Wills & Probate
We all need to prepare for the worst in ensuring our families are looked after and know exactly what to do with our assets after death.
When someone dies their "estate" has to be sorted out. A person's estate is considered to be made up of the money, property and any possessions they had at the time of their death. The process of Probate involves collecting any money that is owed, settling any debts due (including outstanding taxes) and dividing the estate amongst the respective beneficiaries.
Over 70% of the UK population do not have an up to date Will showing what they would like to happen in the event of their death. Without a will your assets may not go to where you desire and it could make things a lot more difficult for your family in taking control of them too.
Making a Will creates certainty, reduces worry and gives you the peace of mind of knowing those around you will be looked after once you are gone.
A Standard Will costs £125 plus VAT. For anything more bespoke there will an hourly rate of £201 per hour plus VAT at 20% where the matter requires the level of a partner. Aspects of the work, including less complex tasks may be delegated to more junior staff, under the direct supervision of senior staff and for this the hourly rate is £111 per hour plus VAT at 20%.
A standard will may take around two to three weeks to complete from when full instructions have been provided.
Grant of Representation / Administration of Estate
Application for Grant of Representation ( Grant of Probate/ Letters of Administration):
Our legal fees for obtaining a Grant of Representation relate to our involvement in respect the application made to the Probate Registry.
This would involve the preparation and submission of all requisite documentation for the application.
Once the application is completed, then the Grant of Representation shall allow the Executor(s) or Administrator(s) to proceed to deal with the administration of the Estate.
Dependeing on when the Proate Registry responds, timescales can vary, but currently it could take around two to three months for a probate certificate to be provided.
Our Fees: £850.00 Plus VAT *
Estimated Disbursements: **
HMCTS (Probate Registry) Application Fee: £155.00
Sealed Copy of Grant of Representation: £0.50 (per each copy required)
Probate Registry Checking Service (if required): £12.00
Legal Notice Fee payable to London Gazette: £104.52 (inc VAT) ***
Legal Notice Fee payable to Local Newspaper: £TBC ****
Services for dealing with the Administration of Estate - (such as, obtaining the grant of representation, collecting in assets and distributing the estate to beneficiaries):
Dealing with the administration of an estate can at times be a daunting and time consuming task, especially when dealing with the estate of a loved one.
Here at Silverdale Solicitors, we are happy to offer our services to provide assistance in such matters so as to make the administration process simple and stress free.
Our Probate experts are able to deal with your transaction from the beginning to the end.
This would include dealing with the application for a Grant of Representation and then dealing with the administration of the Estate, which would include (but not limited to) the following:
i) Administering the instructions of a Will (if applicable).
ii) Collecting in Assets.
iii) Service of Legal Notice of Death.
iv) Dealing with the Closure or Transfer of Accounts.
v) Distribution of Estate to beneficiaries.
vi) Discharge of Inheritance Tax liabilities (if applicable).
Our Legal Fees
The value of average estates tend to be under the threshold of £325,000.00, with no inheritance tax being payable. When dealing with such estates, our estimated legal founds amount to the following:
Administration of Estate involving up to 5 beneficiaries and 4 accounts:
£1100.00 Plus VAT
Administration of Estate involving 6 or more beneficiaries and/ or 4-10 accounts:
£1,850 Plus VAT
Transfer of stock/shareholding:
When dealing with the administration of an estate, an additional fee is charged in respect of the transfer of Stock/Shareholding as follows:
i) Dealing with the transfer of 1-3 shareholdings - £75.00 Plus VAT.
ii) Dealing with the transfer of 3- 5 shareholdings - £150.00 Plus VAT.
iii) Dealing with the transfer of 5 + shareholdings - £275.00 Plus VAT.
Transfer of Property:
It may be the case that a residential property is to be transferred, such as the transfer of a marital home to the next of kin, or the transfer of a particular property to a beneficiary.
Our fees for dealing with the transfer of property are charged separately. We would suggest that you please refer to our property fee quotation calculator (please click the link below).
[WEBLINK TO OUR CONVEYANCING FEES CALCULATOR]
Additional Information: Please note as follows:
* The VAT (Value Added Tax) quoted above is calculated at the rate of 20% and is valid as of the 6th December 2018. This figure is subject to change.
** Please note that all Estimated Disbursements as quoted above are valid as of the 6th December 2018 and are subject to change. It must also be noted that additional third party costs may be charged for services which would include (but are not limited to) the following:
i) Accountant’s Fee for Tax Advice or Tax Returns. (if required).
ii) Fees for additional statutory notices. (if required).
iii) Fees for Brokerage Services (such as Stock/Share Sales or Transfer). These may vary between £50.00 - £150.00 or more depending on the number of shareholdings. (if required).
iv) Fees due in respect of replacement share certificate. (if required).
v) Fees due to Private Investigator (if required).
Jawad Amin is the Partner and Solicitor, admitted to the Roll in 2004, dealing with Wills and Probate and can be contacted at Jamin@silverdalelaw.co.uk
Alternatively, call us on 0161 740 0333 to discuss your matter or email us on firstname.lastname@example.org
*** The above mentioned Fee to the London Gazette includes a copy of London Gazette which is obtained as evidence of published Legal Notice. The quoted fee is valid as of the 6th December 2018 and is subject to change.
**** This Fee varies dependent on each newspaper publisher.