Probate Solicitors Limited - Specialists in estate administration
Fixed Fee Probate Service
How much is the fee?
At Probate Solicitors Limited we offer a fixed fee service because we know that what you want is a quality, specialist service at a fixed price. Most other law firms quote both a percentage AND an hourly rate for the work done.
PSL are different, we are often able to charge a fixed fee based on our assessment of the work involved. Please see our pricing policy.
What will it cover?
There are many responsibilities that come with administering an estate. PSL are specialists in this area and our service covers the legal work, tax advice, administration and some property related work as well as some optional extra services.
We would normally expect to undertake the following legal work:
- Preparing the tax and probate documentation needed to apply for the Grant of Representation
- Checking the validity of the Will
- If no Will, establish who is entitled to apply for a grant
- If no Will, establish who is entitled to receive a share in the estate
- Applying to the Probate Registry to obtain the Grant
- Placing the necessary notices
- Advising whether a deed of variation is prudent
- Advising on any claims against the estate
The type of tax work we would expect to get involved in:
- Corresponding with HMRC
- Claiming Inheritance Tax (IHT) reliefs / rebates
- Calculating IHT owed
- Completing the IHT Return & schedules
- Claiming transferrable spouse relief where applicable
- Claiming residential nil-rate band relief
- Completing the post-death Income Tax returns
- Dealing with any Capital Gains Tax on the estate
- Dealing with payment of any tax owed
Administering the estate:
The general administration of the estate will include dealing with:
- Banks/building societies
- Government bodies
- Utility companies
- Insurance companies
- Valuing assets (in England and Wales)
- Transferring jointly held assets (in England and Wales) into sole name
- Setting up trusts in relation to the estate
- Preparing the estate accounts
- Distributing the estate
- Reviewing the Will of the surviving spouse (new Will at extra cost)
Property related requirements:
Practical elements that we may also undertake or advise on are:
- Dealing with the buildings and contents insurance
- Re-direction of mail
- Transferring ownership of property
- Registering any unregistered property with the Land Registry
- Managing the sale of the property through an estate agent, local to where the deceased lived
- Managing the conveyancing process (with your conveyancing solicitors)
There may be fees associated with some of the above services which are not included in our fixed fee; for example the estate agent’s fee for selling a property, valuer's fees, conveyancer's fees and court fees. When we pay this on your behalf it is called a disbursement and is charged back to you, in addition to our fixed fee. We only charge back to you what we have actually have to pay out ourselves, we do not charge an uplift or make any hidden profit on these.
In addition to all the services above we can help you with other matters that may come to light once the administration process is underway. These additional services might include:
- Preparing a Deed of Variation
- Arranging a loan to pay IHT if necessary
- Completing outstanding income tax returns
- Managing other assets which require specialist knowledge (e.g. Foreign assets, Agricultural assets & Business assets)
Advice to beneficiaries
At Probate Solicitors we deal, on a daily basis, with beneficiaries of Wills who are unsure as to what to do with the legacy they have received. Everyone’s circumstances are different.
If an elderly husband has died and left an elderly wife then the main consideration for her legacy may be how best to invest her money to provide for her continued care.
For a son or daughter inheriting from an elderly parent their main concern will be investment and wealth maximisation to improve their quality of life for the future.
We have many contacts within the financial sector who are experienced in this area and we would be pleased to recommend a number of specialist independent financial advisers ( IFAs) for you to consider. You are of course free to use whoever you wish but we have chosen these people because they have demonstrated in the past that they understand the issues involved.
They will assess your circumstances and will be able to advise you on a range of different investments to suit your requirements.
If you would like to talk to us about administering an estate please contact us on 01564 758055