Probate Services

Waters & Co., can help you to deal with the administration of an Estate, under the Administration of Estates Act, of someone who has died.  We are experienced and know what is to be done next and take the stress out of dealing with all the legal procedures and requirements, prepare estate accounts and records involved in administering the estate.  Dealing with a bereavement is a difficult time and we can minimise the worry and stress for you including obtaining the Grant of Probate or Letters of Administration and property transfers.  If you are an Executor, it is a heavy responsibility, and you are accountable to the estate’s beneficiaries.  Executors who act wrongly may have to pay compensation and once administering an estate has begun, an Executor cannot drop out even if things turn out to be more difficult than expected.  There is also the potential risk of an Executor becoming personally liable financially in certain situations unless the Executor takes protective measures to avoid this situation arising.

Waters & Co., are regulated by the Solicitors Regulation Authority and we are controlled by strict professional rules and professional standards for all clients’ reassurance and protection.  The solicitor responsible for the administration of estates at Waters & Co., is Teresa Waters LLb, who has over 29 years experience.  Teresa@waterssolicitors.co.uk.  01675 463855.

How much will it cost?

The costs will usually be paid out of Estate funds and will depend upon a variety of factors, including the time we spend eg meetings with you and others, preparing and working on papers, documents, Estate Accounts, Inland Revenue returns and correspondence, and making and receiving telephone calls, e-mails, faxes etc.  The complexity or urgency of a particular matter necessitating a matter to be given priority over other client matters or carrying out work outside normal office hours, will also have to be factored in to the costing as will the number and complexity of the assets and, in particular, large portfolios of shares will increase the costs.

The work we will undertake in a routine administration will include the following (where appropriate)

Estimating the value of the estate after the bills are paid and identifying any problems there may be before paying beneficiaries.

Collating information and applying for a Grant of Probate.

Dealing with any Inheritance Tax due – and completion of an IHT400 form and all the supporting schedules or the shortened IHT205 form.

Obtaining Grant of Probate and sending copies of the Grant to banks and others holding money and property if necessary and to discharging debts/loans if applicable.

Collecting and paying estate money into our client account, where it will be subject to the protection of the Solicitors Regulation Authority rules regarding solicitors’ firms’ handling clients’ money.  This also helps us to start to prepare the estate account, which will show the assets of the estate and the payments of bills.

Once the bills have been paid the final stages of work involve obtaining confirmation from Revenue & Customs (if applicable) that tax has been finalised and making payment to the beneficiaries.

It is very difficult to estimate the amount of time required to complete an administration.  This can vary depending upon the number of assets, how promptly replies are received, and whether any particular problem arises, the number of beneficiaries, whether there is any Inheritance Tax or other taxes payable including claiming any tax reliefs, and whether the Estate is subject to any claim, as well as many other variables.

As no two administrations will be absolutely identical, we work on an hourly basis.  The hourly charge for a straightforward estate where Waters & Co., is not appointed as actual Executors, will be £175.00 per hour plus VAT.

If Waters & Co., completes a full administration where the gross estate is below £200,000, and there is no need for a full Inheritance Tax submission to HM Revenue &  Customs, and there is no potential dispute or claim against the Estate and there are no more than four organisations holdings funds  and no more than 3 specific or residuary beneficiaries, we would anticipate our fees to be in the region of £2,000 plus vat to £3,000 plus VAT and disbursements eg probate court fees which are based on a scale.  This would not include property sales or transfers which would form a separate conveyancing file. This information is only intended as a general guide and we would always give you a more accurate figure once we have had an opportunity of considering what is likely to be involved in respect of each individual administration.