Wills and Estates Services
Nobody wants to think about their death or being unable to manage their own affairs but failing to plan for such events can often have unforeseen and expensive consequences which can be extremely distressing for those closest to you.
These matters need careful consideration and our Wills, Probate and Powers of Attorney Solicitor will be happy discuss your circumstances and requirements to make the process as easy as possible.
Making a Will is a quick and easy way of documenting your wishes. A will can ensure that only those you wish to inherit will receive gifts under your estate, and in the most tax efficient way. You can also appoint suitable guardians for your children in a will.
A Lasting Power of Attorney (LPA) appoints someone to look after your affairs and make decisions on your behalf in the event that you lose the ability to do so. The key is to enter into an LPA before any problems arise; delaying until you can no longer manage your affairs means an LPA may no longer be appropriate and will inevitably add to the complexity and cost of sorting out your arrangements later on.
Both Wills and Lasting Powers of Attorney should be reviewed periodically to ensure that they still carry out your wishes and intentions. If your life undergoes any significant changes such as marriage or divorce, your will and any LPA should be reviewed and if necessary modified to suit your new circumstances.
We can also help if you are dealing with someone’s Estate once they have died. We can ensure that the Estate is administered in accordance with the Will and the relevant laws and we will guide you through the next steps you will need to take.
Professional will writing
Nobody likes to think about their own demise and for this reason many people do not make arrangements for how their property and possessions are to be dealt with when they die. Many people intend to make a will, but simply do not get round to doing it. Others have a will but do not review it when their circumstances change, for example, on separation or divorce. All of these scenarios can produce an outcome which that person did not intend.
The answer is to make a will. Making a will is a simple and quick process which allows you to set out clearly how you want your estate to be divided, who you want to deal with it and any other wishes you want to survive beyond your lifetime. Amongst other things, a will allows you to:
• Leave individual items, e.g. jewellery or items of sentimental value, to a specific person
• Appoint guardians to care for your children
• Provide for an unmarried partner (not automatically recognised by the law in the same way as a spouse or civil partner)
• Deal with your assets in a tax efficient way
• Make a gift to charity
• Avoid claims being made against your estate by those dependent on you financially, e.g. an ex-spouse
Although it is possible to make a will without the help of a solicitor, it is generally not advisable as there are various legal formalities you need to follow to make sure your will is valid. Without the help of an expert with up to date legal training and experience, there is a real risk you could make a mistake, causing problems for your family and friends after your death. Solicitors are regulated by the Solicitors’ Regulation Authority and are required to keep up to date with any changes in the law and to carry indemnity insurance to protect their clients’ interests.
Types of Will
Single Will
This type of Will is a document created by an individual and sets out some fairly simple wishes about what happens on their death. Typically it will set out:
• Appointment of Executors
• Noting any specific gifts
• Nominating a beneficiary who will receive the remainder of the Estate after all other beneficiaries have received their inheritance and all debts have been paid
• Nominating guardians for any children
• Specifying any charitable gifts
• Outlining your desired funeral arrangements
Mirror Wills
Mirror wills are suitable for a couple who have the same or very similar wishes upon their death. The documents will contain essentially the same information as a single will but typically structured so that each will specifies that the estate will be left to the spouse and then alternative beneficiaries upon the death of the surviving spouse.
As the content of each document tends to “mirror” the content of the other, this option is typically more cost effective than having individual wills as well as giving more control over the wishes of both parties.
Your Property
If you own your property in joint names with another person, you can create a trust for the survivor to retain a right to live in the house for the remainder of their life. This may be beneficial if the survivor needs to pay for care at a later stage, as the Local Authority can only assess the value of the survivor’s share of the property. The share that is held in trust is not included and as such, it is protected from care home costs.
In order for the trust to be effective, you must hold your property as Tenants in Common so that your interest can be passed by means of your Will. Many couples own their property as Joint Tenants so that the interest can automatically pass to the survivor. If you are not sure how your property is held, we can carry out an online search at the Land Registry for you. If your property is held as Joint Tenants, but you wish to include a lifetime trust in your Wills, we can apply to sever your tenancy at the Land Registry. The Land Registry will amend the Registers of Title relating to your property so that you are listed as Tenants in Common instead.
Lasting Power of Attorney
A Lasting Power of Attorney is a document in which you nominate other people – usually a relative or friend – to make decisions and deal with your affairs in the event that you later become unable to make such decisions yourself due to mental or physical incapacity.
There are 2 types of LPA which are described below
Property and Financial Affairs LPA
A Property and Financial Affairs LPA gives the people that you nominate (your attorneys) the power to look after your finances and property. This might be, for example, the buying and selling of your property, dealing with your bank accounts, paying your bills, managing your investments and the like. With this type of LPA you can choose to give your attorneys the power to look after your affairs while you still have capacity to do so, but would prefer for your attorneys to do this for you.
Health and Welfare LPA
A Health and Welfare LPA gives your attorneys the authority to decide on matters relating to your health and welfare, such as deciding where you should live, what care you should receive, approving or refusing medical treatment and similar decisions. Unlike a Property and Financial Affairs LPA, the Health and Welfare LPA is only usable when you are incapable of making these decisions yourself.
Probate
If someone dies, there are many decisions and arrangements to make, which can be difficult in a time of grief. Once you have registered the death, you may need guidance on how to administer the Estate (everything owned by the person).
Depending on the size of the Estate, you as the Personal Representative may have to apply for legal authority before you can act.
Whether you are an Executor named in a Will or, in the case where no Will was left, a certain family member applying to the court to be entitled to act as an Administrator, we can assist in obtaining the Grant of Representation (Grant of Probate/Letters of Administration).
As long as you have not already started to deal with the Estate, we can also assist when an Executor may not wish to, or be able to, act. We can prepare the necessary legal documentation and discuss this in more detail with you, if necessary. Our charges to prepare the paperwork are £96 (£80 plus VAT).
How much will it cost to obtain the Grant of Representation?
If we are required to prepare the Inland Revenue full Accounts due to the size of the Estate or if there is IHT payable, our charges will be calculated on the time spent dealing with your matter. We estimate that approximately 7-8 hours of chargeable time will be required, however this does vary significantly depending on the complexity of the matter. We will give you an estimate once we know the extent of the matter.
The current hourly rate of our Wills and Probate Solicitor, is £315 plus VAT per hour. You will be given notice if this fee changes.
Our services involved in obtaining the Grant of Representation consist of:
• Identifying who is the Personal Representative of the Estate and which type of application you will require in terms of applying for the Grant of Representation;
• Collating all the relevant information from you, to enable us to make the application;
• Preparing the relevant paperwork to submit to the Probate Registry on your behalf;
How much will it cost to deal with the full administration of an Estate?
For us to deal with the full administration of an Estate, our services would consist of:
• Identifying who is the Personal Representative of the Estate and which type of application you will require in terms of applying for the Grant of Representation;
• Obtaining the relevant information from asset and liability holders, to enable us to make the application;
• Preparing the relevant paperwork to submit to the Probate Registry on your behalf;
• Arranging the payment of IHT, if required;
• Sending the original Grant of Representation to be lodged with the relevant asset holders;
• Collecting in the sums due and settle any liabilities;
• Placing Trustee Act Notices in the local newspaper and the London Gazette to protect Personal Representatives against any beneficiaries or unknown creditors.
• Preparing the Estate Accounts and distributing to the beneficiaries.
Our charges will be calculated on the time spent dealing with your matter. The time from the date of instruction to completion of the administration will vary from case to case. As a general guide, the total time spent on administering an average Estate (upon which no IHT is payable) is usually between 10-20 hours. On Estates which are more complex or where full Inland Revenue Accounts are required, the estimated time is likely to be between 15-35 hours.
The current hourly rate of our Wills and Probate Solicitor is £315 plus VAT per hour. You will be given notice if this fee changes.
In accordance with the Law Society’s suggested guidelines, an additional percentage may be made on our final bill, based on the gross value of the assets collected or transferred; the maximum percentages that will be applicated in this case are 0.5% on the residence and 1% on the remaining assets. VAT is added to these charges.
How long will it take to administer the whole Estate?
Again, this will vary from case to case. Much will depend on the number and nature of the assets involved, the number of Beneficiaries and whether any problems arise, for example, regarding the interpretation of the Will, or regarding taxation matters. If a claim is made against the Estate by a relative or some other person, this can significantly increase the time spent administering the Estate.
A simple Estate may be finalised within 6 months, whereas a complex matter with more work involved could take between 1-2 years before it is brought to a conclusion.
Disbursements payable to third parties:
Please note that there will also be certain other additional expenses which we will have to pay to other organisations on your behalf. The main such expense is the Probate Registry application fee of £273. Official copies of the Grant are £1.50 for each copy.
(If the net Estate is valued under £5,000, the Registry fees are exempt.)
We recommend that our Clients place Trustee Notices in the local newspaper and London Gazette. This fee varies but is usually in the region of £200-£300. We will obtain a quote for you before the order is made
Get in touch
If you need any further information or to contact us for advice, please get in touch