Wills, Probate, Tax & Trusts

It’s 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 supported practically. Also, when the time comes, we can help your executors with the administration of your estate and any trusts 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 assets;
Lasting Powers of Attorney (LPA) - To provide help to those who need assistance (now or who may wish to plan in case they may need assistance in the future) in financial and welfare/health decisions;
Court of Protection - When the individual no longer has the capacity to make the decisions themselves to appoint a suitable person or persons to assist them with their finances;
Grants of Probate and Grants of Letters of Administration - Providing legal authority to deal with the estate of a person who has died.
Estate Administration - Dealing with the financial affairs of someone who has died from obtaining a Grant of Probate/Letters of administration through to collecting in and distributing the estate assets.

Inheritance Tax Planning - Beneficial for Estates over £325,000.00;
Long term Wealth Planning - Protecting your assets.
Creation and Administration of Trusts
Registration of Trusts with HMRC's Trust Registration Service
Advising Upon The Taxation of Trusts

For more information about the Importance of making a Will click here and executors’ responsibilities and click here.

For more information about LPAs click here and Asset Protection click here.

How Much Will it Cost to Deal with an Estate when Someone Dies?

Grant Only

To deal with the basic Inheritance tax reporting requirements 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 £950.00 plus VAT at 20% (£1,140.00 including VAT).

This would apply where the deceased has made a will and the estate is undisputed. It would not apply in any situation where a more complex inheritance tax 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 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 reporting requirements and probate/letters of administration 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.

Example One – An estate with total assets worth between £100,000 and £200,000 where there is no inheritance tax to pay and based upon the following :-

There is a valid will
There is only one property
There are no more than five beneficiaries
There are no missing beneficiaries
There are no more than five institutions holding assets or accounts for the deceased
There are no disputes between the executors. If disputes arise this is likely to increase the estimate of costs
There are no claims made against the estate
There are no challenges to the validity of the will
There are no investigations by the DWP into means tested benefits claimed during the lifetime of the deceased
A full income tax return is not required for the estate or in respect of the deceased’s lifetime income tax

We anticipate that this will take between 10 and 15 hours work. Our hourly rate charges are as follows:-

Solicitors with more than 8 years’ experience £250 plus VAT at 20%
Solicitors with between 4 and 8 years’ experience £220 plus VAT at 20%
Private Client Advisors and Solicitors with up to 4 years’ experience £185 plus VAT at 20%
Trainee Solicitors, Paralegals and Legal Assistants £160 plus VAT at 20%

In addition to the hourly rate charged there is a fee based upon the value of the estate (based upon guidelines issued by the Law Society) of 0.5% of the value of real property plus VAT at 20% and 1% of the value of other assets plus VAT at 20%.

The exact cost will depend on the individual circumstances of the matter and we will provide an estimate tailored to your particular matter for your agreement before work commences but we would estimate total costs to be £3,000 to £5,000 plus VAT at 20% plus disbursements (see below)

Example Two – An estate with total assets worth between £500,000 and £600,000 where there is inheritance tax to pay and based upon the following :-

There is a valid will
There is only one property
There are no more than five beneficiaries.
There are no missing beneficiaries
There are no disputes between the executors. If disputes arise this is likely to increase the estimate of costs
There are no claims made against the estate
There are no challenges to the validity of the will
There are no investigations by the DWP into means tested benefits claimed during the lifetime of the deceased

We anticipate that this will take between 15 and 30 hours work. Our hourly rate charges are as follows:-

Solicitors with more than 8 years’ experience £250 plus VAT at 20%
Solicitors with between 4 and 8 years’ experience £220 plus VAT at 20%
Private Client Advisors and Solicitors with up to 4 years’ experience £185 plus VAT at 20%
Trainee Solicitors, Paralegals and Legal Assistants £160 plus VAT at 20%

The exact cost will depend on the individual circumstances of the matter and we will provide an estimate tailored to your particular matter for your agreement before work commences but we would estimate total costs to be £6,000 to £9,000 plus VAT at 20% plus disbursements (see below)

Inheritance Tax

This will be payable in addition to our fees and disbursements and will vary depending upon the particular circumstances of each estate. For more information on Inheritance tax please see How Inheritance Tax works: thresholds, rules and allowances: Overview – GOV.UK (www.gov.uk).

Disbursements (expenses)

In addition to the above there may be the following disbursements:-

Probate Registry fee at £300 plus £1.50 for every copy of the Grant that is required (not subject to VAT)
Electronic identification checks at £6.30 per executor or administrator taking out the Grant (inclusive of VAT at 20%
Bankruptcy searches £2 (plus VAT at 20%) per beneficiary
Property Valuation for taxable estates (starting at around £350 including VAT)
Land Registry office copy entries (if needed) £3 to £12 (plus VAT at 20%)
£150 to £400 (inclusive of VAT) Notices in the London Gazette and local newspaper (optional) this helps to protect against unexpected claims from unknown creditors
£165 to £195 (plus VAT at 20%) Financial Asset search (optional) this is a check for unknown assets
£126 (inclusive of VAT) Search of the National Will Register and geographical search (optional) to safeguard executors if there is any doubt about whether the will held is the last will of the deceased.

In addition to the above there may be other expenses we have to pay depending upon the assets and issues arising in each particular estate but you will be advised of these as soon as we become aware that they are necessary.

Timescales

It is very difficult to say exactly how long a matter will take as it depends upon a number of factors specific to each case including but on average and assuming no disputes or unexpected complex issues arise and average estate administration would be dealt with in following time scales:-

Obtaining valuations of all of the assets in the estate and preparing Inheritance tax return if needed 1-4 months (this may be longer where there is a taxable estate, complex assets or a large number of lifetime gifts. This will also take longer if a search of the National Will Register is required as this takes two months and would usually be undertaken before any other work is commenced if there is any doubt as to whether or not the will held is the last will or on an intestacy whether there may be a will as this search may determine who is the correct person to be dealing with the estate).
Obtaining HMRC authority to apply for Grant (in taxable estates or where a more complex Inheritance tax return is required due to extensive lifetime gifting, trusts or if it is necessary to claim the residence nil rate band) 1-2 months
Obtaining the Grant of Probate or Letters of Administration 16 weeks for online applications and up to 22 weeks for paper applications (paper applications are usually the more complex applications such as where there is no will)
Encashing/selling assets 1-2 months (share sales can take longer particularly if share certificates have been lost or where unclaimed dividends are required to be reissued. A house sale will take around 2-3 months from a sale being agreed to completion)
Obtaining agreement to administration period income tax and obtaining payment reference from HMRC 1-6 months (this should be within a couple of weeks but we have been experiencing long delays with HMRC)
Preparation of detailed estate accounts and distribution of estate 2-4 weeks

Overall we would expect the administration of an estate to take around 8-20 months depending upon whether or not the estate is taxable, the complexity of the estate, whether or not there is a need to file full income tax returns and any delays with the Probate Registry and HMRC. Any house sale will affect the timescale as completion of the administration will depend upon how long it takes the house to sell.

Our conveyancing solicitors in Nuneaton and Hinckley can assist with property transactions.

Our Team

We have a team of solicitors and experienced legal staff and you can find their details below.

At the beginning of a matter you will be informed who will be the primary fee earner dealing with your matter but any member of our team may work on your matter from time to time. All fee earners’ work is supervised by Lorna Watts who is a Partner and the head of department.

Contact The Team

We have a team of Conveyancing Solicitors and Executives who deal with Residential Conveyancing and their details can be found by clicking on the links below: