For advice on Probate matters and the administration of estates call our Cheadle Hulme practice today.
Dealing with the death of a close Family Member is a difficult and emotional situation. Our Probate Solicitors are specialists in the area of Estate Administration and Probate and will guide you through the practicalities which need to be dealt with in relation to the administration of the Estate of your loved one or friend. We can offer several different levels of assistance including the following:-
- To assist in obtaining the Grant of Representation where no Inheritance Tax is payable, to including preparing the Inheritance Tax forms, the Oath and making the application to the District Probate Registry. Please refer to level 1 below for costs information.
- To deal with the process of obtaining the Grant of Representation for a simple Estate where there are a limited number of bank accounts and a residential property including dealing with all of the assets and liabilities, preparation of the Estate Accounts and reporting to the Executors with the Estate Accounts and accounting to Beneficiaries. Please refer to level 2 below for costs information.
- Dealing with complex Estates where Inheritance Tax is payable, where there is more than one property and numerous bank accounts together with shares and investments, to include managing properties within the Estate and dealing with all the assets and liabilities of the Deceased and preparing the Estate Accounts for the approval of the Personal Representatives and accounting to Beneficiaries. Please refer to level 3 below for costs information.
- The average cost for dealing with the Application for the Grant of Representation and administering the Estate where the Estate has two to three bank accounts and a residential property is approximately £3000 plus VAT plus Court fees which will vary depending on the size of the estate.
Losing a loved one causes considerable emotional stress and dealing with the associated legal, tax and administrative processes can be an additional strain. Dealing with somebodies affairs when they die can also be complicated, confusing and lengthy, often taking months to complete. This is not what you need at a distressing and emotional time.
We are able to help you through what is always a difficult time whether you need advice on what steps to take in dealing with the estate of a loved one or whether you are looking for someone to carry out the administration of a loved ones estate on your behalf.
A Grant of Representation is an official document of the Court giving one or more people the legal authority to administer the estate of the deceased in order to distribute it correctly to those persons entitled under the Will (Beneficiaries).
The people who have a right to apply for a Grant of Representation are the personal representatives of the estate. Personal representatives are either the Executors named in the Will or the next of kin following the Rules of Intestacy.
There are different types of Grant depending on the circumstances and who will be dealing with the estate. The two main types of a Grant of Representation are:
- Grant of Probate (Where there is a Will)
- Letters of Administration (Where there is no Will)
The people who are named in the Grant of Representation are legally responsible and ultimately liable for the administration of the estate of the deceased.
The decision about who is named on the Grant of Representation is a very important one because it carries with it responsibility.
Being named as an Executor of a Will brings with it complicated and sometimes onerous duties when a person dies. It often takes months to complete the administration and it is important to get it right because the Executor is legally responsible for administering the estate according to the wishes of the deceased.
This can be a very daunting prospect, particularly at a distressing time and once a person realises that the role carries with it some considerable administrative legal and tax responsibilities.
As solicitors with many years’ experience in dealing with Probate matters we can assist you in dealing with the estate of a loved one.
Cost (excluding VAT)
To assist a client in obtaining the Grant of Probate where there is no Inheritance Tax payable. To include the preparation of the Inheritance Tax Forms and Statement of Truth, making an application to Court for the Grant of Probate.
Set fee £750.00
To deal with obtaining the Grant of Probate for a simple estate (1 property and up to 3 bank accounts) and dealing with the assets and liabilities, preparation of estate accounts.
Hourly rate £185.00 per hour plus Court fees
Dealing with a complex estate (Inheritance Tax payable, more than 1 property or a large number of bank accounts, share portfolio and/or trust assets) including managing properties within the estate, including inspecting properties, dealing with utilities and other matters associated with property.
Hourly rate £185.00 plus an additional sum of 1% for the value of cash assets and 0.5% of the value of the real property.
Note: This firm’s average costs for dealing with an estate which includes one house and several bank accounts is currently approximately £3,000.00 plus VAT.