Why do I need to make a Will?

Your Will should really be reviewed at least every 5 years and also upon major life changes as detailed below.

Grants Probate

A Grant of Probate is always needed if the person who has died has left a Will, and owns any of the following:

Letters of Administration

When a person dies without leaving a Will, it can create a very complicated situation.

We can assist you with gathering details of the assets owned by the person that has died and with making the application to the Probate Registry for A Grant of Letters of Administration. Usually, a close relative or friend applies to become the “Administrator”.

Administration of Estates

We are able to assist you with making application to the Probate Registry on the death of your loved one, irrespective of whether they died with, or without making a Will. We will help determine the exact value of all assets owned by the person who has died, as at the date of their death, and then complete the relevant Probate and Inheritance Tax Forms depending on whether Inheritance Tax is due on the Estate.

Currently, Inheritance Tax is only due on Estates exceeding the sum of £325,000.00. Estates exceeding this amount are liable to tax at a rate of 40% on the amount that exceeds that sum.

Upon receipt of the Grant of Probate / Letters of Administration, we shall then attend to the transfer of assets into the beneficiaries names in accordance with the terms of the Will / Intestacy Rules.

Probate Fees 

No two estates are alike, and what may initially seem like a straightforward estate can often involve unexpected and unpredictable complexities. As a result, offering fixed fees for this type of work can be challenging. However, we are more than happy to discuss fixed fee arrangements with clients on an individual basis.

It's important to understand that the cost of probate can vary significantly, both between different solicitors and depending on the type and size of the estate. For example, our fees can range from £2,500 for a simple estate to £25,000 for a high-value, complex estate.

Examples 

• 1 property

• 2 – 4 bank/financial institution accounts and/or investments in the UK

• A valid will

• No liabilities and no inheritance tax payable

• Up to 4 beneficiaries

• Estate value £50,000 – £100,000 (+ property value)

Our cost estimate for this estate would be £2,500 – £3,500 (+ VAT at 20% + disbursements)

• 1 property

• 4 – 6 bank/financial institution accounts

• A valid will

• 1 – 2 liabilities

• Up to 4 beneficiaries

• Estate value £250,000 – £300,000

Our cost estimate for this estate would be £4,000 – £5,500 (+ VAT at 20% + disbursements)

• 1 property

• 6 – 8 bank/financial institution accounts

• No will (intestate)

• Up to 4 beneficiaries

• Estate value £600,000 – £800,000

Our cost estimate for this estate would be £7,000 – £11,000 (+ VAT at 20% + disbursements)

• 8 – 12 bank/financial institution accounts

• A valid will

• 4 – 6 beneficiaries

• Estate value £2 – £2.5 Million

Our cost estimate for this estate would be £20,000 – £25,000 (+ VAT at 20% + disbursements)

For work charged on an hourly basis, our current rates are as follows: –

 Joanne Isherwood (Director - Solicitor) £325.00 plus VAT

 Carlos Smith (Associate Solicitor) £275.00 plus VAT

 Natasha Brand (Senior Paralegal) £200.00 plus VAT

‘Disbursements’ are expenses that we pay on your behalf. During probate, these commonly are: –

• Land Registry fee of £3

• Bankruptcy search fees of £2 per person

• Financial Asset search fees of approximately £180 (if required)

• Court fee of £273 (for application of the Grant) and £1.50 for each sealed copy

• Statutory advertisement fees of approximately £200 (if required).

The duration of the probate process varies depending on several factors, but it typically takes between 6 to 12 months. However, unforeseen circumstances can arise, causing some cases to take longer than expected. While every case is unique, for a straightforward matter, the following general timelines should apply from the date we are instructed

• To value the estate and submit inheritance tax information to HMRC – 2-5 months

• To obtain a grant of probate or letters of administration – 2-4 months from submission of tax information to HMRC

• To realise the estate (i.e. collect in the assets), pay debts and distribute the estate to beneficiaries – 3-6 months

Please note that the above time estimates do not account for situations involving the sale of a property, difficulty locating beneficiaries, claims made against the estate, disputes with HMRC over property valuations, or similar complications.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney is a document by which you authorise someone of your choosing, who can either be a relative or friend, or even a professional, who is then able to deal with your affairs (both personal and financial) if you were not able to do so.

It is obviously extremely important to make a Lasting Power of Attorney whilst you are still capable of doing so and that will enable you to appoint the Attorney of your choosing to carry out your wishes.

The current V.A.T rate is 20 %.