Probate Solicitors London
When a loved one dies there are a number of formalities which need to be dealt with in a time compliant manner. You may need to find out whether they left a will with the help of will solicitors London or whether they owed anyone money. You may also need to try and get money released from their bank account in order to pay the funeral expenses. Sometimes beneficiaries will need to be traced. These tasks can seem daunting when you are trying to come to terms with the death of a loved one and copy with the administrative burden that can come with the same. Our Probate Solicitors London are here to advise you in a sympathetic understanding manner at a difficult and sensitive time in your life.
Probate Solicitors Services In London
If you are the named Executor, you have a number of duties to both the Estate and the Beneficiaries. We can help you fulfil your duties and can guide you with regard to what needs to be done. In order to withdraw money from the deceased’s bank account or to sell their property you may need to apply for a Grant of Probate. If they did not leave a Will, Letters of Administration enables the family or next of kin to deal with these steps based on the Intestacy Rules and the hierarchy contained therein.
As expert Probate Solicitors London, we take the strain out of the grieving period for you. We can complete the inheritance tax documents, and then make the application for the Probate/Letters of Administration to enable the release of the deceased’s assets.
Once that is complete, our Probate Solicitors London can assist with the Administration of the Estate in accordance with the Will or in accordance with the Intestacy Rules, which apply if the deceased did not leave a Will.
We will advise you on what steps are necessary what timeframes are important, especially with regard to the payment of Inheritance Tax and limit the risk to you as an Executor/Administrator in complying with your duties.
At the end of the Administration Period our Probate Solicitors London will provide you with a comprehensive statement which illustrates what assets have been released, what bills have been paid and which Beneficiaries have received their gifts.
We offer an initial fixed fee consultation for 20 minutes at a cost of £50 + VAT to discuss the deceased’s affairs generally. However, if our Probate Solicitors London are able to assist further, we will provide a full cost estimate at that meeting. If you instruct us to deal with the probate, you will not be charged for the fixed fee consultation.
Should anyone challenge the validity of the Will or the last wishes of the deceased then sometimes Court proceedings are unavoidable. Our Probate Solicitors London can assist with this unwanted situation and advise and represent you should you wish to make such a challenge, or indeed should you need to defend such a challenge on behalf of the Estate.
Occasionally, there are situations where you know that a Will has been prepared, but that the Will does not reflect the actual intentions of the deceased. Provided the affected beneficiaries agree to amend the Will, you can, within a permitted time, enter into a Deed of Family Arrangement to alter the distribution. This can be used as a tool for saving inheritance tax.
If you require further information or would like to discuss a matter with our probate team, please contact our Office on 020 8646 4885 or email us at: Legal@p-llp.net.
LIKELY COSTS FOR PROBATE SOLICITORS LONDON TO OBTAIN GRANT OF PROBATE
To provide you with an indication of our fees we have set out the likely costs of a basic application for Probate. The cost indication provided is on the assumption that the Executors/Administrators of the Estate are willing to act, and the Beneficiaries are known and can be located. We would further assume that the assets can be identified and valued and are all within the UK.
We anticipate this will take between 7 and 10 hours work at £234 (Including vat) per hour or £258 (Including Vat) where we are appointed Executors. Total costs estimated at £1,365 -1,950 (+VAT) to £1,750-£2,500 (+VAT). The exact cost of our Probate Solicitors London and services will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs may 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. If there is a property, the cost of selling the property is not included with the estimate.
We will handle the full process for you. This quote is for estates where:
- There is a valid will or for an intestate estate where the estate passes to the spouse or children of the deceased.
- There is no more than one property.
- There are no more than 5 bank or building society accounts.
- There are no other intangible assets.
- There are 1-5 beneficiaries.
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC.
- There are no disputes between beneficiaries on division of assets. And there are no claims made against the estate.
- If disputes/claims arise this is likely to lead to an increase in costs as the matter could become contentious requiring the Estate to be involved in Litigation.
Disbursements to be added to this fee:
- Probate solicitors London application fee of £273 plus £1.50 for each additional copy payable to HMCTS
- Copies of land registry documents £3 per copy
- Bankruptcy searches £2 per person
- Bank transfer fees £40 + VAT
- £300 approx to Post and advert for creditors or beneficiaries in The London Gazette and local paper– Protects against unexpected claims from unknown creditors.
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.
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. This could add 5-15 hours of work depending on the size of the estate. Our Probate Solicitors London can give you a more accurate quote once we have more information.
- If you require us to assist with the distribution of the estate, then there will be additional costs and disbursements.
As part of our fee our Probate Solicitors London 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 and prepare the correct HMRC Return and Oath for the Probate Registry.
- Obtain the relevant documents required to make the Application
- Complete the Probate Application and the relevant HMRC forms
- Draft the PA1P or Statement of Truth
- Make the application to the Probate Court on your behalf
- Obtain the Grant Probate/Letters if Administration
If you would like more information about our probate solicitors London or services, don’t hesitate to contact our team, today.
LIKELY COSTS FOR PROBATE SOLICITORS LONDON TO ADMINISTER ESTATE
It is difficult to give an accurate estimate of costs as this does depend on the complexity of the estate which in turn varies depending on the size of the estate, the type of assets held, the number and type of beneficiary etc. The costs can range anywhere between £2,500 – £15,000 (+20% VAT of £500 – £3,000) for a complex case. If there is a house to be sold a separate fixed quotation will be provided for that service.
It can take 3 – 6 months to receive a grant of probate for a standard matter and then a further 6 – 12 months to conclude matters. More complex cases can take between 18 – 24 months to conclude. We will give a full estimate of costs and likely timescales at the start of the matter.
Please note the prevailing rate of VAT is currently 20%.