LPAS, Wills Costs & Probate Fees

Many of us do not want to think that we may not have capacity to make our own decisions in the future or indeed that we will die. Planning ahead can make difficult times just a little easier for your family and give them and you peace of mind. We have given you guidance below on the cost of planning for the future and dealing with the estate of somebody who has died. We recommend that you call us or make an appointment to come and see us to discuss your situation so that we can advise what is best for you.

We would recommend speaking to us if you are considering using a Will Writer as you may be pleasantly surprised when it comes to comparing costs.

You should also be aware that you are not obliged to use a solicitor suggested by your funeral director or bank and they could be located many miles away. Again, please feel free to come and see us before making a decision. We are here to help.

Our qualified staff have many years of experience dealing with handling Wills, Probate and LPA’s. Please visit their profiles on our website to see their qualifications and experience.

Below is a guide to our prices:

Wills

To write a standard single will or mirror pair involves you meeting one of our qualified staff to discuss your particular circumstances and what you would like to do. Your wishes will be included in a draft Will for you to check first.

A simple non-urgent Will can be drawn up in 5 working days. We will check that you are happy with the contents and make any amendments you may require. We will then arrange for you to sign and witness the Will.

We will store your Will free of charge in our own secure storage and provide you with a copy of the will to take away.

If your Will is more complex this will be charged on an hourly rate to be confirmed at the time (£137 + £27.40 VAT – £289 + £57.80 VAT). We will give you an estimate of the total cost involved.

Lasting Powers of Attorney drafting and registration

Thinking that we may not have capacity in the future to make decisions about our health and welfare or financial affairs is something that many of us do not want to consider. Making a Lasting Power of Attorney (LPA) enables you to retain control by appointing attorneys, people that you trust implicitly, to act on your behalf if you need assistance.

We recommend that any LPA’s are registered at the time they are written. Otherwise it can take 3 months to get them registered, which may mean that your appointed attorneys will not be in control when you wished them to be. Note that LPA’s cannot be used until they are registered with the Office of the Public Guardian.

We provide package prices including a discount when we prepare and register your documents; below are the prices (all subject to VAT at 20%):-

LASTING POWERS OF ATTORNEY & REGISTRATION
The fees for LPAs include the preparation and registration of the LPA’s with the Office of the Public Guardian. There are additional fees payable to the Office of the Public Guardian being a maximum of
£82 per document, fee remissions apply in some cases.

Typically is takes 5 working days to prepare and 2 months to register your LPA.

Probate and Estates

Many of us have not administered an estate. You may be an Executor in a Will, a member of the deceased family where there is no Will and may not be sure what to do. Wills can be complex and it is possible that you could miss assets in the estate such as shares, premium bonds or bank accounts for example and you are liable for any losses. We have many years of experience of dealing with Probate and Estates and can make a difficult time easier for you. Please come and talk to us before you decide what you want to do.

Typically this is what we do:

From instruction and receipt of all documentation required we establish which assets make up the estate and make contact with all assets holders. We would ascertain what debts are to be paid e.g. funeral account. We anticipate being in a position to apply for the grant of representation within 6-8 weeks of instruction unless the matter is unduly complex and information is not easily forthcoming.

If we are dealing with administration of the Estate as opposed to purely dealing with the grant of Probate, once the Grant is received we will collect all assets (timescales are dependent on response of third parties). We will contact beneficiaries, check their identification and carry out bankruptcy searches. We will pay liabilities and make interim distributions to beneficiaries if appropriate.

We will arrange the sale of any property. We will account to HMRC regarding any tax arising (HMRC expect tax to be paid before any beneficiary!).

We can do part or all of the probate administration and would be happy to discuss with you what you want to do.

What does Probate cost?

Administration of an estate varies depending on the complexity so below we have given a guide:-

If the estate is more complex for example, inheritance tax is involved then we would charge you an additional hourly rate of (£137 + £27.40 VAT – £289 + £57.80 VAT). We will quote you on the likely cost, so please do not be afraid to ask.

For a straightforward estate we would typically charge 1.5 – 2% of the gross value of the estate. Alternatively charges can be on a hourly rate.

A straightforward estate would be where:

• There is a valid Will
• There are no more than 5 beneficiaries
• There is no more than one property
• There are no claims against the estate
• There are no more than 5 bank or building society accounts
• There are no disputes between beneficiaries on division or assets. If disputes arise this is likely to lead to an increase in our fees.
• There is no inheritance tax payable and the executors do not need to submit a full account to HMRC

DISBURSEMENTS

In addition, there are likely to be other expenses and third-party costs payable:

• Probate application fee of £273 plus £1.50 for each Office Copy Grant
• Statutory advertisements issued in the London Gazette and in a local newspaper to protect against unexpected claims from unknown credits or other claimants – around £200
• There may be a Landmark Financial Asset Search carried out to check for dormant accounts – the cost for this is £186 + £37.20 VAT
• Bankruptcy Searches – £2 + £0.40 VAT per search (more if foreign beneficiaries)

Home visits available – non chargeable if client disabled/in hospital/unable to attend the office otherwise at the Fee Earner’s discretion.

Free storage of all documents

Potential additional costs

Valuation fees for property, contents, shares etc. will vary depending on the size of the property, number of shares etc. Therefore as an example:-

Estate Valuation fees on £200k property are currently £175 plus £35 VAT

Valuation of shares dependant on number share holdings and the value of the shares. Cost will be confirmed by the stock broker. Typically this starts at £100.

Conveyancing fees are separate from the estate fees above (please see Conveyancing fees).

Don’t forget, if you are not sure please ask.