Probate – Where Loosemores Are the Executors

Executors are named in a Will as the persons whom the deceased wishes to organise the funeral and deal with financial and property matters (the “estate”). 

If Loosemores are the executors, our trusted probate specialists can administer the estate and manage the full probate process. As professional executors we can relieve family or friends of the worry and stress, at a very difficult time, provide impartiality as well as expertise that will ensure that the complex process is followed correctly.

As part of our Probate service we will:

  • Provide you with a dedicated and experienced probate lawyer to work on your matter
  • Identify and locate the beneficiaries
  • Obtain the relevant documents required to apply for the Probate
  • Complete the Probate application and the relevant HMRC forms
  • Draft a legal oath for you to swear
  • Submit the application to the Probate Court
  • Obtain the Probate
  • Collect the assets of the estate
  • Obtain clearance from Department for Work & Pensions
  • Obtain clearance from the HMRC
  • Place statutory notices in the London Gazette & local papers
  • Pay Inheritance Tax/ Capital Gains Tax
  • Insure property
  • Ensure beneficiaries are not bankrupt prior to making payment to them
  • Prepare the estate accounts for approval by beneficiaries
  • Distribute the estate

 

The Price for This Service

Our fees are based upon a combination of the time we spend on the matter (the time) and the value of the estate itself (the value element). This charging structure is based on a formula recommended by the Law Society. All legal fees quoted below are subject to the addition of VAT at the appropriate rate.

The Value Element:

  • Value of main residence charged at 0.75%
  • Value of the remainder of the estate (including properties other than the main residence) charged at 1.5%

The Time Element

  • Our time is charged on the basis of the hourly rate which is between £165 – £195

 

Timescale

It is difficult to fix the time element of our fee as the details of each estate. A standard matter could take between 5 – 15 hours.

The whole process could take between 6-12 months, depending upon the complexity of the estate.

 

Disbursements (not included in the above fees)

Disbursements are costs related to the estate that are payable to third parties, such as court fees. We handle the payment of disbursements on your behalf to ensure a smoother process.

These are the expected disbursements. We would notify you of any additional disbursements in advance.

  • Probate application fee of £155 plus £0.50 for each additional copy
  • Bankruptcy – only land charges department searches – £2 per beneficiary (there are additional costs for a foreign beneficiary)
  • Advert in the London Gazette and a Local Newspaper – Protects against unexpected claims from unknown creditors – Approximately £200 – £230 plus VAT

 

Example of a Quote of a Standard Estate

The exact cost will depend on the individual circumstances of the estate.

The below is an example of an estate where there is one beneficially, one property and one bank account.

Time element – in our experience, standard estates usually take somewhere between 5 and 10 hours, resulting in a time charge of £975 -£1,975 plus VAT.

Example of the value element

  1. Main residence (3 Loosemores Lane, Cardiff CF10 1AA)

Estimate value of property – £195,000 – value charge £1,462.50

  1. Estimate value of other assets – £50,000 – value charge £750

Total value element – £2,212.50

In addition to our legal fees there are certain disbursements which will be incurred and charged to the estate such as probate and trustee act notice fees.

Total estimate charges (excluding disbursements) – £3,187.50 – £4,187.50

This is an example. The actual amount quoted could be higher or lower than these figures. We always ensure to keep clients informed as the matter progresses. 

 

For an accurate quote or some more information, please contact our Probate, Wills and Trusts team:

Maria Cosslett, Partner and Head of Probate, Wills and Trust at Loosemores

Phone029 2080 3116

Emailcosslettme@loosemores.co.uk

Maria Cosslett is a Fellow of the Chartered Institute of Legal Executives, a member of the Society of Trust and Estates Practitioners (STEP) and a member of Solicitors for the Elderly (SFE).

 

The above information is an estimate and does not necessarily reflect the price of this service. The exact cost will depend on the individual circumstances of the matter.