the fact that the complexity of every estate is different, costings have to be tailored to each individual matter. Different fee options are available depending on the size of the estate and the amount of work that you want us to carry out.

Like most other solicitors, there are usually three elements to our costings when we are appointed to carry out the full administration of an estate.

The first is a cost based on the amount of time that our specialists are actually engaged in progressing the administration. This is charged at an hourly rate of £300 per hour plus VAT. This covers our overheads, expenses and running costs.

The second element is based on a percentage of the value of the estate. This is usually calculated at 1% + VAT of the value of the gross estate, less the value of the main residence, plus 0.75% + VAT of the value of the main residence. This element is a reflection of the importance of the matter and consequently, the grave responsibility that we take on.

The third element is the disbursements, (third-party fees) which will be incurred throughout the administration. This may include:

• £155 Court fee for the probate application;
• £1.50 for each additional copies of the Grant of Probate;
• £200 approximately for Section 27 Trustee Act notices;
• £2 per beneficiary for bankruptcy searches;
• £30 for Telegraphic Transfers.

No two estates are the same and so the amount of work involved in administering each estate is different. There are a multitude of factors that vary the amount of work involved in each estate administration. The complexity of the estate and nature of the assets; the number of bank accounts, investments and other assets and liabilities; whether or not there is a property to sell, assent, or transfer; whether or not a Grant of Probate is required; whether or not the Will sets up trusts; estrangements and disagreements between the family and beneficiaries; the amount and frequency of communication required by the beneficiaries; and the number of beneficiaries will all have an impact on the amount of time that needs to be expended in administering the affairs of the person who has died. It is therefore impossible to state exactly how much our hourly rate charge will come to at the outset of an administration. However, once we have reviewed the estate's papers and have sopken with the executors, we will be able to estimate the amount of work that is likely to be involved.

Our hourly rate fees for the majority of the estates we administer fall between £5,000 + VAT for a very simple estate with no house, one or two bank accounts, no Inheritance Tax Liability, and a small number of beneficiaries, to £25,000 + VAT for a large and relatively complex estate with an Inheritance Tax Liability and where we are also called upon to arrange the funeral. It is of course possible that very simple estates will be charged less that £5,000+VAT and complex estates, or estates in which there are family disagreements or a lot of communication required will incur charges in excess of £25,000+VAT.

Whilst the size of an estate can be an indicator of its complexity, we frequently come across relatively small estates which are relatively complex to administer, or large estates which are relatively simple to administer. However, as we charge at at hourly rate, the estate is only charged for the amount of time that we are actively engaged in administering it, and so our charges remain fair and proportionate to the amount of work involved.

We understand that our clients have worked hard all their lives and want to pass as much as possible to their beneficiaries. We are therefore always mindful of the charges that are accumulating and will endeavour to keep these to a minimum. We will be happy to talk with you to discuss the various way that we can work together to keep costs down.

Some of the work involved in administering an estate includes:

• The initial meeting where we will provide you with tailored advice on the administration and take any details of the assets and liabilities that you have;
• General updates and advice throughout the probate process;
• Writing out to all of the organisations with whom the deceased had a relationship;
• Obtaining probate valuations of all assets and liabilities;
• Preparing a schedule of all assets and liabilities for inheritance tax purposes;
• Preparing the Inheritance Tax return IHT205;
• Preparing the Legal Statement that forms the basis of the probate application;
• Applying for the Grant of Probate (we are signed up to use the HMCTS online portal for probate applications);
• Receive the Grant and use it to encash all of the Estate’s assets and close down all of their accounts;
• Repay all of the Estate debts;
• Prepare a set of final Estate Accounts for your approval;
• Distribute the Estate in accordance with the terms of the Will.

Contact us to discuss your requirements and receive an estimate tailored to your specific circumstances.

For very small estates or for matters where you only require our help in obtaining the Grant of Probate, we may be able to undertake the necessary work for a fixed-fee. Why not contact us today to see if this option is suitable for you.

As we are a well-established and respected local firm of High Street solicitors, we have excellent relationships with local funeral directors and estate agents, Therefore, we can also offer you assistance with arranging the funeral and the marketing of the deceased’s property.

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