Probate and Estate Administration
It may be a difficult time when someone dies who is very close to you. At this hard time, you need to deal with the paperwork to apply for the probate which could be a complex and lengthy process. You may need a professional help to get matters sorted smoothly. At The Stan Lee, we try our best to have one step less stress in your distressing experience.
When You Need a Probate?
Do I need a Probate if I lost my loved one? The answer is that it depends. There are some certain circumstances as follows where a Probate application will not be necessary:
- All properties and bank accounts of the deceased were held jointly with someone who is still living (e.g., a spouse or civil partner).
- The Estate consists of cash and personal belongings
- The Estate worth is small (under £5,000) and banks will release funds without a Probate.
However, in other circumstances, you definitely need to apply for a Probate and some of the cases are as follow:
- You need to sell property of the Estate
- To release the funds from banks or organisations, they asked for the
What is the Process of Probate and Estate Administration?
You have several steps for the whole process of Probate and Estate matters and that starts from (a) the immediate post-death affairs, (b) Estate valuation (c) IHT return and payment, (d) the Grant application, and ending with (e) Estate Administration (post-grant).
How We can Help on Your Probate and Estate matters?
We are flexible and you can choose us to pass the entire process or the specific areas where you need our help. The key services relating to the Probate are:
- Obtaining the Probate: Applying to the Probate Registry to obtain the Grant of Probate (where there is a Will) or the Grant of Letters of Administration (where there is no Will). It takes around 4-5 weeks after the application made to obtain Probate which depends on complexity of the Estate.
- Administrating the Estate: Handling all the administration or just part if you want for any size of the Estate from simple to complex.
- Valuing the Estate: Compiling details for the deceased’s Estate including both assets and liabilities and obtaining valuations of the assets (outsourcing independent professional valuer) where appropriate.
- Liaising with HMRC for Inheritance Tax: Assessing whether any inheritance tax is payable and calculating the IHT with submission to HMRC where applicable and arranging the IHT payment as well.
- Completion of Estate Accounts: Distributing the assets to the beneficiaries and preparing the final estate accounts.
- Other: Accounting to HMRC for any Income Tax or Capital Gains Tax that may be due.
Stan Lee Probate Limited will prepare and submit the application for the grant of representation and associated IHT forms and our fees for Probate in the below. The other services including; estate valuation, IHT computation, estate accounts and other will be under Stan Lee Accountancy Ltd. The fees for this work which are to be paid to Stan Lee Accountancy Ltd. Our fixed fee is at 2.5% for estate matters depending on estate value that provided by Stan Lee Accountancy Ltd. Additional fees applicable for Income Tax and Capital Gains Tax matters where appropriate.
Depending on the complexity of the estate, it takes around 6 to 12 months to complete the entire Estate Administration.
Our Legal Fees for Obtaining the Grant of Probate and Administering the Estate
- Estate value below the IHT threshold of £325k: £1,500 + applicable VAT of £300 (Total fees: £1,800)
- Estate value between £325k and £650k: £2,000 + applicable VAT of £400 (Total fees: £2,400)
- Estate value between £650k and £1m: £3,000 + applicable VAT of £600 (Total fees: £3,600)
- Estate value between £1m and £2m: £4,000 + applicable VAT of £800 (Total fees: £4,800)
If the Estate value above £2m, our fee will increase approximately £1,000 for each additional £million of the Estate (we will confirm at the initial stage; prior to taking our service).
Third Party Disbursements
Disbursements required to complete the work, which are paid to other organisations and our professional fees exclude any disbursements:
- Probate application fee (paid to Probate Registry) £273
- Fee for each additional grant of probate (paid to Probate Registry) £1.50
- Professional valuation fees* (paid to accredited valuer) £500
- Notice to London Gazette* (paid to service provider) £110
- Notice to local paper* (paid to service provider) £100
- Transfer of ownership of property* (paid to authorised conveyancing firm) £1,500
- Applicable VAT £300
Total disbursements £2,784.50
*Those disbursements can vary due to the fact that they are provided by external service providers, so a more accurate price indication will be provided to you after our initial free and non-obligation consultation meeting and prior to you taking our services.
At The Stan Lee, our aim is to provide the complete support on your Probate affairs and to do so we may use outsourcing in some points (for instance; complex tax planning, estate valuation and others). For further information about The Stan Lee and find out how we can help on your Probate and IHT affairs, please contact us or visit our office, we love to hear from you.