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.

Our hourly rate charge for administering a relatively simple estate in which there is a Will, one or two bank accounts, one residence, and a small number of beneficiaries could be in the region of £3,000 to £6,000 + VAT.

This would include:

• 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.

For estates of medium size or complexity, our legal costs are likely to be between £5,000 and £15,000 + VAT.

For estates with a gross value of £500,000 or more, our legal costs are likely to be 3% of the value of the gross estate + VAT.
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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