Wills
There are strict rules on who can inherit your assets if you have not left a Will.
It is important to have a Will to ensure that your family and friends or your chosen charities inherit your assets in the way that you intend. Leaving it to one family member to informally pass on the assets or wrongly assuming someone is the correct next of kin often leaves a messy situation for the family.
We can talk through your intentions and expectations and provide a Will which reflects your wishes accurately.
Our fees for a standard Will is £185 plus vat at 20% (£222 including vat) for a single Will and £250 (£300 including vat) for couple making mirror or similar Wills. This can raise to £350 (£420 including vat) for a single Will and £450 (£540 including vat) for a joint Will if it includes more complicated advice or clauses such as Trusts in the Will or Inheritance Tax clauses.
If we believe that the work is more complicated then we will inform you at the first meeting where possible and give you a quote for the same.
Our hourly rate is £220 (£264 including vat) for a non-partner or £230 (£276 including vat) for a partner.
Additional fees which may be incurred in Wills for example
Home Visit £75 (£90 including vat) per visit
Severance of ownership at the Land Registry £100 (£120 including vat)
Timescale
We aim to send out a draft within 2 weeks of receiving instruction from you and arrangement for signature within 2 weeks of you confirming that the final draft is approved.
Lasting Powers of Attorney
A Lasting Power of Attorney can give someone the power to look after your affairs on your behalf either immediately or in the future when you no longer have capacity to manage your own affairs. A LPA can be prepared for your financial and legal matters or for your health and welfare and we can give you guidance on which might be relevant in your situation.
Our fees for preparing a Lasting Power of Attorney are £350 (£420 including vat) for one LPA or £600 (£720 including vat) for 2 (either 2 LPAs for 1 person or 1 LPA for 2 people)
There is also an Office of the Public Guardian registration fee of £82 per document.
We charge a discounted rate for a combination of the above as follows
- 1 LPA and 1 Will £450 (£540 including vat)
- 1 LPA and 2 Wills £550 (£660 including vat)
- 2 LPAs and 1 Will £650 (£780 including vat)
- 2 Wills and 2 LPAs £750 (£900 including vat)
- 4 LPAs £850 (£1,020 including vat)
- 4 LPAs and 2 Wills £995 (£1,194 including vat)
Timescale
It usually takes approximately 2-3 weeks to complete the LPA and then 2-4 months for registration with the OPG
Probate and Administration
Dealing with the affairs of a loved one after their death is always a very difficult time. Often you will need to obtain a Grant of Probate (if there is a Will and Executors) or a Grant of Administration (if there is no Will or there is an issue with it)
The stage of obtaining a Grant and dealing with the administration are generally as follows;
Gather in details of the assets
Obtain valuations for all of those assets
Consider whether any Inheritance Tax is due and whether any reliefs are applicable
Complete and submit the Inheritance Tax Forms if required
Once the reference is received from the HMRC (if applicable), complete the forms for the application for the Grant of Probate/Administration, either on the portal or by post
Once the Grant of Probate/Administration is obtained, contact all of the asset companies to collect in all of the assets including closing any bank accounts
Sell or transfer the properties/shares/possessions
Prepare Estate Accounts showing all monies in and out of the estate
Deal with any Income Tax due (if requested by the client)
Account to the beneficiaries for their entitlement under the estate
As the work involved in administration can vary so widely depending on the assets and the beneficiaries we cannot always give a definite quote at the beginning of the matter
Fixed Fee Grant Only
We offer fixed fee Application for a Grant for £750 (£900 including vat). This includes ;
All meetings and communications with you to obtain the information required regarding the estate and to discuss any queries
Submitting the application for the Grant of Probate/Administration based on valuations which you have provided and where no Inheritance Forms are required.
Providing you with the Grant of Probate/Administration once it is received
This would normally take 4-6 weeks to receive
Simple Grant and Assent
We also offer a fixed fee for Application for a Grant and Assent of property at the Land Registry for £1,000 (£1,200 including vat)
This includes all of the work involved in the fixed fee as above PLUS then preparing an Assent to transfer the property into the name of the beneficiary and registering that transfer at the Land Registry providing the property is already registered at the Land Registry in the name of the deceased.
This would normally take 6-8 weeks plus the time the Land Registry will then take to register the Assent which can take up to a year
Full Administration
We can also help you with all stages of the administration of the estate including obtaining valuation for all of the assets, obtaining the Grant, closing the accounts and distributing funds to the beneficiaries. We can also deal with any tax forms which are required for the administration.
Our hourly rate for acting in an administration is £253 (£303.60 including vat) for a non-partner or £264.50 (£317.40 including vat) for a partner). If we are instructed to act as an Executor then our hourly rate is £275.00 (£330 including vat) for a non-partner or £287.50 (£345 including vat) or a partner.
We do NOT charge a value element in addition
We will give you a quote in our first letter letting you know how many hours we anticipate the work will take and will give you regular updates if we feel the work will exceed this estimate.
An average Probate may take 10-20 hours to complete and cost between £2,000 and £5,000 (£2,400 and £6,000 including vat). This would likely include the following;
All meetings and communications with you and any third parties regarding the valuations and assets
Preparation of all of the documentation required to submit the Inheritance Tax Forms
Application to the Court for the Grant of Probate
Collection and Transfer of all of the assets
Preparation of Estate Accounts
Communication with all of the beneficiaries regarding distribution
It can also include submission of information regarding income tax on the estate to the HMRC if required
Additional fees include the following;
Bank Transfer Fee for each transfer through the bank £25 (£30 including vat)
ID Check for Executors and Beneficiaries £5.75 each (£6.90 including vat)
The type of estate which may incur higher costs would for example be ones with the following;
- Shares in companies
- Assets overseas
- More than one property to sell
- Several beneficiaries who may not give joint instructions
- Multiple bank accounts to be closed.
- Children under the age of 18
- Paperwork which has not been sorted by the executors and which we need to sift through and deal with ourselves.
Disbursements in Probate and Administration may include the following
- Grant of Probate £300.00 plus any disbursements incurred in respect of Office Copy Probates, at £1.50 per document.
- Trustee Act Notice £200 approximately
- Valuations of possessions, shares or property £250 approximately
There may be other disbursements depending on the assets involved.
Timescale
It will usually takes 6-12 months to complete the administration of an estate. This can be much quicker if you already have the information available on the valuation of all of the assets in the estate. If the valuations or the beneficiaries are complicated, or there is a property to sell then the administration can take much longer than a year.
Other private client work
Deed of Variation of a Will £450 (£540 including vat)
Deed of Appointment £450 (£540 including vat)
