Wills, Probate & Lasting Powers of Attorneys
Wills
The vast majority of people put off making a Will either believing that the people they want to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time in their life.
The reality is that you can put off making a Will until it is too late. This poses problems for your loved ones left behind. It could mean that some or all of your inheritance either goes to the wrong person or to the state.
Making a Will enables you to plan exactly what will happen to your property (estate) following your death. This ensures that those you would like to benefit actually do so, in accordance with your wishes and at the same time avoiding any possible disputes between relatives.
If you do not make a will your estate is administered according to the rules of intestacy. There are specific rules of intestacy which set out who will inherit and by how much if you do not leave a valid will, this may not be what you would have wished and in the worst case scenarios where relatives cannot be traced, your assets will be taken by the Crown.
A well-drawn Will with some appropriate Inheritance Tax planning will save a lot more money than the cost of making a Will in the long run. Lorimers has the experience to advise and prepare your Will to your and your dependent’s benefit.
Our fees for making a Will are between £190.00 plus VAT at 20% to £400.00 plus VAT at 20% depending on the complexity of the drafting. Discounts are given for Mirror Wills. We discuss our Wills at the first meeting.
Probate
After someone dies, his or her assets have to be transferred to the beneficiaries. This is usually the job of the Executors listed in the deceased’s Will or Administrators where there is no Will. The authority they have to collect the monies, pay off debts, and transfer assets to the beneficiaries included in the Will or those entitled to a share (where there is no Will) is derived from the Grant of Probate obtained by applying to the Probate Court.
The below example is intended as a guide only. The exact figure is dependent on a number of factors that influence your individual matter.
Our fees are charged on an hourly basis. Our Partners rates are £320 plus VAT at 20%. Other fee earners charge £260 plus VAT at 20%.
On average we estimate our costs for a straightforward administration of an Estate will range between £5,000 and £8,000 Plus VAT at 20%. We anticipate this taking between 15 and 25 hours of work at a combination of our above rates dependent on the fee earner or earners dealing with the case.
This is on the basis that the following apply to the Estate:-
- There is a valid will
- There is no more than one property
- There are no more than five bank or building society accounts
- There are no other assets
- There are no more than 6 beneficiaries on division of assets and their whereabouts are all known
- There are no disputes between beneficiaries on division of assets or claims on the Estate. (If there are disputes or claims, this is likely to lead to an increase in fees)
- There is no inheritance tax payable and the Executors do not need to submit a full account to HMRC (form IHT400) but instead form IHT 205 will apply
In addition to our fees above, there are also the following common expenses and disbursements incurred:
- Probate Court Fee - £288 (no VAT)
- Copies of the Grant of Probate - £1.50 each (no VAT)
- Land Registry Fees (if applicable) - £3.00 - £12.00 (no VAT)
- Law Gazette Notice - £200 plus VAT at 20%
- Employing an Investigator (if applicable) – starting at £160 plus VAT at 20% (dependent on their fee and circumstances) We will notify you of this fee in advance
- Bankruptcy Searches against each beneficiary prior to payment being made to them - £2 plus VAT at 20% per person
- Identity Checks - £12 plus VAT at 20% per person
All VAT is charged at 20%.
Where matters fall outside the above remit or the Estate is of a complex nature, further fees will be incurred for time spent on the matter.
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.
- If any additional copies of the grant are required, they will cost £1.50 (No VAT)
- Dealing with the sale or transfer of any property in the estate is not included
The following examples, will typically incur additional fees and fall outside the above general remit:
- Estates that consist of any share holdings (stocks and bonds)
- Contested Estates
- Estate planning advice
- Arranging unoccupied insurance for property
- Tracing asserts or beneficiaries
- Arranging for clearing of the property
- Dealing with the sale or transfer of property
- Visiting property to complete and document personal chattels search
- Work undertaken in relation to Trusts arising from the Will or otherwise
- Complex Estates where Inheritance Tax is payable (IHT 400 is required by HMRC)
Contact us for more information on our fees and costs in relation to matters that fall outside a straightforward administration.
What we do and timescales
The key stages we provide assistance with when dealing with the administration of a straightforward Estate include: -
- Reading the Will and confirming the extent of assets, debts of the Estate and identifying the Executors and Beneficiaries
- Undertaking necessary regulatory checks
- Preparing documents and drafting the Statement of Truth for you to approve and sign
- Preparing the application for Probate and completing HMRC forms
- Liaising with HMRC, the Court and dealing with any queries raises as well as being in contact with other financial institutions
- Obtaining the Grant of Probate
- Arranging to collect all assets
- Preparing Estate Accounts for your approval
- Discharging all debts
- Distributing the assets within the Estate
This typically takes 6-9 months from the date of applying to the Court. However, this timescale is often extended if the matter is particularly complex or issues arise prior to or at the time of application.
Who will be advising you
Matters are predominately handled by Kumar J Pandya a partner of the firm and he is assisted by Juhi Ahluwalia a solicitor of the firm.
Contact us today to talk about a recent bereavement and how we can help.
Lasting Powers of Attorney
