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 freehold/leasehold 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.
VAT is chargeable where noted at 20%.
Our hourly rate is £250.00 per hour plus VAT at the appropriate rate. Our fees are based on the time spent in preparing the application which will include liaising with all financial institutions to gain the relevant information necessary.
If at any point it seems likely that any additional costs will arise we will update you accordingly.
Where there are assets in the deceased’s 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. IHT allowances available (details on the IHT web-site) generally reduce or even obviate any IHT liability.
Where there is no IHT due then our costs in the preparation of the necessary papers for the Grant will be between £750.00 and £1,250.00 plus VAT together with the Probate Court fee of £300.00 and any other disbursements (eg copy title documents at £3.00). A Grant would generally be issued within eight to ten weeks of submission of the application.
Where IHT is due then more detailed papers require preparation and submission to the Inland Revenue and upon receipt of IHT clearance to the Probate Registry and our costs our costs in the preparation of the necessary papers will be between £2,000.00 and £2,500.00 plus VAT together with Probate Court fee of £300.00 and any other disbursements (eg copy title documents at £3.00). You will appreciate the level of detail required by the Inland Revenue 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 and as a result of their involvement generally a Grant would generally be issued within between three and four months of submission of the application.
Administration of the Estate
Once the Grant has been issued then we can be instructed to administer the estate we would summarise what we believe needs to be dealt with by the executors/us on their behalf.
This can involve 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/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 the terms of the will/the Intestacy Rules in the absence of a will.
The following services are not included in the price quoted and would require separate costing eg. dealing with non-estate assets / pensions / life insurance or life interests in trust.
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 our costs in connection with the administration are likely to exceed £1000 + VAT in addition to other disbursements such as Land Registry, Stockbroker and Accountants Fees if relevant, et cetera. We would endeavour to ascertain such additional disbursements and advise accordingly.
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.
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.
Statutory Advertisements to ascertain whether there are any creditors of the estate may need to be placed and would generally incur our agents fees of £250.00 plus VAT.As matters progress more accurate costs estimates will be provided.
As a matter of course any beneficiaries ought to give consideration to re-arranging their own financial affairs and reviewing their wills.
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 (for one person) will cost £175.00 to £200.00 plus VAT and mirror wills (eg husband and wife) will cost £350.00 to £400.00 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 but in the region of £500.00 plus VAT.
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
LPAs 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 or £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.
