Dealing with a loved one's affairs when they are no longer here can be an emotional time and you need to ensure the Estate is dealt with properly. This can be very difficult if you are grieving. We can help you through this difficult time.
Whether there is a Will or not, our specialist team will ensure that all necessary steps are taken before the Estate is distributed so as to ensure you and the Executors/Administators are protected. If there is no Will the law dictates how the Estate is divided and it is important that the rules are followed carefully.
Why act now?
If you have recently lost a loved one, acting quickly ensures the Estate is protected, that the legal obligations you may be under are complied with and the risk of you making a mistake is reduced.
Matters are often not as straightforward as first thought. There can be trusts contained in a Will or other complications with an Estate that people do not realise at the start. It is important that the timely, expert advice and assistance is sought at the start so as to avoid any mistakes being made.
How much will this cost?
We offer two options for Executors. We can obtain the Grant of Probate for you for a fixed fee or we can apply for the grant and administer the Estate which is charged based on the amount of time it takes for the work to be completed. The two options and the associated costs are outlined below. There are the costs of your legal adviser doing the work for you, VAT and "disbursements". Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
We do offer a 30 minute meeting with a legal adviser to establish which option is best for you and to give you a bespoke estimate at no cost to you. No advice is provided during this meeting but it may be useful if you do not know how much legal assistance you need. This meeting comes with no obligation to instruct us.
Grant of Probate only
This includes assessing the assets and liabilities of the Estate, completing the necessary Inheritance Tax Summary forms and then applying to the court for the grant of probate.
Disbursements are noted in italics
Full Administration of the Estate
We charge based on the time spent working on your matter. Each legal adviser has their own hourly rate and this will be confirmed to you at the beginning of your matter. As a guide, this is between £175 + VAT and £200 + VAT. The typical total costs are outlined below.
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.
Disbursements are noted in italics
We will handle the full process for you. This estimate is for Estates where:
- There is a valid Will
- There is no more than one property
- There are no claims of any nature made against the Estate
- There are no more than 4 beneficiaries
- There are no Inheritance Tax imlications and a full account to the revenue is not required
- There are no other intangible assets
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- There are no claims made against the estate
Potential additional costs
- If there is no Will or the Estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
- If any additional copies of the grant are required, they will cost £50p each
- Dealing with the sale or transfer of any property in the Estate is not included
- Valuation fees
- Statutory Notices to Creditors: Adverts to protect against unexpected claims from unknown creditors which are placed in the London Gazette and a local newspaper
- If Waldrons acts as an Executor then we also charge a percentage of the Estate being 1% plus VAT exclusing any residential property which attracts a 0.5% plus VAT charge
How long will it take?
Obtaining a grant of probate from the court usually takes around 8 weeks from when the application is made. The time it takes to administer the Estate depends very much on the volume of assets and liabilities and typically takes between 6 months and 24 months; the higher number of assets and/or liabilities, the longer it takes to administer the Estate.