Our Private Client Department have a wealth of experience in dealing with probate and the administration of estate work from small to high net worth, multi million pound estates.
Deborah Adams is Director for the department and is a Probate Executive with over 25 years experience in administering estates with an hourly rate of £175
Jonathan Pounder is a Senior Solicitor, also with over 25 years experience with an hourly rate of £185
Ann Bogle is a Senior Solicitor and consultant to the department with 50 years experience with an hourly rate of £185
Mark Parnall is the Managing Director of Parnalls Solicitors and a Senior Solicitor who acts as a professional executor with an hourly rate of £201
Jonathan Parnall is also a Director and Senior Solicitor who acts as a professional executor with an hourly rate of £185
Jane Hewitt is an Assistant to the team with an hourly rate of £75. VAT is payable on all hourly rates.
What will we do for you?
To provide you with the best service, we will:-
- accurately identify the type of Probate application you require and
- discuss the Will with you in detail and notify all beneficiaries of their entitlement
- collect together all the assets in the estate in order to make the probate application to the Probate registry on your behalf to obtain Grant of Probate
- complete the relevant HMRC form IHT205 for non taxable estates and the drafting of the Oath for Executors.
- collect and reconcile all monies received into the estate and from it during the administration period and provide a comprehensive set of Estate Accounts showing the position clearly and concisely for the Executors’ approval.
- pay all pecuniary legacies
- make the final distribution of the estate
How much will it cost?
Estates vary according to size, amount and type of assets, as well as whether they are subject to Inheritance Tax or not. Costs will depend on the individual circumstances of the matter and how complicated it is including the number of properties and bank or building society accounts involved, the number of assets and beneficiaries. Disputes between beneficiaries to the estate and claims made against the estate can also increase the costs.
How long does the process take?
An average estate administration can take between four and twelve months depending on whether advertisements for creditors are placed to protect against any unexpected claims against the estate. Executors may wish to wait the statutory six month period after the issue of the Grant of Probate.
On average, obtaining a Grant of Probate can take between two to four months from the date of instruction. Collecting assets then follows and this can take two months. once the assets have been obtained, we can then prepare the Estate Accounts and distribute the assets – this process normally takes six to eight weeks.
As well as our charges, the following disbursements are payable
- probate application fee – £155 plus 50p for every sealed office copy
- swearing of oath for Executors – £7
- bankruptcy only land charges search – £2 per beneficiary
- valuation of stocks and shares £12 plus VAT depending on the amount of shareholdings held
- advertisement for creditors in the London Gazette and local newspaper – from £175 plus VAT.
We will mange the payments of disbursements to third parties such as court fees, on your behalf.
Potential additional costs
There are likely to be additional costs to the estimated estate administration, which will depend on the complexity of the matter. We will provide an accurate quote once the full details of the matter have been established.
Additional costs can be incurred if:-
- the deceased died intestate, i.e. without a Will, or the estate consists of multiple shareholdings
- the deceased’s property needs to be sold or transferred
- there is an liability for any Inheritance Tax, income Tax or Capital Gains Tax as well as claims for business property relief and agricultural property relief
- the deceased had an interest in trust, made chargeable lifetime transfers or has foreign property
- the transferable nil rate band from the death of a surviving spouse needs to be investigated
- the residence nil rate band needs to be claimed if property is passing to direct descendants
For more information on these services, please call 01566 772375, email email@example.com or click here