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Covering Scunthorpe, Goole, Crowle, Epworth, Thorne and the surrounding area.
What is probate and do i need it?
Probate is the legal and financial process of dealing with the administration of an estate (property, money, and possessions) of a person who has died. The administration roughly breaks down into four stages, some of which may overlap:
The process from the death of an individual up to the application for a grant of probate. This will involve establishing details of the assets of their estate and obtaining valuations of those assets and, where appropriate, completing an inheritance tax return and paying any inheritance tax that may be due on the estate before the application for the grant of probate may be made.
Tax and Administration
The executors will need to pay the debts of the estate and deal with various complex administrative matters, in particular liaising with HMRC concerning any tax affairs.
Gathering the Assets
Registering the grant of probate once it has been issued by the Court with the various asset holders and cashing in the assets of the estate and gathering them together; bank accounts, shareholdings and any property to be sold.
Winding Up and Distribution
Once all of the assets of the estate have been gathered and the liabilities and tax affairs resolved then the executors can wind up and distribute the estate to the beneficiaries. To do this they will need to prepare the estate accounts showing the assets and how they have been dealt with, ready for distribution.
Is Probate Complex?
Probate can be a complex and time-consuming process with a significant level of risk attached. An executor who gets it wrong may find themselves having to recompense beneficiaries or HMRC from their own money. It requires having details of everything the deceased person owned and how much this is worth, as well as their outstanding debts. If you have to administer an estate there are number of legal, tax, property and estate administration tasks that need to be carried out including:
- dealing with banks and financial institutions
- identifying and settling liabilities
- reporting the inheritance tax position of the estate
- applying for the grant of probate or grant of letters of administration
- finalising the income and capital gains tax position of the estate
- producing full estate amounts to ensure transparency in the administration
If you would like to hand over some of the process to an experienced pair of hands, Oliver Saxon can assist by submitting the application for a Grant of Probate and Letters of Administration to the Probate Registry. A Grant of Probate/Letters of Administration are legal documents issued by the Court to prove who has legal authority to deal with the estate of the person that has passed away.
Taking the stress out of probate
Oliver I will let you know what information will be required for the application and upon receipt of all of the information required from you, he will then liaise with HMRC and the Probate Registry on your behalf, prepare the required inheritance tax return, together with the application for the grant for approval. Once this process is complete you can then start to deal with the deceased person’s assets in accordance with their Will.
What work does the pricing information below relate to?
Solicitors in the UK are required by the Solicitors Regulation Authority (SRA) to provide pricing information to potential clients in relation to certain types of work, including Probate. If it is necessary to obtain a Grant of Probate or a Grant of Letters of Administration then we can assist in the following circumstances: –
- There is a valid Will
- The Executors referred to in the Will can act and there is no requirement for Deeds of Renunciation to be executed
- There is one property in the sole name of the Deceased person
- There are no more than 3 bank or building society accounts
- There are no other assets
- There are no claims against the Estate and no disputes between beneficiaries on the division of the assets. If disputes arise this is likely to lead to an increase in the costs and separate advice may be necessary for the Executors
- There are no more than 2 pecuniary legacies in the Will, no more than 3 residuary beneficiaries and the whereabouts of all beneficiaries are known
- The beneficiaries all have UK bank accounts and are individuals or Charities registered in the UK
Application for a grant of probate
Fixed fee £1800* including VAT (plus Court Fees) – A grant of representation for an Estate that has no inheritance tax due
Fixed fee £2700* including VAT (plus Court Fees) – Application for probate or confirmation if there’s inheritance tax to pay, or if the deceased’s estate does not qualify as an ‘excepted estate’
*Please note that we can only confirm a quote and provide a clear indication of costs when we know the full details of the estate.
During Probate various fees may be payable on your behalf (known as disbursements) to other organisations as part of the process. These would include:
- There may be professional valuation fees – for chattels and property – but these will vary depending on the value of the estate.
- Probate Registry fee (for issuing the Grant) £155.00 (No VAT) plus £1.50 for each Court sealed copy.
- Commissioner’s fee £5.00 per Applicant (no VAT) Plus £2.00 per exhibit (no VAT).
- Unclaimed Assets Register Search fee £25 (including VAT).
- Bankruptcy Searches against each beneficiary prior to a payment being made to them £2.40 per name searched (including VAT).
- Statutory Advertisements (based on adverts being placed in the London Gazette and one local paper) £180 – £264 (including VAT).
- Office copy entries £3.60 per property (including VAT).
- Certainty Will search (if required) £114 (including VAT).
The timeframe for assisting you with Grant of Probate and Letters of Administration outlined in this illustration will depend on a number of factors. We will be in close contact with HM Revenue & Customs, HM Courts & Tribunals Service and all of the financial institutions relevant to the Estate to progress matters as quickly as possible. Obtaining the Grant typically takes at least XX months, depending upon the assets involved.
Oliver Saxon will handle all matters relating to your Grant of Probate. You can find out more about Oliver here.
At Tyto Law you will have a single dedicated person assigned to you, ensuring that they are familiar with all aspects relating to your legal matter and can provide you with continuity We offer clear communication, will keep you informed at every stage of the process and can meet with you personally should you wish to discuss any issues. For more information on the probate process, please contact Oliver on T: 01724 642 842 or E: [email protected]
Get In Touch
Get In Touch
Head Office Address
90 High Street
01724 642 842