Wills, Trusts and Probate

Wills & Trusts

Making a Will creates certainty, reduces worry and gives you the peace of mind of knowing exactly how your money, property and possessions will be dealt with after your death.
 
A Will guides those who are left behind and saves worry and heartache at a time of great emotional stress. Making a Will is usually the first step to take in structuring your affairs in order to minimise your liability for Inheritance Tax.
 

About Probate

When a person dies somebody has to deal with their "estate".  A person's estate is considered to be made up of the money, property and any possessions they had at the time of their death.  The process of Probate involves collecting any money that is owed, settling any debts due (including outstanding taxes) and dividing the estate amongst the respective beneficiaries.
 
All assets (including property) in an estate will remain frozen, until the Probate Registry gives the authority (via a document known as a Grant of Representation) to the individual(s) nominated in your Will, the "Executor".  If you have no Will, then it is up to the most appropriate member of the family to act on behalf of the estate. 
 
If there is a Will the estate will pass to the people named in the Will. If there is no Will certain rules known as the Rules of Intestacy will apply.
 
Whether you are an Executor or the next of kin, we can provide practical guidance to help you deal with the administration of someone's estate. We can help you determine the size of an estate for Probate and Inheritance Tax purposes.  We can prepare an application for the Grant of Representation on your behalf and help you lodge the required forms with the relevant organisations to collect monies due to the estate and settle any outstanding debts.
 
We can arrange the transfer or sale of any shares and work with our residential property team to handle the sale of any property or land owned by the deceased.
 

The Will process

You may contact us to request a Will Instruction Sheet and Explanatory guide
 
Complete the Will Instruction Sheet and return with £75 on account. We can also accept credit card payments.
 
We will then analyse your instructions and aim to deliver a draft Will to you within 14 days.
 
Once you have received the draft, please contact us to discuss the contents and to make any amendments where necessary.
 
Once the draft has been approved we aim to have the engrossed Will ready for execution within 7 days. We can arrange the signing of your Will either in our offices or send it out to you. If we send the Will to you for execution please return is so that we can check that it has been executed properly.
 

The Probate Process

You will be required to attend our offices for an interview with the executor appointed under a Will or the intended administrators of the estate.
 
We will then inspect all paperwork delivered to us in connection with the estate and make any additional enquiries we deem necessary.
 
We then value the estate, and advise you as to whether Inheritance Tax is likely and any amount to be paid, and advise you further.
 
If Inheritance Tax is payable, we will then advise on methods of raising the necessary funds.
 
The application for Probate Letters of Administration is then made. On receipt of Probate Letters of Administration we then start collecting in the assets and make distributions where authorised.
 
We then settle the estate and provide an Estate Account.
 

Will & Probate Costs

 
Wills
Our standard charge for a straight forward Will is £150 + VAT.
Should you wish us to prepare a tax efficient Will, please contact us for more information and likely costs.
 
Probate Costs
To discuss the likely costs involved with making an application for probate and administering the estate please contact us.
Please note that a Solicitor's charge for administrating an estate is generally much less than those of a bank.