Grants of Probate
When someone dies either leaving a Will or not, you may need to apply for a Grant of Probate or Letters of Administration before you can deal with their estate.? A Grant of Probate is the legal document issued by the Probate Court providing you with the authority to deal with the estate of a deceased person. The person(s) named on the Grant of Probate to deal with the estate is called the Executor(s). If there is no Will, the Letters of Administration provides you with the legal right to deal with the estate. The person(s) named on the Letters of Administration to deal with the estate is called the Administrator(s).
The Executor or Administrator will be required to deal with the estate and transfer the deceased assets to the beneficiary or beneficiaries. That process is called Estate Administration.
The death of a loved one can bring a great deal of emotional stress without having to deal with the estate of the person including sorting out the legal, tax and administrative processes.? Dealing with the estate of a deceased loved one could be complicated and lengthy. If you have a relative or friend who has recently passed away and you need assistance in dealing with the distribution of their estate, then let Ferguson Rose Solicitors help you.
We will advise you whether a Grant of Probate or Letters of Administration is needed. We will take away all the stress and worry usually associated with dealing with an estate. We will advise you on the steps you need to take to sort out the estate of your loved one. We will be with you every step of the way.
Contact us today and let us help you during this difficult time.
When you instruct us to deal with an estate, will undertake the following on the estate?s behalf:
(a) Advising you in the effect of the will and on the role of executors
(b) Gather details of the assets and liabilities of the estate
(c) Prepare the relevant HMRC Inheritance Tax account, advise on the extent of the inheritance tax liability and raising funds to settle such liability
(d) Prepare the Oath for the application for the Grant of Probate
(e) Arrange of the signing of the Oath and HMRC account
(f) Submit the application for the Grant and the HMRC account to HMRC as required and make any payment to HMRC for inheritance tax
(g) Write to all beneficiaries to confirm entitlement
(h) Arrange for the placing of Statutory Notices unless otherwise instructed
(i) Arrange for the encashment/transfer of assets
(j) Collect estate monies in our client account
(k) Arrange payment of funeral account and estate liabilities
(l) Finalise deceased?s tax affairs for the tax year of death and collect any repayment or arrange payment of liability
(m) Advise you in relation to the transfer of any specific legacies
(n) Liaise with HMRC regarding the value of the estate, any inheritance tax reliefs, inheritance tax and obtain clearance
(o) Make interim distributions to beneficiaries if required
(p) Deal with the estate?s income tax position
(q) Prepare full estate accounts
(r) Make distributions to the beneficiaries
We offer different pricing options and we will offer a fixed fee where possible. Otherwise, our charges are calculated by reference partly to the time spent (ranging from ?150 – ?265 (plus ?30 – ?53 VAT) per hour depending on the grade of fee earner dealing with your matter) and partly to the value of the assets involved. This is normally 1.5% of the assets other than the house which would usually attract a value addition of 0.75%.
We will give you an estimate at the initial meeting of the likely overall costs but as a guide the total bill often works out between 2% and 3% of the gross value of the estate. As such, if an estate is worth ?150,000 then this equates to a total charge of approximately ?2500 to ?4500 INCLUSIVE OF VAT. We would expect that a simple estate with only one beneficiary would be at the lower end of this range and a case of more complexity involving multiple assets and beneficiaries will be at the high end.
During the administration of the estate, there are likely to be disbursements that must be paid. Disbursements are minor expenses which will have to be paid during the administration period; in most cases the following disbursements will be incurred:
- Probate Registry Fee – ?215 plus 1.50 for extra sealed copy (no VAT) ? Bankruptcy Searches – ?2 per person per search (no VAT)
In respect of timescales, please note that as probate is paper intensive and we will need to work with other companies, finalising the administration of an estate can take anywhere from six months in a fairly straightforward case to well in excess of a year in a case of more complexity. We will always keep you up to date with the progress.