It is not unusual for parties and their legal advisers to agree, despite time limits set out in legislation, to disregard these time limits to give them an opportunity to try and agree their dispute without court proceedings. If they manage to do so they save significant sums on court fees and other associated costs of bringing the claim. If they don’t settle their dispute, they still have the option to pursue their claim, even if the time limits set out in the legislation has expired. Such agreements are referred to as ‘Standstill Agreements’.
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?
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).
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.
If you registered a Power of Attorney between 1 April 2013 and 31 March 2017, you can now apply for a partial refund of your application fee. The refund is available to those who applied to register Lasting Powers of Attorney (LPAs) and Enduring Powers of Attorney (EPAs) during that period.
Over the last 20 years, changing social attitudes have led to a shift away from traditional familial relationships towards more informal arrangements. As of November 2017, the unmarried cohabiting couple was the fastest growing type of family in the UK with over 3.3 million cohabiting couples in 2017 in comparison with 1.7 million in 1997 (1). Over a third of cohabiting couples also had dependent children in 2017 (2). Unfortunately, an increasing number of people are taking the decision not to marry without understanding that the relationship between unmarried cohabitants has no legal status in the UK. If the relationship were to break down, there is no body of law upon which the cohabitants can rely for their rights to be protected, unlike when a marriage ends.
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.
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When is it okay to be out of time?
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?