Wills, Probate & Lasting Powers of Attorney

Making a Will

Preparing for the future to safeguard our loved ones is crucial but is perhaps a task we often delay because it involves facing some difficult prospects. It is estimated that more than 7 out of 10 adults in the UK do not have a will. This means that when they die their estate is ‘intestate’, which can cause all number of complications and disputes for remaining family members. It can also mean that a great deal of the deceased estate is ‘eaten up’ by inheritance tax, with their money going to the government and not the intended loved ones. This can often be avoided by careful planning when making a will. It also ensures your money and property goes to who you actually intend it to. If you are thinking about preparing a Will, or wish to discuss other options please do not hesitate to contact us to arrange a confidential consultation. We can advise and assist you in the preparation of a Will or advise as to alternative methods to look after your assets. We can advise and assist you in the preparation of a Will or advise as to alternative methods to look after your assets. For a simple Will, we charge £180.00 plus VAT. For two simple Wills for a couple, we charge £250.00 plus VAT. Please contact us for a friendly chat and we can arrange an appointment for you to discuss your needs.

Probate

Whether someone has a will or not, when a loved one dies dealing with their affairs can be complicated, very time-consuming and also emotionally draining. Fursdon Knapper can offer you a swift, cost-effective service to ensure that everything is resolved and distributed as they intended. You may be interested in talking to us about your own estate and making provision for what happens when you die, to avoid unnecessary grief for your family; Equally if a loved one has recently died and you wish us to help you tie-up their affairs and seek a Grant of Probate, we would be very happy to talk to you. Remember that only a solicitor can apply for probate and for an unqualified person to apply on your behalf is a criminal offence if the application is for a fee.  Some will writers and other unscrupulous operators who give themselves meaningless titles such as “barrister intermediary” after three days of training advertise that they carry out probate services but legally they can only administer the assets of the estate they cannot apply for probate on your behalf.  Beware of unauthorised people who will ask you to grant a power of attorney to them  so that they can apply for the grant of probate in their name rather than your name.  Once probate is granted in that name only that person can deal with the estate so don’t let some unqualified person take over the affairs of your loved one to overcome the fact that they are not qualified to do the work. Hourly rates The Wills and Trust Department current hourly rates range between £200 and £230 per hour plus VAT depending upon the level of seniority and experience of the team member. It will be usual that during the course of an estate administration that work will be carried out at different hourly rates to ensure that the work is carried out as cost effectively for you as possible. Value element A charge reflecting the value of the assets we are dealing with in administering the Estate will be included. The value is a reflection of the importance of the matter and consequently the responsibility of the firm and individuals. The value element therefore also varies depending upon whether or not we are appointed Executors or Trustees, and is set out below. Fursdon Knapper not acting as an Executor Value of gross Estate less the residence 1% Value of the Deceased’s share of the residence 0.5% Fursdon Knapper acting as Executors Value of gross Estate less the residence 1.5% Value of the Deceased’s share of the residence 0.75% – 4.5% The exact costs will depend entirely up on the individual circumstances of the matter. We have set out below some approximate costings based upon typical estates, but an estate could fall within the ranges given. For example, if there is one beneficiary and no property, costs will be at the lower end of a range, but if there are multiple beneficiaries, a property and multiple assets, costs may be at the higher end.

Example 1 – a typical estate where:

• The estate is solvent and valued at less than the current nil rate band amount (£325,000)
• There is no more than one property
• There are no more than 5 bank or building society accounts
• There are no other intangible assets
• There are no more than 5 debts of the estate
• There are up to 4 residuary beneficiaries
• There are up to 4 legatees
• There are no disputes between beneficiaries on division of assets (if disputes arise this is likely to lead to an increase in costs)
• There is no inheritance tax payable and the executors do not need to submit a detailed inheritance account (IHT400) to HMRC
• There is no claim made against the estate.

We anticipate that the costs for such an estate (including work carried out on hourly rates and the value element) will be between £1,950 and £7,950 plus VAT. In addition, there will be expenses that are incurred on your behalf (known as disbursements) which are listed below.

