Private Client – Our Fees

Introduction

Unlike many other legal firms Taylor Fawcett will not raise additional charges for sending bank transfers on completion or for checking forms of identity, for example. These are all included in in the fees quoted below.

What our price includes

Our estimate for our costs will include:

• Advising you on all aspects of the Estate;
• Writing to the financial institutions to request all relevant financial information;
• Contacting the utility companies and insurers;
• Preparing the Inheritance Tax submission and, if necessary, arranging for the payment of Inheritance Tax.
• Preparing the Oath and applying for the Grant of Probate or Letters of Administration;
• Dealing with the registration of the Grant with all the asset holders;
• Realising/transferring assets (excluding the property) in accordance with your instructions;
• Preparing Estate Accounts;
• Distributing the Estate in accordance with the Will or under the Intestacy Rules;
• Preparing, if necessary, Tax Returns for the administration period;

Additional charges will apply for:

1. Preparing Deeds of Variation;
2. Conveyancing work in relation to the property within the Estate;
3. Preparing Income Tax Returns prior to the date of death;
4. Dealing with any contentious matters that may arise in relation to the Estate.

How long will the administration of the Estate take?

The time taken from receiving your instructions to distributing the Estate will depend on several things. A straightforward Estate where there is a Will, a small number of assets and a small number of beneficiaries with no property to sell or Inheritance Tax to pay can be completed usually within 4 to 8 months. The Probate Registry is currently taking up to 16 weeks from receiving our application for a Grant of Probate to issuing it.

In the majority of Estates, we deal with various Government departments such as DWP, HMRC, NS&I. During the course of our work those departments can take several months to respond to our enquiries.

If there is a property to sell then how long it will take to complete the administration of the Estate will depend upon how long it takes for a buyer to be found and for the sale of the property to complete.

If there is Inheritance Tax to pay HMRC can take several months to agree the tax that has been calculated and to confirm whether they want to make any enquiries about the Estate.

Stages of the Estate administration process

• Take your instructions and give you initial advice
• Obtain valuations of all assets and ascertain what liabilities there are
• Prepare the papers to apply for the Grant and arrange for them to be signed
• Pay any Inheritance Tax that is due on the Estate
• Apply for the Grant
• Receive the Grant and register it with the asset holders
• Collect in the assets and pay all outstanding liabilities and administration expenses
• Finalise the Income Tax position
• Prepare Estate Accounts and obtain approval to them
• Distribute the Estate to the beneficiaries.

Probate Costs Guidance:

If the person who has died left a Will, a legal document known as a Grant of Probate may have to be applied for at the Probate Registry. A Grant of Probate gives the Executor(s) of the Will authority to deal with deceased person’s assets (property, bank accounts, investments, etc).

If the person who has died did not leave a Will, a legal document known as a Grant of Letters of Administration may have to be applied for at the Probate Registry. The person or persons entitled to apply for the Grant of Letters of Administration are governed by the Intestacy Rules (www.gov.uk/inherits-someone-dies-without-will). As with the Grant of Probate, the Grant of Letters of Administration gives authority to that person or persons (known as an Administrator) to deal with the assets.

Our fees for dealing with the application for a Grant of Probate or a Grant of Letters of Administration and the administration and distribution of the Estate are charged on an hourly basis and calculated by reference to the number of hours we spend working on the file. All legal fees are subject to VAT at 20%. Our hourly rates are as follows:

Fee for applying for the Grant of Probate, collecting and distributing the assets:

The exact costs will depend on the individual circumstances of the matter. We will provide you with a detailed estimate of the number of hours that we anticipate it will take to deal with the matter based on the information that you provide us with. The total costs can typically range anywhere from £2,500 (plus VAT of £500, a total of £3,000) to £15,000 (plus VAT of £3,000, a total of £18,000). There are some typical examples below to help you understand how this might apply.

• The following factors are all taken into account when providing you with an estimate:
• If there is a Will and it has been located;
• The number of beneficiaries named in the Will or under the Intestacy Rules;
• The number of properties;
• The number of other assets such as bank accounts, shares, life policies, National Savings investments, etc;
• If there are any foreign assets;
• If the value of the estate exceeds the Inheritance Tax allowance. By Law, we always have to complete a form to confirm whether or not Inheritance Tax is due, on every estate. You can find out further information about Inheritance Tax at www.gov.uk/inheritance-tax ;
• If the estate is likely to be contested;
• If there are any trusts in the Will;
• If there are any missing beneficiaries;
• If any work needs to be carried to create a family tree and trace beneficiaries under an intestacy.

Examples of costs charged for different types of Estate: