Our private client solicitors will provide you efficient and cost-effective legal services in the areas of; 

 

Wills 

Probate

Lasting Powers of Attorney

Trusts

Tax considerations

Lifetime Tax Planning

 

We also provide representations at the Court of Protection and are able to tailor our services to meet your needs. The details of our work include;

1. Obtaining your detailed instructions.

2. Obtaining from you all deeds and documentation relating to the affairs of the deceased and reviewing.

3. Registering the death with the asset holders and obtaining confirmation of the date of death valuations.

4. Checking that we have correct addresses for the beneficiaries.

5. Obtaining any formal valuations which may be required by HMRC.

6. Completing the Inheritance Tax account, and obtaining your approval.

7. Preparing the personal representative’s Oath and arranging for it to be sworn by you.

8.  Obtaining from you the Probate fee and obtaining any necessary cheque for Inheritance Tax before submitting any Inheritance Tax to HMRC with the Inheritance Tax account. Alternatively, making a request for any Inheritance Tax to be paid directly to HMRC through the Direct Payment Scheme.

9. When the Inheritance Tax receipt account is returned from the Capital Taxes Office, submitting the application for the Grant of Representation.

10. When the Grant of Representation has been issued, registering it with all asset holders together with completed withdrawal forms to secure the release of estate monies.

11. Placing Trustee Act Notices in the appropriate publications, where required.

12. Ensuring all the deceased’s accounts are closed or transferred, as appropriate.

13. Arranging for the sale or transfer of any of the deceased’s shares.

14. Discharging all liabilities of the estate for which you have not taken responsibility.

15. Paying all pecuniary legacies and making interim distributions.

16. Finalising the deceased’s tax affairs.

17. Preparing draft estate accounts and obtaining your approval for these.

18. Obtaining clearance from the Capital Taxes Office that all tax has been paid and from HMRC to confirm that all Income Tax and Capital Gains Tax for the deceased and the administration period has been paid.

19. Making final payments to the beneficiaries from the estate.

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Our Fees

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 Our approximate fees are; 

Estate Value up to £500, 000:  = £1,000 

Estate value over £500, 000 up to £1million  = £3,000-£5,000

Estate value over £1million but no IHT due to spouse or charity exemption = £5,000-£7,000

Complicate Estate administration such as one with several shareholdings, several bank accounts, and a property = £6,000 -£10,00​

 

Potential Additional Costs

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Our charges do not include payment of disbursements. Disbursements are costs relating to your matter that are payable to third parties. The likely disbursements are as follows:

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1. £155 probate application fee plus an additional 50p per sealed copy of the Grant of Representation required.

2. £5 per personal representative to swear the oath plus £2 per attachment, e.g. a Will.

3. Approximately £200 fee for posting ‘Section 27 Trustee Act 1925’ notices which protect the personal representatives from unknown creditors. This is not compulsory.

4. £2 per beneficiary bankruptcy search where necessary.

5. Surveyors fees to value property, where necessary.

6. Genealogists to trace missing beneficiaries, where necessary.

 

Our charges also do not include dealing with the sale of any property on behalf of the estate as this will be dealt with by our conveyancing department.

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How long does the process take?

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We estimate that it will usually take approximately 12 weeks to obtain a Grant of Representation and thereafter approximately a further 3-6 months to deal with the estate and to finalise all other matters, save perhaps for finalisation of tax returns. This may take rather longer as we are of course bound to an extent by tax years. This is an estimate based upon the assumption that third parties respond swiftly to requests for information and that there are no unexpected complications. If any such problems do arise, we will keep you fully informed. If they are likely to increase the amount of time we spend dealing with your file, we will notify you in writing and let you have a new costs estimate.

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We act in your best interest at all times and seek swift and positive resolutions. To find out how we can assist with your probate, please call 020 7372 1966 or email: info@goldfieldsolicitors.co.uk. You can also send us a message via our contact page.