By making a Will you can ensure that all your wishes regarding your estate will be given full legal effect, so that your estate can be passed on to those you wish to benefit. Should you die without making a Will the state will direct who inherits your property so your friends and relatives could miss out.
You should always review your will, if your circumstances have changed. You may have subsequently married, divorced or taken on the responsibility of new dependants. The value of your estate may also have altered considerably,
We can also help where a member of your family has died.
We can advise and assist by:
- Obtaining a grant of probate or letters of administration
- Taking steps in connection with the administration and distribution of an estate
- Creating a Lasting Power of Attorney – Property or Welfare
- Registering an Enduring Power of Attorney
- Advising attorneys and deputies
- Court of protection work
There are many areas of consideration
It is not obligatory by law to prepare a Will for yourself and it is an easy task to put off. However, many problems can arise if you die without leaving a valid Will.
Some of the items to consider when making a Will:
- Deciding who inherits
- Inheritance tax
- Appointing legal guardians for your children
- Setting up trusts for children
- Charity donations
- Funeral arrangements
- Problems for those left behind
Deciding Who Inherits
The main reason for making a Will is so you can decide who will benefit after your death. If you don't make a Will the people who you want to leave your estate to, may receive little or nothing at all and others who you do not wish to leave anything to may benefit. Making a Will ensures everything is left in accordance with your wishes.
You may wish to make a Will to avoid paying Inheritance Tax which may be payable by your estate on assets over £325,000 (from 6 April 2009). There are simple things that can be done during your lifetime and under your Will to reduce or negate your Inheritance Tax liability.
People may wish to appoint guardians to look after their children if neither parent is alive, or trustees to look after your assets until the children are old enough to take responsibility.
If you fail to appoint Guardians in your Will and both parents die before the children reach 18, the courts will appoint Guardians instead, but they won't necessarily appoint the people that you would have preferred to take care of your children.
Wills, Grant of Probate and Letters of Administration.
Our fees for services in relation to Wills, Grant of Probate and Letters of Administration will vary dependant on the size and the complexity of the estate and the work that we need to undertake.
Our Charges are calculated on the basis of the time that we spend working on your individual matter and are costed at an hourly charging rate. To assist with budgeting we are able to offer a fixed fee for certain work.
Where we are unable to charge a fixed fee the hourly rate for our Wills and Probate team are as follows:-
||£195.00 plus VAT@20% =||£234.00|
||£185.00 plus VAT@20% =||£222.00|
||£170.00 plus VAT@20% =||£204.00|
||£120.00 plus VAT@20% =||£144.00|
Cost Total (incl VAT @20%)
Single Basic Will
|Couple Basic Will
|Codicil to your Will||£75.00||£90.00|
|Single Will with Property Trust Clause
|Couple Will with Property Trust Clause
Grant of Probate Only
On an Estate under the Inheritance Tax Threshold
£700.00 Plus VAT @20%
Grant of Probate Only on an estate of over £325,000
Plus Vat @ 20%
We administer the estate on your behalf and costs will be calculated at an hourly rate for work undertaken post receipt of the Grant or Probate or Letters of Administration. Typically the administration of a straight forward estate may cost in the region of £750 - £1500 plus VAT @20% ( £900 - £1800). A more complex estate with numerous assets or beneficiaries may be in the region of £3000 - £5000 plus VAT @ 20% ( £3600 - £6000).
In addition there may be a value element applied to the estate calculated at:
If we are executors 1.5% of the gross estate less residence and 0.75% for the residence and if we are not executors 1% of the gross estate less residence and 0.5% for the residence. VAT at 20% is charged in addition to that sum.
We will advise you at the outset of your matter if a value element will apply.
Lasting Powers of Attorney
We are able to offer a fixed fee for Powers of Attorney. There are two Powers of Attorney. Help dealing with your financial affairs and your health and welfare. You can have both Lasting Powers of Attorney or have one or the other.
For each LPA we charge £150.00 plus VAT (£180.00) for the preparation of the document and £150.00 plus VAT (£180.00) for the registration of the document. If you have both documents prepared and registered there is a reduction in fee to £500.00 plus VAT (£600.00).
Disbursements are out of pocket expenses such as court fees or official copies of the title. They will be charged at the current rate applicable and will be confirmed on instruction. These fees are fixed fees set down by those providing the service.
Jeanette Ellis or Gemma Carrington now for a free no obligation chat on 0115 9555050. All enquiries will be treated with the strictest of confidence.