Example 2 – a typical estate where some or all of the below applies:

• There is a valid Will
• The estate is solvent and valued at between the current nil rate band amount (£325,000) and £1million
• There are no more than 3 properties
• There are no more than 10 bank or building society accounts
• There are other intangible assets such as shares or investments
• There are no more than 10 debts of the estate
• There are up to 8 residuary beneficiaries
• There are up to 8 legatees
• There are no disputes between beneficiaries on division of assets (if disputes arise this is likely to lead to an increase in costs)
• There is inheritance tax payable and the executors need to submit a detailed inheritance account (IHT400) to HMRC
• There is no claim made against the estate

We anticipate that the costs for such an estate (including work carried out on hourly rates and the value element) will be between £7,950 and £19,950 plus VAT. In addition, there will be expenses that are incurred on your behalf (known as disbursements) which are listed below.

Example 3 – a typical estate where some or all of the below applies:

• There is a valid Will
• The estate is valued at in excess of £1million
• There are multiple properties
• There are multiple bank or building society accounts
• There are other intangible assets such as shares or investments
• There are multiple debts
• There are multiple residuary beneficiaries
• There are multiple legatees
• There may be business or agricultural assets
• There may be associated trust assets
• There are no disputes between beneficiaries on division of assets (if disputes arise this is likely to lead to an increase in costs)
• There is inheritance tax payable and the executors need to submit a detailed inheritance account (IHT400) to HMRC
• There is no claim made against the estate

Such cases are of necessity individual, but we anticipate that the costs for such an estate (including work carried out on hourly rates and the value element) will be in excess of £20,000 plus VAT. In addition, there will be expenses that are incurred on your behalf (known as disbursements) which are listed below. In estates where there is no valid Will (known as an intestate estate) it is expected that additional work caused by the intestacy would be a further £1500-£2500 plus VAT in addition to the costs listed above. The following fees will be in addition to the costs listed for any of the example estates listed above:

• Oath fees (£5 per executor with an additional £2 per executor per Will or codicil)
• Probate Court fees (£155 plus 50 pence per copy grant required)
• Land registry fees for Office Copy Entries (if required) (£3 plus VAT per property)
• Inheritance tax, for an indication as to the likely Inheritance Tax charge please see here
• Asset search fee (approximately £165 plus VAT)
• Statutory notices (approximately £165 plus VAT)
• Bankruptcy searches (£2 plus VAT per person, per search – each person likely to need 2-3 searches during the estate administration)
• Conveyancing fees for land transaction and related Land Registry Fees (see our separate conveyancing pricing pages)
• Costs of obtaining death certificates, marriage certificates etc (£11-£35 for the first certificate)
• Valuation fees for shares, property and contents (variable but likely to be of the order of £200-£300 per valuation)
• Cost of clearance of a property (if required) – variable
• Accountant’s fee for preparing a tax return (if required) (approximately £350-£750 plus VAT)
• Cost of a Certainty Will Search (between £45.60 – £238 plus VAT dependent upon search opted for)
• Income tax for estate administration period, capitals gain tax, stamp duty. For further details on these taxes please see here.
• Property insurance costs (variable depending upon the value of the property)
• Insurance such as for missing assets or beneficiaries (rarely required, and dependent upon the case)
• Tracing agent fee for missing beneficiaries.

In the event that additional work is required for any reason or an unforeseen complexity arises that means that the above pricing structure is no longer appropriate we would advise you of this at the outset, or as the situation arises.

Lasting Power of Attorney

Whilst many people make provision for what is to happen to their estate should they die, far fewer take steps to ensure that their affairs can be looked after in the event that they lose mental capacity. A Lasting Power of Attorney (LPA) is a legal document which lets one person appoint another person or people that they trust, to make decisions on their behalf. Whilst we all hope that we will continue to be healthy, independent and be able to make our own decisions, the simple fact is that there may come a time when we are not either physically or mentally as able as we were. An LPA allows you to decide now:

1. What decisions you want making should you lose capacity, and
2. by whom and how those decisions are to be made
3. What should happen to your property, your money and your welfare

We are very happy to meet with you to discuss your requirements; we can draft your LPA’s for you and ensure they are compliant for registration with the Office of the Public Guardian and we also provide a secure storage service for your original LPA documents on their return from registration. Whilst we understand that the thought of placing your affairs in the hands of others may be a difficult to comprehend, we provide a sensitive and friendly service which can assist you in putting your affairs in order and ensure your best interests are represented. If you would like to discuss any of the above, please do not hesitate to contact us for a friendly chat and we can arrange an appointment for you to discuss your needs. Alternatively, send us an email to [email protected]