Wills, Trusts, Tax and Probate
At Roach & Pittis, we provide a personal service tailored to each client’s needs. We offer support and advice on a wide range of matters relating to Wills, Lasting Powers of Attorney, Probate and estate administration.
WILLS
Why do I need to make a Will?
If you want to ensure your estate (money, property and possessions) are given to those you would wish to receive it when you die, a Will is essential to ensure this happens. Without a Will, for example, your spouse may not receive your entire estate, and unmarried partners have no automatic rights of inheritance at all. A Will can also be a useful tool to appoint Guardians for infant children.
Can I write a Will myself?
Whilst this is possible, it is generally advisable to use a suitably qualified lawyer to write it for you. Mistakes can easily happen – any drafting errors or ambiguities in your Will can cause costly issues after your death (often costing far more than the cost of a Will prepared by a lawyer) and untold stress for loved ones. There are also strict rules about how your Will is executed. It is particularly essential that you seek advice if you plan to exclude someone who may otherwise expect to inherit from your estate.
We can help you.
Feel free to contact us to find out how we can help you.
LASTING POWERS OF ATTORNEY (LPA)
What is the difference between Lasting Powers of Attorney?
Whilst a Will deals with your estate on death, Lasting Powers of Attorney can appoint those of your choosing to manage your affairs during your lifetime. Contrary to popular belief, if you lose mental capacity, your loved ones will not be able to legitimately access your assets automatically, without the correct authority in place. Lasting Powers of Attorney enable you provide that authority by appointing people you wish to look after your affairs in the event that you are unable to make such decisions as a result of accident, illness or other incapacity.
When should I make a Lasting Powers of Attorney?
You can only make an LPA whilst you have the mental capacity to do so. If you lose capacity before making it, it can have a significant impact on you and your family; without one, your family or friends would have to apply to the Court of Protection to make decisions about your health, care or finances. This can be very expensive, stressful and time consuming, at a time that is already upsetting for loved ones around you. It can also result in people you would have preferred to look after your affairs, not in fact being appointed by the Court.
Can’t my spouse simply handle my affairs if I lose capacity?
It is a common misconception that your husband or wife Will automatically be able to make decisions on your behalf. Without a Lasting Power of Attorney even a next of kin cannot automatically take charge of your finances. This includes selling any house that you own together, allocating money for your care or even accessing your individual bank accounts to pay bills. This could create a very difficult financial situation for your loved ones if you have not taken appropriate steps. An LPA can avoid this stressful situation from arising.
We can help
If you are thinking about doing a Lasting Power of Attorney but would like some help and advice, please fee free to contact us. It is important to remember that by the time an LPA is needed, it is usually too late to set it up, so it is important not to delay.
PROBATE
Administering a person’s estate following their death can be difficult and time consuming, especially if you have never had to do it before and you are still coming to terms with your loss.
Probate is the legal process whereby a last Will and testament is proved in court and accepted as valid and the true last will and testament of the deceased. If you are an executor on someone’s will, you may have to apply for the Grant of Probate (this is called Letters of Administration where there is no Will). This official court document then gives you the authority to share out a person’s assets as detailed in their Will, or the intestacy rules where the deceased did not leave a Will. The process can be complex and onerous, particularly where there is an inheritance tax liability or numerous beneficiaries.
We can help
Our probate lawyers can assist you with applying for the Grant of Probate to enable you to administer the estate, or if you prefer, we can be hands on to help you through this process too. Please feel free to speak to a member of our probate team to find out how we might be able to help you.
PROBATE/ADMINISTRATION OF ESTATES FOLLOWING DEATH
Obtaining Grant only (where no inheritance is due - please note that we only exceptionally accept instructions on a grant only basis)
Miniumum Fee | |
|---|---|
£1500 plus VAT* |
Obtaining Grant only (where Inheritance Tax form is required- please note that we only exceptionally accept instructions on a grant only basis)
Minimum Fee | |
|---|---|
£2500 plus VAT* |
Full Estate Administration
Estate Type | Fee Range |
|---|---|
Estates where no inheritance tax is due | £3,500 - £5,000 plus VAT* |
Estates where inheritance tax is due | £7,000 - £15,000 plus VAT* |
Our fees for assisting with the full administration of an estate (pre and post Grant of Probate/Letters of Administration) cover:-
Receiving initial instructions from you.
Notifying various parties and institutions of the death.
Valuing the estate including jointly owned property, other assets, debts and liabilities as at the date of death.
Preparing IHT400 Tax Return and supplementary documents, if required.
Arranging for the payment of any Inheritance Tax before moving to the next stage i.e. Grant of Probate.
Commencing the application for Grant of Probate/Letters of Administration to include statement for the executors/administrators to send to the Probate Registry (with the original Last Will and Codicil, if the deceased executed one).
Applying to the Probate Registry for the Grant of Probate (or Letters of Administration where there is no Will).
Receiving the Grant and circulating it amongst asset holders to procure the closure/settlement of assets.
Receiving and holding funds on client account pending completion.
Preparing Estate Accounts to confirm all assets received or transferred, all liabilities paid and the net sums or assets due to the beneficiaries.
Liaising with the beneficiaries and making final distributions.
*These fees are indicative only. Fees will be confirmed following receipt of the full details relating to the estate acceptance of instructions. We hope you appreciate that each case is individual. Please note we do not advise on the deceased’s liability for income tax, or estate liability for income tax but can refer to a tax adviser.
Disbursements
Disbursements are costs relating to a particular matter and are payable to third parties, such as Court fees. Disbursements are in addition to our fees. We generally handle the payment of the disbursements on your behalf. Some of the disbursements that are likely to arise are set out below (please note these fees are subject to annual review) :-
Probate Court Fee | £300 no VAT |
Court Sealed copies of the Grant per copy | £1.50 no VAT |
Bankruptcy only Land Charges Department Searches per person | £7.80 inc VAT |
Statutory Notices in the London Gazette and Local papers Which protects against unexpected claims from unknown creditors. | Circa £350 plus VAT |
Potential additional costs
If there is no Will or the estate consists of any shareholdings there is likely to be additional costs that could range significantly depending on the estate and how those assets are to be dealt with.
If there are numerous beneficiaries, there is also likely to be additional costs involved due to having liaise with those beneficiaries and settle their entitlements.
Dealing with the Conveyancing on the sale or transfer of any property in the estate is not included in our fees. We have a separate team of residential conveyancers that can assist with this and would be happy to provide a quote if and when required.
Any disputes between beneficiaries or the executors is not included in our fees quoted above.
Queries from HMRC regarding valuations supplied may also be charged separately.
Timescales
On average, it can take around 12 to 20 weeks to obtain a Grant of Probate where there is no Inheritance Tax payable.
Where there is Inheritance Tax to pay, it can take around 16-20 weeks for the Grant to be issued.
The timescale depends on the arrangements for paying IHT, the obtaining of valuations and HMRC issuing a relevant unique code required to apply for Probate.
We have a separate department that offer advice and guidance on Will disputes or actions against executors of estates.
Please do contact us if you need any assistance in this regard.
