Grants Of Probate
What happens to your Estate after you die?
Those named as your Executors in your Will are responsible for administering your Estate on your behalf when you are no longer here. For some this can be an overwhelming task. We are happy to assist either with the entire estate or we can be on hand to guide your Executors as and when they require our assistance. We are always happy to be named as your Executors in your Will where we will carry out all of the necessary work on your behalf with our fees being claimed from your estate before it is distributed.
Executors are required to collect the assets of the deceased, pay the debts of the deceased and distribute the estate to the beneficiaries. In larger estates this will include liaising with HMRC for payment of inheritance tax and completing all relevant inheritance tax return forms and liaising with the Probate Registry to obtain Probate. We can assist you to obtain valuations of assets, calculate inheritance tax and ensure it is paid on time to avoid unnecessary penalties, trace beneficiaries, and prepare detailed Estate Accounts to accurately reflect all monies passing through the estate with full documentary evidence being presented.
We can also offer advice on how you can personally protect yourself with regard to potential claims being brought under the Inheritance (Provision for Family and Dependants) Act 1975.
A Grant of Probate is a Court Order obtained by the Executors to enable them to administer the Estate where there is a valid Will in place for the person who has passed away.
A Grant of Letters of Administration is a Court Order obtained by the next of kin of the deceased person, where there is no valid Will to enable them to administer the Estate in accordance with the Intestacy Rules.
We offer fixed fee or flexible pricing to suit your needs and would welcome an initial informal chat to establish what works for you. Once we have an understanding of the complexities involved, we will be better informed to provide an accurate quotation. However, the pricing as detailed below should assist when looking at whether instructing us is right for you:
Applying for a grant of probate only (with estates below £1million and less than 5 bank accounts) - £900 plus VAT;
Applying for a grant of probate only (with estates over £1 million and/or more than 5 bank accounts) - £1250 plus VAT;
Administering the entire estate from start to finish for estates under £1 million – 2.5% of the net value of the estate;
Administering the entire estate from start to finish for estates above £1 million – 3% of the net value of the estate.
You need to deal with someone's Estate, what do you do?
Make an appointment to see us where you bring with you the relevant ID required. If we do not hold the original Will we will require sight of it, together with the death certificate or Coroner's interim certificate for the person who has died. You should try to bring along all of the financial documentation you have relating to the Estate and we can then guide you as to the necessary steps you need to take. You will then obtain an idea as to what is involved, and you can decide how involved you would like us to be. At that time, we will be able to provide you with an estimate as to our costs.
The associated fees you can expect to pay are:
£155 Probate application fee (soon set to increase)
£1.50p for the initial copy of the grant and then 0.50p for every additional copy thereafter.
£358 London Gazette Section 27 Notice fee - this may be incurred in either large estates or estates where little is known as to the finances or the whereabouts of any potential beneficiaries. £47 Local Gazette fee — we will discuss with you whether you wish to an advert to be placed in the local paper to the deceased confirming the death. This is usually dealt with by the Funeral Directors but not always so we will check.
£200 plus VAT – Market appraisal valuations per property (this would not be necessary where the property passes to a spouse either via the Will or as beneficial joint tenants);
It may be necessary to employ the services of an Accountant to assist with any self-assessment tax returns if the Deceased was self-employed. The cost is individual depending on the complexities and we would, of course, agree any fee with you before their instruction.
It may be necessary to employ the services of a Financial Advisor if there are very complex tax issues, again this is individual and would always be agreed with you beforehand.