MAG Solicitors - here to help you with all aspects of Probate.
'Probate is the legal process to obtain court approval to deal with someone’s estate upon the death of that person.'
If someone has died leaving a Will, then a Grant of Probate may be needed to deal with their affairs.
If someone has died leaving no Will, then Letters of Administration may be needed to deal with their affairs.
Once a Grant of Probate/Letters of Administration has been granted by the courts, administration of the deceased's estate can begin. Below is an outline of how we can help, the stages of a Probate matter and our associated costs.
As this is often a very distressing period, we are here to help you through with clear advice, guidance and compassion and we can help as much or as little as you need.
We can organise valuations of the estate, prepare and submit documentation to declare estate values, prepare notices, deal with the companies with whom the deceased had dealings with, contact beneficiaries on your behalf and make arrangements regarding distribution of the estate.
There may also be instances where a Will may be contested by people who were not included, if this should happen then we will be with you to advise you through this process.
For more information on probate or Wills please call us on 01902 244 150 or e-mail us at info@magsolicitors.co.uk
The stages of Administering an Estate
Stages for the Grant only Application (Grant of Probate and Letters of Administration) - Timescale: 3 - 6 months for a typical Grant only Application
1. Determine the value of Assets and Liabilities of the Estate contact all asset and liability organisations.
2. Prepare the Application for the Grant and submit to court.
3. Prepare any Notices, where relevant.
4. Complete the relevant returns to HMRC of the value of the estate for Inheritance Tax and settle where due.
5. Once the Grant has been received from Court, this will be handed to the client to continue their own administration of the Estate.
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Stages for the Full Administration of the Estate - Timescale: 1 year - 18 months for a typical estate
1. Determine the value of Assets and Liabilities of the Estate contact all asset and liability organisations.
2. Prepare the Application for the Grant and submit to court.
3. Prepare any Notices, where relevant.
4. Complete the relevant returns to HMRC of the value of the estate for Inheritance Tax and settle where due.
5. Prepare any Notices, where relevant.
6. Once the Grant has been received, dealing with all assets and liabilities, whether encashment/transfer.
7. Draft estate accounts for Executor Approval and deal with distributions to beneficiaries.
Fees
Grant of Probate (only) £495.00 + £99.00 VAT + Court Fee of £273.00
Grant of Letters of Administration (only) £495.00 + £99.00 VAT + Court Fee of £273.00
Grant of Probate Application & Admin of non-taxable simple estate [2/3 beneficiaries & non-taxable] £1,500.00 - £2,000.00 + £300.00 - £400.00 VAT + Court Fee of £273.00
Grant of Probate Application & Admin of taxable complex estate [Over the Inheritance Tax threshold] £6,000.00 - £10,000.00 + £1,200.00 - £2,000.00 VAT + Court Fee of £273.00
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