Probate is the term commonly used to describe the process involved in administering the estate of someone who has died. This responsibility generally rests with the ‘personal representative’, that is the person appointed in the Will before execution, usually an ‘executor’.
Alternatively, if the person didn't leave any Will, or if a Will appoints executors who are unable to act, the responsibility will go to an ‘administrator’ – a person entitled by law to administer an estate – usually the next of kin.
The appointed is responsible for valuing an estat and possessions, paying debtsliabilities and taxes...
Where a will is absent, a Grant of Letters Administration can be obtained instead...
Without leaving a Will, the people entitled to benefit from that person’s estate are set out in law...
To avoid further problems, we will ensure that all loose ends and other small details have been tied up
If you happen to be the appointed personal representative, dealing with the administration of an estate can be very burdensome and time-consuming. Lawrence & Associates Solicitors LLP can make help with the difficult and complex work of estate administration while you’re grieving and taking care of your family. In fact, there are so many advantages to let an experienced administrator take care of that burden and leaving no room for mistakes.
The person appointed to be the personal representative is responsible for valuing an estate and possessions, paying debts, liabilities and taxes and, finally, distributing assets to beneficiaries mentioned in the will.
If you choose Lawrence & Associates Solicitors LLP to take care of the estate administration for you, we will:
We can do a perfect job relieving the burden upon the personal representative after bereavement and help reduce the stresses estate administration can place upon them.
When the estate valuation is done, a grand of probate needs to be obtained from the Probate Registry after a successful application with a valid will. Where a will is absent, a Grant of Letters Administration can be obtained instead, but no executors will be appointed. Collectively, these two Grants are known as ‘Grants of Representation’. Assets can only be transferred, sold or collected once a Grant of Representation has been obtained. The exception can only be for very small estates.
To avoid further problems, we will ensure that all loose ends and other small details have been tied up and all matters finalised for you. We will pay all liabilities in the estate and ensure the personal representatives are protected from any personal liability and litigation. We will deal with HMRC on your behalf and settle tax matters. After all is done, full estate accounts will be prepared, detailing all financial affairs of the estate and we will distribute assets to the beneficiaries named in the Will, or those inheriting in intestacy in case of absence of will.
When someone dies without leaving a Will, or where a Will does not dispose of all their assets, or it does not clearly specify the beneficiaries, the people entitled to benefit from that person’s estate are set out in law. Sometimes these may be distant relatives who require tracing. Our solicitors are experienced in dealing with intestacy and will use the services of genealogists to trace the entitled beneficiaries so that the inheritance goes to the right people. This ensures that personal representatives are protected from any personal liability, for example, where beneficiaries are missing or unknown.
In case additional schedules to produce the IHT 400 are required, the work done to complete the application will be charged at the hourly rate set out below. The additional time spent will be charged in addition to the fixed costs set out above. In the event it is clear that additional time and costs will be required we will advise you accordingly and will provide you with a time estimate at the earliest opportunity.
If it happens that the case is straightforward and there are no complications, we anticipate this will take between 10 and 20 hours work charged at an hourly rate. Please remember that our hourly rates can vary depending on the fee earner and their experience ranging from £190 per hour for a paralegal, and £250 per hour for a qualified solicitor with over 8 years’ experience. Our fees are based according to the time spent and calculated in units of 10 units per hour for letters and emails written, telephone calls, personal attendance, preparation of documents etc.
Please note that all cases are not the same, so the exact cost will depend on the individual circumstances of the matter at hands. For example, if there is only one beneficiary and no property, costs will be set at the lowest. However, if there are multiple beneficiaries, a property and several bank accounts, costs will be at the higher end.
Where the partners of the firm are the executors we reserve the right to make an additional charge to reflect the additional responsibility involved. This will be based on the value of the estate at 0.5% of the value of real property and 1% of the value of other assets.
Lawrence & Associates Solicitors LLP will handle the full process for you, including the following:
This estimate is for estates where:
In addition to our fees, there will be fees that need to be paid to third parties, called disbursements. They are expenses related to your matter that are payable to the court or other institutions. We handle the payment of the disbursements on your behalf to ensure a smoother and quicker process but do expect to be put in funds prior to incurring the expenditure.
In most cases, the administration of an Estate that falls within this range are dealt with within 6 to 10 months but remember that there may be circumstances where it is prudent to delay the final distribution (e.g. potential Inheritance Act claims) or disputes that may arise. Typically, we aim to complete the Probate application and the relevant HMRC forms within 3 to 4 months. Once the application has been submitted, obtaining the Grant of Probate from the Registry takes approximately 3 to 4 weeks. Once the Grant is received, we will realise the assets, pay any liabilities and distribute the remaining funds which normally takes between 3 to 6 months.