Probate Wills and LPA Costs

Northampton - Christopher Greenwood or Tanya Simpson - 01604 588 001

Daventry - Caroline Redshaw - 01327 31 21 21

Generally upon death all joint assets (bank accounts and possibly property) pass to the surviving joint owner and this is dealt with by the production of the death certificate to the necessary institutions. Our involvement is generally minimal.

Where there are assets in the deceaseds sole name then dependent upon what the estate comprises then generally it is necessary to apply for a Grant to authorise such assets to be accessed/transferred.

An estate may be liable to Inheritance Tax (IHT) depending upon the extent of the assets involved. Allowances availably generally reduce or even obviate any IHT liability.

Where there is no IHT due (seemingly in around ninety percent of cases) then our costs in the preparation of the necessary papers and applying for the Grant will be between £500.00 and £1000.00 plus VAT and the Probate fee (generally £160.00). Generally a Grant will be issued within three to four weeks. Our fees are based on the time spent in obtaining the correct information from the institutions and liaising with them if the investments are of a complex nature. An updated estimate will be provided once the assets/liabilities have been identified and we can assess the likely input required.

Where IHT is due then more detailed papers require preparation and submission and our costs are likely to increase and you can expect to pay in excess of £2,000 plus VAT in addition to the Probate Fee as quoted above. You will appreciate the level of detail required by HMRC is significant and therefore our fees will be assessed and depend on the amount of investments and assets held by the deceased.

As this process requires the consideration of all the paperwork by H M Revenue and Customs , as a result of their involvement generally a Grant will be issued within between three and six months.

Administration of the Estate

Once the Grant has been issued then we can be instructed to administer the estate. This can involved but is not exclusive to:

asking us to close all accounts and investments; receive the balances; settle debts of the estate; complete final tax returns, arrange for transfer of the property or forward to our conveyancing department to prepare a quote for sale; prepare final estate accounts; contact and obtain identification from all beneficiaries and distribute in accordance with the estate.

Our fees are split into two sets of fees:

Our fees are based on time spent and can be more accurately determined once the first stage of the obtaining the probate (as described above) has been obtained; but you can expect our fees to exceed £1000 + VAT in addition to other external fees such as Land Registry; Stockbroker and Accountants Fees if relevant (and as described below) .

In addition we can charge a complexity element based on a percentage of the estate which can between 1 and 2% + VAT.

Shares may have to be dealt with and we generally pass the share certificates to local stockbrokers for them the either sell or transfer as necessary. We seek to obtain an estimate of their likely costs before formally instructing them to act.

Property may also have to be dealt with - eg transferring title or sale - and again we will estimate the costs involved once we know what needs to be undertaken.

Generally where the estate involves no IHT liability matters can be concluded within between three and six months and the estate distributed.

Where there is an IHT liability matters can be concluded within between four and eight months.

As matters progress more accurate time estimates will be provided.

Beneficiaries ought to give consideration to re-arranging their own financial affairs and reviewing their wills.

If accountancy advice is required then we can refer clients as necessary and an estimate of their likely costs will be provided before formal instructions are given to proceed.

Wills

Northampton - Christopher Greenwood or Tanya Simpson - 01604 588 001

Daventry - Caroline Redshaw - 01327 31 21 21

Wills can vary greatly in simplicity or complexity.

Most single wills will cost £175.00 plus VAT and mirror wills (eg husband and wife) will cost £350.00 plus VAT.

Where a will creates a life interest or a trust then an estimate will be provided once the extent of the matter has been ascertained.

It may be necessary to update property ownership when making a will and again an estimate will be provided once the extent of the matter has been ascertained.

It is recommended that clients review their wills every three to four years to take account of any changed circumstances.

We retain copy draft wills on the IT system so any revised wills can be readily prepared.

Lasting Powers of Attorney (LPAS)

Northampton - Tanya Simpson 01604 588 001

Daventry - Caroline Redshaw 01327 31 21 21

LPA’s permit your choice of individual/s to deal with matters on your behalf in the event of incapacity (physical or mental).

There are two types - Finance/Property and Health/Welfare.

A single LPA costs £450.00 plus VAT/£650.00 plus VAT for two together with a registration fee of £82.00 per application.

If a couple each want a Finance/Property and a Health/Welfare then the combined cost will be £1,250.00 plus VAT plus each registration fee per application.

Generally such matters will take up to ten weeks to be prepared and registered.

 

Please contact us by clicking the link below or alternatively telephone the office 01604 588 001 or 01327 31 21 21.