Probate – Where Loosemores Are Instructed by 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 the estate according with the wishes of the deceased’s Will. The role of Executor comes with considerable administrative, legal and tax responsibilities. If you find yourself in this situation 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

–           Accurately identify the type of Probate application you will require

–           Obtain the relevant documents required to apply for probate.

–           Complete the Probate application and the relevant HMRC forms

–           Draft a legal oath for you to swear

–           Make the application to the Probate Court on your behalf

–           Obtain the Probate

–           Collecting 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 you and the beneficiaries

–           Distribute the estate

 

The Price for This Service

Our fees for dealing with the estate 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 0.5% plus VAT
  • Value of the remainder of the estate (including properties other than the main residence) charged at 1%

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 varies. A standard matter could take between 5 – 15 hours.

The whole process could take between 3-12 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 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 plus VAT 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

 

We handle as little or as much of the estate administration on behalf of an Executor or administrator (for example, where there is no WILL). We would be happy to discuss our charges with you if you did not wish to handle the entire estate administration.

 

Example of Our Costs in Relation to a Standard Estate Where Loosemores Are Not the Executors.

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

The below is an example of an estate where there is one beneficiary, 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 £975 plus VAT

  1. Estimate value of other assets – £50,000 – value charge £500 plus VAT

Total value element – £1,475 plus VAT

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

Total estimate charges. Time plus value element (excluding disbursements) – £2,450 – £3,450 plus VAT.

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 if you require some additional information, please contact our Probate, Wills and Trusts team:

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

Phone – 029 2080 3116

Email – cosslettme@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. We have provided this information to help clients understand the prices we charge for this service.