Wills and Probate
Failure to plan your affairs in the form of a will can have a devastating effect on your family and loved ones.
Everyone should make a will and it is particularly important if you have children or own property.
Even if you have no close family, it is no reason not to make a will as should you die without a will and in the event of no next of kin being traced your estate would go to the Crown.
The team at Burd Ward make preparation of a will a quick and straightforward process regardless of your circumstances giving you and your loved ones peace of mind now and in the future.
We understand that the loss of a loved one is an emotional and sometimes stressful time. As a general rule, if someone dies with more than £5,000 worth of assets in their sole name, a Grant of Probate is required. This is applied for by the executors named in the Will. If no Will has been made then Administrators are appointed and an application for a Grant of Letters of Administration is made.
We offer a full Probate service and can assist executors / administrators in dealing with all aspects of the administration of someone’s estate.
We will obtain the values of all assets and liabilities and thereafter prepare papers to lead to the Grant, including the Oath and Inland Revenue accounts. The Inland Revenue account will be lodged and we will deal with all IHT formalities with HM Revenue and Customs and all additional work to bring the Estate to conclusion. We will administer the Estate, which includes collecting in assets, advertising and paying creditors, paying funeral expenses and debts, paying beneficiaries, preparing Estate Accounts and all taxation matters.
Unless otherwise agreed in writing, our charges will be based upon two factors, namely time and value. Time includes time spent in travelling, supervisions, administration, Regulatory compliance and receiving letters.
The primary (but not exclusive) basis upon which we charge is by reference to the amount of time which is spent on the matter. Our current charging rate is £195.00 per hour plus VAT.
We anticipate it could take between 2 and 20 hours work at £195.00 per hour plus VAT at 20%. Total costs estimated at £390.00 – £3,900.00 (+VAT at 20%).
In addition to an hourly rate, we will also charge a fee based on a percentage of the Estate’s gross value. This is called the “Value Element” and is calculated at a rate of 1.5% and is subject to VAT of 20%.
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will likely be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will likely be at the higher end.
We will handle the full process for you. This quote is for estates where:
- 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
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 £1.50 (1 per asset usually).
Dealing with the sale or transfer of any property in the estate is not included.
In addition to the above we charge additional fees, when appropriate for the below:
|Bank transfer fee of £25.00 plus VAT of £5.00 will apply
You will likely incur other costs and disbursements that are payable to third parties which may include: (where applicable VAT is included at 20%)
|Copy of Grant of Probate at £1.50 per copy
|Probate court fees estimated at £273.00
|Statutory notices estimated at £250.00
Key stages and time scales
It difficult to make a full assessment at this stage of the timescales required to complete the matter due to a number of external factors, such as delays at the Probate Registry or tracing beneficiaries as such delays can happen but we will keep you informed. A typical matter can normally take between six to nine months subject to a number of external factors, as such timescales given below are guidance only.
Submitting receiving and checking Grant (1 to 4 weeks)
Realising all assets and discharging all liabilities (12 to 26 weeks)
Solicitor and Supervisor
30 years’ experience
1 years’ experience