WHAT IS PROBATE?
When someone dies, their various assets have to be dealt with, which is called administering their estate.
If the person leaves a will, it will normally name one or 2 people to administer the estate, called executors, who will probably need to apply for official sanction from the Probate Registry, to administer the estate, called a Grant of Probate.
If the person does not leave a will (called dying intestate), the process is a little more complicated and usually, it is the nearest relatives who will need to apply to the Probate Registry for what is called a grant of Letters of Administration and the people who get this grant are called administrators.
The Executors deal with the estate according to the terms of the late person's will and the Administrators deal with the late person's estate according to the rules laid down by the law for such cases.
HOW CAN WE HELP YOU?
This is a time of great emotional upset for the family of the deceased person, and dealing with all legal, tax and administrative processes needed to obtain a grant and administer an estate, are an additional strain.
You will probably not be sure what you need to do, who to contact, and what the processes involved are.
Dealing with the administration of an estate is also often, complicated and lengthy.
We can help you.
Whether you just need advice on what steps you should be taking, whether you just need help with some aspects of the matter, or whether you want us to deal with the complete administration of the estate for you.
Our fees in this area of work, are based on the number of hours we spend on the matter at an hourly rate of £200.00, plus VAT.
An estimate for a typical case is set out below.
Estimated hours likely to be spent on the matter - 20.
Disbursements - probate court fees, advertisement in a newspaper and the London Gazette to protect against unexpected claims - £200 - £400.
Likely time to deal with the matter - up to 6 months.
Estimated costs £4000.00 plus VAT plus the disbursements.
We would handle the matter for you, establish the value of the assets and any debts, prepare the forms to lead to a grant of probate or letters of administarion in the estate, extract the grant from the probate registry, deal with encashment of the assets in the estate and distribute them according to the terms of the deceased's person's will or on their intestacy.
If less work were involved as the estate was less complicated, and the time spent less, then the costs would decrease accordingly.
If the estate was more complicated and required greater time spent on it, then the costs would increase according to the additional amount of time spent. For example, if Inheritance Tax was payable and a full account of the estate had to be submitted, to the HM Inland Revenue and Customs, then the costs would be greater, based on the amount of time spent additionally. We would let you know and give you a revised figure.
The above typical case, is based on the assumption that there is no Inheritance Tax payable, there is a valid will, only one property needs to be dealt with and up to 6 investments and distribution of assets to up to 6 beneficiaries and all assets and beneficiares are in the UK and no disputes arise. The conveyancing on the sale of a property would be subject to a separate charge - please refer to our conveyancing quote calculator on this website for details.
To check if Inheritance Tax may be payable, please get a guide from the HMRC Inheritance Tax calculator available on the HMRC website.
As every case is different, please contact us today, for a more accurate quote.
We will help you sympathetically through this difficult time:
(click on the e-mail address to send us an e-mail)
telephone 01267 235819
or call in at
John Farr-Davies & Company,
3 Queen Street, Carmarthen SA31 1JR
Available FREE at our offices with no obligation,
a copy of the Law Society's Leaflet
"Your Guide to Probate".
Call in today to collect your copy.