02. Wills and Probate
The Process of writing a Will is one that many people delay, but it is a process that is very important to ensure that your wishes are carried out after you pass. Through drafting your will, you will have the opportunity to decide who inherits your assets as well as the arrangements for your funeral and who you wish to appoint as your executors to deal with the administration of your estate. Usually people assume that when they die, their children, partner etc. will inherit their estate. However, this is often a misconception and can in fact mean that in some circumstances when a will is not made, that an individuals partner/child can be left with nothing.
We therefore recommend creating a will as it prevents future disputes and makes sure that your loved ones are provided for after your death.
The correct drafting of your will can also assist in mitigating inheritance tax and residential home fees in certain circumstances.
The cost of a will should not prevent you from making one. Therefore, we offer a range of pricing options - including fixed fees so you know how much everything will cost from the outset.
At Marches Law, we are also able to securely store your will for you, giving you peace of mind that your affairs are in order for after you pass.
*Home and Hospital visits are available by request
Probate refers to the processes involved in dealing with the property, money and possessions of a person who has died.
Our solicitors have years of experience in with dealing with the relatives of those that have passed away with compassion and sensitivity.
Our services include:
SAFE, SECURE STORAGE OF WILLS AT NO COST
GRANT OF PROBATE
ESTATE & TAX PLANNING ADVICE
Marches Law's probate department is headed by our Alison Harris who has over 12 years experience of administering estates/dealing with the payment of inheritance tax and advising upon and preparing deeds of vairation and family arrangement. Alison is happy to discuss the potential costs with you and provide you with a written estimate.
The cost of administering an estate would depend upon the nature of the deceased's assets, whether or not inheritance tax is payable and the complexity of the terms of the deceased's will.
Costs would start at £795.00 (+VAT) for obtaining a grant of probate/letters of administration for you if you wish to administer the estate yourself and there is no inheritance tax payable.
If there is inheritance tax payable and/or a full inheritance tax return would need to be submitted costs would start at £1500 (+VAT).
If you would like us to administer the estate for you which would include:
-advising you upon the terms of any will/or the intestacy rules
-completing and filing estate information forms (Inheritance tax 205 or inheritance tax 400)
-advising on and dealing with the application of the nil rate band and residence nil rate band
-organising the payment of any inheritance tax due
-appling for a grant of probate/letters of administration
-paying any bills relating to the estate
-collecting in the estate's assets
-distributing the estate in accordance with the terms of the will/intestacy
-preparing estate accounts
Please contact us for a free initial consultation at which we can discuss the estimated costs.
Alison currently charges £210.00 (+VAT) per hour for her time. An estimate of costs for the administration for a non-complex estate no more than 1 property, no inheritance tax payable, 3 or less bank accounts/investments would be between £1500-£3500 (+VAT).
In addition there will be disbursements (costs paid out on your behalf) which may be incurred including:
-A probate fee
Marches Law: combining modern practices with traditional values
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The cost of your wills can vary depending on the complexity and details of how you wish to divide your estate. Please give us a call so that we can discuss with you our costs.