Probate is the process of administering a person’s estate. An application to the probate registry is often required to give authority for personal representatives to deal with the assets and liabilities. There are two different processes depending on the value of the estate.
At Welland Valley Legal we offer two services:
The first service is the full administration of an estates. This is from assisting in the registration of the death, writing to initial asset and liability holders to completing the probate application, arranging payment of any inheritance tax and then registering the grant with the asset and liability holders. Welland Valley Legal then collect in the assets of an estate, pay any liabilities, and report any income or capital gains to HMRC. Welland Valley Legal then prepares estate accounts and distributes the estate to beneficiaries. A fee estimate would be provided following an initial consultation.
The second service is a grant only service. Welland Valley Legal, for a fixed fee, will assist Personal Representatives to obtain Grant of Representations by completing the inheritance tax forms and legal statement. The Personal Representatives are expected to provide all the information in relation to the estate. Welland Valley Legal does not hold any monies from the estate nor do any distributions.
Dealing with the administration of an estate can be an extremely stressful and overwhelming time. At Welland Valley Legal we aim to take that stress away, take on the responsibility and guide you through the process in a calm, professional and caring manner.
Probate, or more generally known as the Grant of Representation, is a legal document approved by the probate registry so that personal representatives can handle assets and liabilities in an estate and administer the estate to beneficiaries.
The following list could affect the amount that would be quoted:
- Level of record keeping and how traceable all the assets are
- Quantity of beneficiaries and whether any are missing or not
- If the Deceased made a Will or died intestate
- Any potential contested issues
- Extent of assets and liabilities and therefore value of the estate
- Whether the estate is taxable or not
- Complications over lifetime gifts
- Different types of assets
- Amount of communication required to Personal Representatives if more than one is appointed
- If there are foreign assets in the estate
Where an estate is worth less than £650,000 and will follow the simple process - £950 + VAT + the probate fee of £273 and any other disbursements
Where an estate is worth more than £650,000 or follows the more complex process - £2,500 + VAT + the probate fee of £273 and any other disbursements
Depending on the complexity it usually takes between 6-12 months.
In accordance with the law society’s approved scale, we will charge 0.5% on the value of the main residence in the estate. If there is no property in the estate, then 0.5% will be charged on the value of the general estate.
The reason for charging a percentage is to take account of the responsibility of holding high value assets in an estate and the complexity of administering it.
The rest of the fee is then based on the time spent on the matter. Our hourly rate is £225 + VAT. We would work out the estimated time we would consider it would take on your matter at the initial meeting. We would also inform you of any anticipated disbursements.
There are also many disbursements to consider:
- Land Registry - £3 per title download
- Probate fee - £273-£276
- Statutory notices – approximately £200 + VAT
- Bankruptcy searches - £2 per search
- TT fee - £30 + VAT
- Share valuation fees – quoted on case by case basis
- Family tree search – quoted on case by case basis
- Missing beneficiary search – quoted on case by case basis
- Asset searches – quoted on case by case basis
- Property valuation – usually £150 + VAT
We can vary a Will or intestacy through a Deed of Variation for a fee of £450 + VAT. All beneficiaries whose share is affected must consent to this Deed.
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