What do we do?
When a close friend or loved one dies it can be very hard to deal with your own grief let alone try and sort out their affairs and deal with everything that needs to be done. At Silks Solicitors we are on hand to provide advice at whatever level you require it and charge a fair price for the service you choose.
How we do it?
Our job is simply to help solve your legal problems. To do this, we promise to explain complex legal matters in plain and simple English, provide you with regular updates on your matter and give you clear guidance on our fees, so there are no nasty surprises.
Our friendly, knowledgeable solicitors are here to provide all the help and advice you need, call us today on 0121 511 2233.
What is Probate?
In order to have a Grant issued, all the assets need to be valued and all the debts owed need to be identified. Sometimes these valuations are straightforward, although often they may not be, for example where there are business assets, assets abroad or even assets held jointly with another. Lifetime gifts will also need to be looked at as they might need to be included to calculate the totals, as well as possible inheritances the deceased person received. Once all the figures are available the paperwork can be prepared and any inheritance tax calculated and paid where needed. A Grant is then applied for to the Probate Registry and this may take several weeks, sometimes months, to be issued because information must be as accurate as possible. If a Grant is issued, then beneficiaries must then be traced and located, which can be a complex process, to enable you to encash or transfer the relevant assets.
Friendly expert solicitors who are local to Oldbury
If you haven’t considered the benefits of Wills, our Oldbury based solicitors are here to guide you through the process. Sandra Buffam is a trust and estate practitioner with over 30 years’ experience; “When a loved one dies there are usually a great many important things to sort out, and dealing with their estate on your own can quickly become confusing and complicated at a time when you’d really rather deal with more pressing emotions. That’s why making a Will can really help your family cope, and having a good legal advisor to guide you can really help.”
Our personal service is tailored to your particular situation to protect you and provide you with peace of mind, knowing you have carried out your job as personal representative of the deceased properly. So please contact a member of the team today to arrange your appointment on 0121 511 2233.
Administration of An Estate
We anticipate this will take 15 to 20 hours work at an average of £215 per hour and total costs estimated at £3,225-4,300 (+VAT).
The exact cost will depend on the individual circumstances of the matter.
We will handle the full process for you. This estimate covers estates where:
- There is a valid will
- There is no more than one property
- There are no more than five bank or building society accounts
- There are no other intangible assets
- There are no foreign assets
- The deceased was not domiciled outside the UK
- There are one to four beneficiaries
- There are no disputes or claims. If a dispute or claim arises 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
- The deceased was not a beneficiary of assets held in Trust
- The estate is solvent
- No asset search is required
Disbursements not included in this fee:
- Current probate application fee of £155 plus 50p per Office Copy of the Grant (this figure is expected to change in April 2019 and full details will be provided)
- Swearing of the Oath or Statement of Truth fee of £5 per executor and £2 per Will/Codicil
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary per search in the UK)
- £180 to £250 plus VAT fee for Statutory notices in The London Gazette and a Local Newspaper which can help protect against claims from unknown creditors.
Disbursements are costs related to your matter that are payable to third parties on your behalf.
Potential additional costs
- If there is no Will or the estate consists of any shareholdings (stocks and bonds) there are 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.
- Dealing with the sale or transfer of any property in the estate.
How long will this take?
Obtaining a grant of probate from the Probate Registry usually takes around 6 to 8 weeks.
The time it takes to administer the Estate is dependent upon factors such as the number of assets and liabilities, whether there is a property to be administered, the speed of responses received from third parties and whether there is an investigation by the Department for Work and Pensions (DWP). The administration process typically takes between 6 months and 18 months.
Once a grant of probate has been issued, anyone wishing to make a claim against the estate generally has six months within that date to make a claim. Consequently, it is generally recommended that the distribution of the estate does not happen before this date in order to protect the Executor.
Fixed Fees for Obtaining the Grant of Probate
If you are only looking for assistance on obtaining the grant of probate we can do this on your behalf (this will not include collecting assets and distributing them).
Typically, obtaining the grant of probate takes six-eight weeks.
How much does this service cost?
We anticipate that this will cost £800-£1,000 + VAT and disbursements
Included in this service we will:
- Provide you with a dedicated and experienced probate practitioner to work on your matter
- Identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of Probate application you will require
- Request from you the relevant information and documentation required to make the application
- Complete the Probate Application and the relevant HMRC forms
- Draft a legal oath for you to swear or Statement of Truth to be completed
- Submit the application to the Probate Court on your behalf
- Obtain the Probate and securely send copies to you
- Current probate application fee of £155, plus 50p for each Office Copy of the Grant (this figure is expected to change in April 2019 and full detailed will be provided)
- Swearing of the oath or statement of truth: £5 per executor and £2 per Will/Codicil
Disbursements are costs related to your matter that paid to third parties on your behalf.