Making a Will and Elderly Client Services
Its said that there are only two certainties in life - death and taxes. But with planning, you can ensure you provide for your loved ones so that both the pain of bereavement and any burden of taxation is lessened.
Wills and Planning Your Estate
Our qualified and experienced solicitors are here to advise you so that your loved ones are protected both financially and practically. Also, when the time comes, we can help your executors with the administration of your estate and any trust established in your Will.
We can provide you with advice and support on a wide range of matters, including:
- Making a Will - To give you control over who will inherit your assests;
- Lasting Powers of Attorney (LPA) - To provide help to those who need assistance in financial and welfare decisions;
- Court of Protection - When the individual no longer has the capacity to make the decisions themselves;
- Grants of Probate - Legal confirmation that the Will is valid;
- Estate and Trust Administration - Looking after the Estate during Probate;
- Inheritance Tax Planning - Beneficial for Esates over £325,000.00;
- Long term Wealth Planning - Making your money work for you.
How Much Will it Cost for Dealing with an Estate when Someone Dies?
To complete a basic Inheritance tax return and application for a Grant of Probate or Grant of Letters of Administration (where all valuations are obtained by the clients and the whole of the administration of the estate is dealt with by the clients personally) our fixed fee is £650 plus VAT (£780 including VAT).
This would be available where the deceased has made a will and the estate is undisputed. It would not apply in any situation where a more complex IHT 400 form is required (for example but not limited to situations where there is any inheritance tax payable in respect of the estate, if there is a claim needed for the partial transfer of the deceased’s spouse’s inheritance tax nil rate band, if a claim is needed for agricultural or business property relief, if a claim is needed for the inheritance tax residence nil rate band, where there has been significant lifetime gifting or where the deceased made changes to their pension within two years of the date of their death).
Full Estate Administration
To deal with the administration of an estate in full to include obtaining valuations of assets from banks and building societies etc, completing the inheritance tax return and probate application and thereafter collecting in the assets of the estate, paying the liabilities and preparing a statement of all monies received and paid out for approval by the executors and residuary beneficiaries. Based upon a standard estate with no complicating factors valued between £100,000 to £200,000 with up to five institutions holding accounts or assets our average charges are £2000-£3000 plus VAT (£2400 to £3600 including VAT). This does not include the conveyancing costs associated with a sale of house or property which was owned by the deceased.
The average costs are unlikely to be apply where: -
- A house sale in involved and the personal representatives wish us to liaise with the utility providers, insurers and estate agents throughout the sale process;
- The DWP commence an investigation into means tested benefits claimed by the deceased in their lifetime;
- HMRC requires full income tax return to be completed for the estate or in respect of the deceased’s lifetime tax)
In these cases, a bespoke estimate will be provided upon request.
Our hourly rate charges are as follow:
- Solicitors with more than 8 years’ experience charge an hourly rate of £210 per hour plus VAT,
- Solicitors with between 4 and 8 years’ experience charge an hourly rate of £185 plus VAT
- Solicitors with up to 4 years’ experience charge an hourly rate of £153 plus VAT.
- Trainee solicitors and paralegals charge an hourly rate of £116 plus VAT.
In addition there is a charge based upon Guidance from the Law Society of 0.5% of the value of property and 1% of the value of other assets.
In addition to both options set out above fees are payable to theProbate Registry of £155 plus 50 pence for every copy of the Grant that is required and usually £7 Commissioner’s fees per personal representative but if there are any codicils the commissioner’s fees will increase by £2 per codicil per personal representative.
We have a team of Fee Earners who deal with Wills and Elderly Client Services and their details can be found by clicking on the links below: