What are Probate Services?
What are Administration Services (Letters of Administration)?
Who can benefit from a Trust?
We aim to unravel the complexities surrounding trusts, providing clear insights into their types, functions, and the key role they play in estate planning. Whether you’re a seasoned investor, a legal professional, or someone exploring financial planning options, we can assist you navigate the world of trusts in the UK. Trusts can be instrumental in securing your financial future and ensuring assets are protected in the correct way.
- Wills and Intestacy: Probate is linked to cases with a valid Will, while administration is associated with intestacy or situations where the Will is invalid.
- Executor and Administrator: In probate, the responsible party is the "executor," whereas in administration, it's the "administrator."
- Grant Titles: The legal documents are named the "Grant of Probate" for probate cases and the "Grant of Letters of Administration" for administration cases.
Our Probate/Administration Services:
- Expert Guidance: We understand that navigating the legalities after a loved one has passed away can be complex and emotionally challenging. We can offer expert guidance, ensuring you have the support and knowledge needed to manage every aspect of the probate process.
- Tailored Solutions: We recognize that every estate is unique. Our probate services are tailored to meet your specific needs, whether you are an executor seeking assistance or a family member navigating the complexities of estate administration. We will work closely with you to create a customized plan that aligns with your circumstances.
- Efficient Probate Application: Applying for probate requires attention to detail and adherence to legal protocols. We aim to streamline the probate application process. From gathering necessary documentation to completing the required forms, we allow you to focus on what matters most during this sensitive time.
- Estate Valuation and Inheritance Tax Advice: We assist and facilitate you in the valuing of the estate assets and also help you assess the total value of the estate for inheritance tax purposes. We offer insightful advice on minimising tax liabilities, ensuring that the financial aspects of probate are managed efficiently.
- Transparent Communication: Clear and open communication is key and we will keep you informed at every step, explaining the processes involved and addressing any concerns you may have. We are committed to making the probate journey as transparent and stress-free as possible.
- Timely Distribution of Assets: Once probate is granted, we work in a timely manner in order to distribute the assets in accordance with the deceased's wishes.
How much does Probate Advice cost?
Due to the unique circumstances of each estate, specific timeframes for estate administration can vary. In cases where a complete inheritance tax account isn’t required, and no complicating factors are present, we typically anticipate being able to draft probate papers within four weeks from the receipt of all necessary paperwork.
Upon the signing of probate papers and submission of the application to the Probate Registry, the processing time is usually around ten weeks before the Grant of Probate is issued. Following this the majority of assets can generally be collected or transferred to beneficiaries within an additional six to eight weeks. For those selling a property, the duration of the sale process significantly influences the overall administration timeline.
An unpredictable factor is the response time from HM Revenue & Customs, particularly in enabling executors to address any tax liabilities arising during the administration period. For more intricate estates, these timeframes may naturally extend. Executors should be mindful of the requirement to file the inheritance tax account within twelve months of the date of death if the estate is subject to inheritance tax. Interest on unpaid inheritance tax begins accruing after the sixth month following the date of death.
In certain cases, executors may opt to advertise for creditors, allowing a two-month period for the notification of outstanding debts. Our advisory services can guide whether such notices are necessary. Executors should also note a six-month window, commencing from the Grant of Probate issuance date, during which claims against the estate may be made. We offer guidance on whether it is advisable for executors to defer estate distribution until after this period has elapsed.
The charges for dealing with the administration of an estate are based on the amount of time spent working on the file at our hourly charging rates. These are as follows:
Name: Ann-Marie Matthews
Position Held: Solicitor
Hourly Rate: £250+VAT (currently 20%)
Years Experience: 23
Moving aware from some industry practices, our pricing model is based solely on the time dedicated to your case, without imposing an additional percentage charge based on the estate’s value.
Given the unique nature of each estate, our fees are contingent on various factors, including:
- Whether you engage us for the entire administration process or specific aspects only.
- The provisions outlined in the Will.
- The complexity and quantity of assets.
- The inheritance tax status of the estate.
To initiate transparancy, we offer a fixed-fee consultation. During this session, we aim to:
- Clarify the sequential steps involved in estate administration.
- Discuss your rights, responsibilities, and potential liabilities.
- Identify opportunities for tax-saving and other estate planning strategies.
- Anticipate and address potential complications that may arise during the process.
We also offer a fixed fee of £2,000 plus VAT (currently 20%) for obtaining the Grant of Probate (or letters of administration) for you where an inheritance tax account is required and you provide us with all the financial information to include in the probate application.
For dealing with Probate matters where you wish us to undertake more than just obtaining the Grant of Probate (or letters of administration), for example, valuing the estate and/or winding up the estate after the Grant, we will provide you with a written fee estimate for this work.
- £300+VAT (currently 20%) (for one meeting including a follow up letter confirming what was discussed during the meeting).
- £900+VAT (currently 20%) fixed fee for obtaining the grant of probate (or letters of administration) for you where an Inheritance Tax account does not need to be filed and you provide us with all the financial information to include in the probate application.
- £2,000+VAT (currently 20%) fixed fee for obtaining the Grant of Probate (or letters of administration) for you where an inheritance tax account is required and you provide us with all the financial information to include in the probate application.
Speak with Ann-Marie
Book a free consultation call with Ann-Marie Matthews today.