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If someone dies and leaves a will then a grant of probate will be required to deal with his or her assets but if no will has been made then a grant of letters of administration will be required.
At this difficult time we can assist you in obtaining such a grant by gathering in details of all the assets and liabilities, reporting to HM Revenue & Customs and settling any inheritance tax liability.
Once the grant has been issued we will arrange a settlement of liabilities, distribution to the beneficiaries and provide estate accounts with full details of the estate for the executors and the beneficiaries.
If there is no will then the estate will be distributed in accordance with the Rules of Intestacy. We can assist those who will be responsible for taking out the Grant of Letters of Administration.
In this day and age it is extremely important that the assets in the estate are accurately reported to HM Revenue and Customs as they now impose penalties if this is not done correctly or in a specified time. As an example the HMRC now require details of all the deceased's personal chattels, which not only includes assets considered to be of value but also electrical equipment, tools, white goods etc. For example, if a deceased leaves a motor vehicle then the HMRC require full details of that vehicle including model, year of manufacturer, registration number, condition and value. Again we can assist you in ensuring that all details are correctly reported to the HMRC thus reducing any possibility of penalties being incurred.
Frequently solicitors are criticised for being too expensive and for lack of speed in dealing with matters but because we at mfg Solicitors believe that all estates should be dealt with as speedily and as efficiently as possible we have a team of fee earners who deal specifically with probate work. Unlike large institutions we do not have call centres so you will always be able to speak with the person who has conduct of the matter.
So far as our charges are concerned we give below three examples of charges incurred for estate administration by the banks and compare them with approximate charges made by us.
Example 1
Testator dies leaving two children and legacies to four grandchildren. He has a gross estate of £250,000
Halifax - £12,000 + VAT
Barclays - £11,550 + £50 for every asset owned + VAT
Lloyds TSB – approx £10,000 + VAT
mfg Solicitors – approx £5,000 + VAT
Example 2
As above but gross estate of £500,000
Halifax - £14,250 + VAT
Barclays - £20,300 + £50 for every asset owned + VAT
Lloyds TSB – approx £20,000 + VAT
mfg Solicitors – approx £10,000 + VAT
Example 3
As above but gross estate of £1,000,000
Halifax - £23,250 + VAT
Barclays - £27,800 + £50 for every asset owned + VAT
Lloyds TSB – approx £40,000 + VAT
mfg Solicitors – approx £15,000 + VAT
If you would like to find out more, please contact us.
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| Meet the Team: | Paul Rhodes Alan Neal Valerie Robinson |
