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Do you need a ‘Company Will’?
If you are a business owner, in business with one or more partners, have you taken time to consider what might happen to the business if you, or one of them, were suddenly not around or capable of taking part?
Changes to Probate Fees
April 2019 sees the introduction of the new sliding fee scale for probate fees in England and Wales. Prior to these changes, a fee of £215 was payable to obtain the authority to deal with the financial affairs of somebody who had died. If the estate (the deceased person’s assets) was worth less than £5,000 then no fee was payable and if a solicitor was appointed to deal with the estate the probate fee was slightly cheaper (£155).
Probate: Range of costs (with fixed fee for additional work)
Applying for the grant, collecting and distributing the assets
The exact cost of this service 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. Total costs are estimated at £1298 – £2950 (+VAT).
We will handle the full process for you. This quote is for estates where:
- There is a valid will
- There is no more than one property
- There are no more than two bank or building society accounts
- There are no other intangible assets
- There are two – three beneficiaries
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
- There are no claims made against the estate
Disbursements included in this fee:
- Probate application fee (£155)
- Swearing of the oath (£7 per executor)
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
- Post in The London Gazette and local newsletter – Protects against unexpected claims from unknown creditors (£300.15)
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.
As part of our fee we will:
- Provide you with a dedicated and experienced probate solicitor 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 make the application
- 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 and securely send two copies to you
- Collect and distribute all assets in 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 £0.50 (1 per asset usually).
- Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates that fall within this range are dealt with within 2-12 months. Typically, obtaining the grant of probate takes 6-16 weeks. Collecting assets then follows, which can take between 8-12 weeks. Once this has been done, we can distribute the assets, which normally takes 6-8 weeks.
Contact us to discuss your probate requirements.
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David Tournafond
Head of Private Client
David joined Bermans in 2014 to develop our Private Client service.
He has a degree in law and qualified as a solicitor in 1987.
David advises on a diverse range of matters including IHT planning, Wills, Lasting Powers of Attorney, Trusts and Probate (including contentious) as well as residential and commercial property.
David is an estate planning expert and regularly advises clients on how best to protect their assets. He also has a special interest in clients who don’t have mental capacity to manage their own finances, through illness, injury or old age, using the Court of Protection or powers of attorney.
David also has considerable expertise with charities and has been the Chair of the Education & Charities Committee at the Liverpool Law Society for many years. In 2015 he received a ‘Special Recognition Award for Outstanding Service’ for his tireless work as Committee Chair, where he runs 3 charitable funds, organises the high profile Conkerton Memorial Lectures, public speaking competitions and other such work.
As an experienced private client lawyer, his key aim is to develop a thorough understanding of his clients’ goals so that he can provide rounded practical advice to maintain and develop their wealth protection strategies.
Away from the office David enjoys water polo, golf, football and horse riding.
Email: david.tournafond@bermans.co.uk
Tel: 0151 224 0505
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