Regardless of how old you are, having a will is vitally important. Whether you’re planning on leaving your estate to loved ones or charity, you want to have a will that reflects your wishes. We’re able to give you professional assistance with the preparation of wills, trusts and inheritance tax planning. If you’re not able to come to our offices, we are able to come to you. Please get in touch with us for more information.
You want to have a will that makes sure that your wishes are correctly and clearly stated. We’ll take the time to understand your requirements when we’re drafting your will.
People lead complicated lives; marriage, divorce, children and other dependants can all change how you set out your will. The will we draft will take everything into account that you want. You’ll find it can be a great relief having a will where you know your wishes will be met.
Private Client Fees for Wills and documents below
All costs are subject to VAT at the appropriate rate
WILLS Single Mirror
Simple Will £250.00 £375.00
Codicil £150.00 £250.00
Living Will (an advance direction) £175.00 £250.00
Costs for Trusts in addition to
The above – life interest in
Possession trusts £225.00 £250.00
Advice on potential claims against the estate as part of will preparation if lengthy the hourly rate is £275. Plus VAT
POWERS of ATTORNEY
Lasting power of attorney £350.00 £500.00
Including registration per
Lasting power
General Power of Attorney £150.00 £150.00
The Court fee is £82. Per lasting power payable in addition to the above.
We provide free of charge 3 certified copies of the lasting power of attorney. Any additional copies are charged for at £10 each
Change of Name Deed £100.00
Griffith Smith Conway is proud to participate in charitable initiatives during the course of the year.
These Include Wills for Will Aid, Cancer Research, Chestnut Tree Hospice, Oxfam, and World Life Fund and Amnesty international
It is important that you feel confident that you are administering the estate in accordance with the will or the letters of administration and that you comply with the taxation legislation
We are able to assist you with this, and can give you guidance throughout the administration of the estate. For those clients who need assistance with the registration of the death, we are able to do this for you, although at the present time the registration is being done on line.
The PROBATE and LETTERS OF ADMINISTRATION requirements have changed recently and have been centralized on Newcastle. The form which is required will be prepared by ourselves and presented to you for signature
The time scale to obtain the grant is variable but currently the Registry is behind with the applications. Straightforward applications have been taking ten weeks from the date of lodgment.
As part of our service we will advise you what type of grant is appropriate and complete the relevant application form, prepare the application to the Court, and pay the inheritance tax where required prior to grant and apply for the grant.
If there is no will, then we will advise you of the legal situation and assist you with the consideration of the paperwork required.
Usually we have a first interview where we spend time going through the potential time table, and the information we require.
We arrange to collate the assets of the estate and the debts of the estate and then provide you with a straightforward schedule of assets and liabilities, as well as preparing the formal taxation forms, and we will also provide you with a copy of these to retain.
We will ensure that any reliefs which are available such as residence relief and charity relief are taken. Also we will claim the surviving spouse relief where appropriate. Often we have acted for the deceased’s spouse in the administration of the first spouse to die’s file, and if this is the case the information is stored in our offices.
Where beneficiaries are missing we will advise you of the steps we can take with you to trace such beneficiaries
Where the will or the intestacy might prove contentious, then we will refer you to an appropriate firm of solicitors to assist you with any litigation issues.
The estate finalisation can take a considerable period of time, but it entirely depends upon the assets and their configuration. If they are requiring sale, none can be sold until the grant of Probate or Letters of Administration has been prepared. Most estates are completed within twelve months of the death, but some do take longer especially where the property is not sold quickly.
Where there are additions to the value of the estate or there are amendments because for instance the property sells for less or more than the original figure in the application for the grant we will file the appropriate corrections and in due course will apply for clearance of the estate
If there are shares in the name of a nominee company, then producing the grant of probate is sufficient to organise sale, but if they are in the deceased’s name then the stockbrokers will require registration of the death and the grant of probate or letters of administration before the holdings can be sold
In the case of a property whether freehold or leasehold, the time table will depend upon how long it takes to find a buyer.
