Wills and Probate
Research has shown that one third of the population has not made a Will. Most people assume that all their possessions pass automatically on their death to their Spouse, Partner or members of the family. This is not necessarily the case.
Having a Will drawn up is the best way to ensure that your wishes and the arrangements that you wish to make for your Estate are carried out after your death. A Will also protects your loved ones and family and reduces the financial worry for them during what is already a traumatic and emotional time.
If there is no Will the Estate will pass under the Intestacy Rules and if the person who has died has an estate valued at more than £322,000, the spouse or civil partner will inherit all of their personal belongings and the first £322,000 of the Estate, and then half of the remaining estate with what is left being divided between any children. This rule does not apply to long term or 'Common Law' Partners. By planning ahead and making a Will during your lifetime means that you can ensure that your Estate is distributed properly. Our experienced team can advise you on the best way to preserve family's assets and wealth. Our Private Client team can also provide advice on the best way to minimise Inheritance tax liability and also preserve your family's wealth. We are also experienced in advising clients in challenging an Estate.
We are fully accredited and also a member of the Law Society's Will and Inheritance Quality Scheme (WIQS) providing a best practise quality standard for Wills and Estate Administration advice.
Our specialist multi-lingual team can assist you with:
- Preparing a Will;
- Creating Trusts;
- Probate and Administration services;
- Tax and Estate Planning;
- General & Lasting Powers of Attorney;
- Court of Protection;
- Contentious Probate;
- Inheritance Act Applications.
Fees for Wills
The fees set out below are a general guide. We can offer a more personalised quote if you telephone us and provide details of your circumstances.
The fee for a single will starts from £480 (£400 + VAT @20%) and for mirror wills, starts from £720 (£600 + VAT @20%).
Probate fees
The fees set out below are a general guide and cover; applying for the grant, collecting and distributing the assets.
We can offer a more personalised quote if you telephone us and provide details of your circumstances. We can also discuss a fixed fee based on the value of the estate.
This firm’s charge will be calculated in accordance with the Solicitors (Non-Contentious) Remuneration Order 2009, which takes into account the complexity of the matter, responsibility and specialised knowledge involved, the time spent on the matter and other requisite factors. This includes any meeting with you and others, drafting documents, advice and related research, correspondence and telephone calls.
The Law Society’s Guidance on the aforementioned 2009 Order, confirms that the value of the deceased’s assets, the nature and number of assets should be taken into consideration when providing an estimate of costs. Accordingly, The Law Society suggests the application of percentages of the gross value of the estate as a general guide, and therefore, the firm can charge between 1-5% of the gross estate for the work to be carried out.
The hourly rate charged varies from £330 (£275 + VAT at 20%) to £372 (£310 + VAT at 20%) per hour dependent upon the fee earner involved. Total costs estimated at £3600 (£3000 + VAT at 20%) to £72,000 (£60,000 + VAT at 20%).
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.
We will handle the full process for you. This quote is for estates where:
- There is a valid will
- There is no more than one property
- There are no more than 6 bank or building society accounts
- There are no other intangible assets e.g. shares
- There are 1-4 beneficiaries
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
- There are no claims made against the estate
Disbursements in addition to the fee:
- Probate application fee of £300, each additional official copy of the Grant of Probate costs £1.50
- Bankruptcy only - Land Charges Department searches (£4 per beneficiary)
- £78.18 - post in The London Gazette – Protects against unexpected claims from unknown creditors.
- Post in a local newspaper, cost varies dependant on locality and will be provided if applicable.
This also helps to protect against unexpected claims.
- ID/AML checks (if required) £14.40 (£12 + VAT at 20%)
- £234 (£195 + VAT at 20%) Financial Asset search (if required)
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
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.
Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates that fall within this range are dealt with within 6-18 months. Typically, obtaining the grant of probate takes 12-20 weeks. Collecting assets then follows, which can take between 2-8 weeks. Once this has been done, we can distribute the assets; this normally takes 1-2 weeks.
Contacts
Please contact our experts in this service to discuss further;
Related Services
See our related services;
Lasting Power of Attorney