PROBATE & ESTATE SERVICES
PROBATE & ESTATE SERVICES
Probate is the process of dealing with the distribution of someone’s estate once they have passed away. At this often emotionally fraught time dealing with the financial and administrative requirements of an estate can seem like an arduous task for most people.
Our boutique law firm partners provide a range of services to assist at this difficult and sometime trying time and their services can be adapted to meet your individual family needs and circumstances as well as budgets of all kinds.
Their services range from help with the completion of probate, Inheritance tax and property transfer paperwork through to a complete service, where they deal with and handle all aspect of the estate administration taking all hassle away from you and your family.
They are also able to provide these services in the instant of an individual who passes away without having made a Will known as ‘dying intestate’.
Services
Dealing with the entire Estate on your behalf including applying for the grant of probate or letters of administration, collecting and distributing the assets as well as other ancillary matters.
The time taken during this process can vary greatly depending on the estate, the number of assets, beneficiaries as well as many other factors. On average it is estimated that it can take between 15 and 35 hours of work at the partner’s rate of £500 per hour. Total costs estimating at £7500-£17,500 (+VAT).
As stated above, the exact cost will depend on various factors and very simple estates may cost considerably less than the averages stated above and very complex estate can cost considerably more.
As mentioned above they can and will handle the full process for you if you so require. The average quote as stated above make certain assumptions key of which are:
There is a valid will
There are between one and three freehold properties;
There are no other assets other than bank and building society accounts;
There are no other intangible assets;
There are no more than two beneficiaries;
There are no disputes between beneficiaries on division of assets and no other claims made against the estate.
If disputes or claims arise this will lead to costs increasing.
Disbursements are costs that need to be paid to third parties in respect of the administration of the estate such as court fees.
Typical Disbursements on a probate matter:
Probate application fee of £155.00
Copy of Probate (Office Copy) 50p each
£10.00 for swearing for the Oath and additional £2.00 per document to be sworn (per executor)
Land Charges Department searches for Bankruptcy (£2.00 per beneficiary)
Advertisement in The London Gazette for creditors – The fee for this will be found on the website of the London Gazette; in addition an advertisement in a local newspaper is advisable and the cost of this will be dependant upon the location of the deceased prior to death.
Other Factors to consider:
Certain things as stated above will increase the potential cost of an estate matter for example If there is no will or the estate consists of any share holdings (stocks and bonds) or the estate includes the sale of property or transfer of assets there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. They will provide a more detailed and accurate quote when we have all of the information.
The time that it takes for a matter of this type to be dealt with will again greatly depend on the circumstances of the estate on average an estate can take between 6 and 12 months to fully resolved.
As mentioned above there are various things we can do to help reduce costs in order to suit your budget which includes providing a probate only service whereby we will simply apply for the grant of probate on your behalf but you will remain responsible for the provision of all information that is required and this service is only available where an IHT 400 account is not required by HMRC for the estate.
ABOUT
SC Legal is a boutique law firm that offers a wide range of specialities and services and combines commercial common sense with practical solutions to achieve our client’s requirements within the letter of the law.
SC Legal was established in 2012 to provide its clients with the most efficient legal service that is tailored completely to their needs with an ability to adapt to changing requirements so whether a client requires a lawyer to act as an in-house lawyer seamlessly integrated within their existing systems using their offices and email addresses or whether external counsel or a general practice lawyer is required, SC Legal was established to provide these services to the highest standards and levels of professionalism whilst retaining our core principle of providing excellent customer service and being competitively priced.
Flexibility and adaptability are the key principles with which we approach the delivery of our services to our clients. Our billing is bespoke to fit the needs of the individual whether that be working to billable hours, for a fixed fee or other form of remuneration. Ultimately we at SC Legal adapt our approach to fit your needs and contour our services to your requirements whatever they may be.
Being a boutique law firm, we will ensure that you will interact with the same lawyer throughout the course of your dealings with us to ensure continuity and consistency is always present when we are meeting carrying out your instructions.