Our charging rate for the fee earner is £275 plus VAT at the current rate of 20% and the percentage responsibility element will depend upon the gross estate as certified for the Revenue. The work undertaken is charged in 6 minute units and we charge for work which is itemized in our time recording system.
The charges we make are fixed in respect of the sale of property whether freehold or leasehold, but in respect of the property our costs are dependent upon the hourly rate which is quoted at the outset, and the percentage responsibility which in our offices is 1% where we are not acting as Executor and 1.5% where we have a partner acting in the capacity of Executor.
Where the estate is taxable or complex and form IHT400 is needed, our fees are approximately £1600 plus VAT for the form, 3 schedules and the probate application.
Additional schedules (unless dealing with gifts or domicile) are charged at £100 Plus VAT per schedule.
Schedules dealing with gifts and/or domicile will be charged at the hourly rate of the relevant adviser.
Where form IHT205 for non taxable estates is needed our fees are £750 plus VAT., and where IHT217 is also required to claim the transferable tax allowance, there is an additional fee of £150 plus VAT.
Most estates fall in the bracket of £2,500 to £5,000 plus VAT plus the Court Fees and other disbursements.
When the grant is received beneficiaries will be requested to identify themselves so that we can check their bank details for payment, and the money laundering details. They are checked before any payments are made.
We will ensure that the beneficiaries receive monies due to them in a timely fashion
The cost of obtain the grant and administering the estate does vary considerably because of the complexity of some estates, and the simplicity of others.
We are always pleased to give you a guide price in respect of fees at the initial interview, or when we have sufficient information to ascertain the type of work which will be involved
Susan Conway qualified as the highest prize winner in Equity & Succession in the Law Society’s Final Examination and has since qualifying been involved with estate administration probate and wills
She is also qualified as a master practitioner in Neuro -Linguistic Programming and Ericksonian Hypnosis, and has the ability to be supportive to the bereaved client. Where appropriate she will attend the client at the client’s residence or care or nursing home.
We arrange for the accountancy work in the administration of the estate to be undertaken by local accountants who specialize in this field, and they prepare the final accounts and the tax returns for the estate and their fees are charged at cost. There is no margin placed on their fees for this service.
Disbursements
The probate application fee is £155.00
The sealed copies of the grant are £1.50 each, and we may need several, depending upon the size and configuration of the estate
The anti-money laundering charges are £6 and bankruptcy fees are £2 per name at the Land Charges Register
The cost of inserting notice to creditors, which we recommend in most cases varies depending upon the papers used. We will send the instructions to advertising agents, and their fees vary but are usually approximately £300 to £400 for posting the advertisements in the London Gazette and a local newspaper.
Illustration value of estate (gross) indicative fee range
Plus VAT
Up to £300,000 £3,000 to £5,500
Up to £400,000 £5,500 to £7,500
Up to £500,000 £7,500 to £8,500
Up to £600,000 £8,500 to £9,500
Up to £700,000 £9,500 to £10,500
Up to £800,000 £10,500 to £11,500
Up to £900,000 £11,500 to £12,500
Up to £1,000,000 £12,500 to £13,500
Above £1,000,000 £13,500 to £14,00
Please note that a small estate can sometimes incur higher percentage frees whereas a larger but simpler estate can incur less fees
ALL REFERENCES TO VAT ARE AT THE RATE OF 20% CURRENTLY
WE ACT BOTH IN CONNECTION WITH WILLS MADE BY US
AND WHERE THE WILLS HAVE BEEN MADE ELSEWHERE.
FOR MORE INFORMATION CALL US ON:
01273 821 577
Setting up a trust can help you to minimise your inheritance tax liability. Inheritance tax, capital gains tax and income tax can be complicated; it can be in your interests to get professional assistance. If you’d like more information about how we can set up trusts and assist with more complex tax planning, we would be happy to arrange a consultation to discuss matters further.
Griffith Smith Conway Solicitors are authorised and regulated by the Solicitors Regulation Authority (No. 63484) under the Solicitors Code of Conduct.
