Probate – Where Loosemores Are the Executors

Being an executor of someone’s Will can bring with it complicated and sometimes onerous duties which can often take months to complete. It is important to get it right because an Executor is legally responsible for administrating an estate according to the wishes of the deceased. Being an Executor comes with considerable administrative, legal and tax responsibilities. If you find yourself in this position don’t worry, we are here to help.

As part of our Probate service we will:

  • Provide you with a dedicated and experienced probate lawyer to work on your matter
  • Identify the legally appointed executors or administrators and beneficiaries
  • Obtain the relevant documents and valuations required to apply for the Probate
  • Complete the Probate application, statement of truth and the relevant HMRC forms
  • Send the application to the Probate Court
  • Obtain the Probate
  • Realise the assets
  • 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 cost of this service

Our fees for dealing with the estate are based upon a combination of the time we spend on a particular 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 – £217

 

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 £1.50 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) and a Dementia Friend. 

 

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.