Probate
When a loved one has passed away it can be hard to tell what they would have wanted you to do with their belongings, funeral arrangements and even any personal gifts. If they have left a Will behind this can often point you in the right direction. If they haven’t left a Will, the assets will pass according to the rules of the state (the “Intestacy Rules”). These rules vary depending on whether the person who has died was married, left children or brothers and sisters etc. at the date of their death and so it is impossible to predict the situation until the event has occurred.
There are two types of Grant –
A “Grant of Probate” is obtained when a person has left a Will. Someone who is appointed to deal with the estate in a Will is referred to as an Executor.
A “Grant of Administration” is obtained when a person has died without preparing a Will. Someone who applies to act on behalf of an intestate estate is referred to as an Administrator.
For ease, many institutions refer to a “Grant of Representation” which is intended to cover both variations and in the same way, “Personal Representatives” (rather than an Executor or Administrator).
After the death, all institutions need to be informed, accounts drawn up, documents relating to inheritance tax need to be prepared, Legal Statements need to be signed by the Personal Representatives and the Grant of Probate or Grant of Administration needs to be obtained.
The bigger the estate, the more complicated the tax calculation. It may be hard to consider the tax consequences when you are grieving. Betsy would be able to look at options available to you with regard to post-death tax planning, together with establishing the amount of inheritance tax that may then become payable.
The new government rules also mean that tax allowances of married couples or civil partners can be “uplifted”. In order to claim the unused tax allowance of the first spouse or partner a procedure must be followed.
There is now, also, the additional “Property Allowance” which can be applied for, if certain criteria are met.
Betsy can make all of these applications on your behalf.
Trusts may be set up through Wills or come to an end as a result of the death of someone who was entitled to an asset for their lifetime only. These situations can be complicated and often unique to each person. By looking through the Trust Document we can advise on your individual situation.
Betsy Upton is the Sole Practitioner of the Firm. This means that we can offer you a personal service, where you are guaranteed to be dealing with Betsy, directly, throughout the whole transaction.
There are two types of Grant –
A “Grant of Probate” is obtained when a person has left a Will. Someone who is appointed to deal with the estate in a Will is referred to as an Executor.
A “Grant of Administration” is obtained when a person has died without preparing a Will. Someone who applies to act on behalf of an intestate estate is referred to as an Administrator.
For ease, many institutions refer to a “Grant of Representation” which is intended to cover both variations and in the same way, “Personal Representatives” (rather than an Executor or Administrator).
After the death, all institutions need to be informed, accounts drawn up, documents relating to inheritance tax need to be prepared, Legal Statements need to be signed by the Personal Representatives and the Grant of Probate or Grant of Administration needs to be obtained.
The bigger the estate, the more complicated the tax calculation. It may be hard to consider the tax consequences when you are grieving. Betsy would be able to look at options available to you with regard to post-death tax planning, together with establishing the amount of inheritance tax that may then become payable.
The new government rules also mean that tax allowances of married couples or civil partners can be “uplifted”. In order to claim the unused tax allowance of the first spouse or partner a procedure must be followed.
There is now, also, the additional “Property Allowance” which can be applied for, if certain criteria are met.
Betsy can make all of these applications on your behalf.
Trusts may be set up through Wills or come to an end as a result of the death of someone who was entitled to an asset for their lifetime only. These situations can be complicated and often unique to each person. By looking through the Trust Document we can advise on your individual situation.
Betsy Upton is the Sole Practitioner of the Firm. This means that we can offer you a personal service, where you are guaranteed to be dealing with Betsy, directly, throughout the whole transaction.
How The Charges Work
Since the work required to deal with the administration of an estate varies hugely, it is generally impossible to operate on a fixed fee basis (with rare exceptions).
For example, it may be that, depending on the size of the estate and following discussions with Betsy, it transpires that a Grant is, in fact, not required.
There may be only one asset in the estate – in which case we would offer a fixed fee rate to obtain the Grant only.
For the larger estates, the fee basis upon which we will invoice you is an hourly rate.
In estate administration it is difficult to estimate how many hours of work will be necessary to complete the matter. However, as a guide we would estimate our fees to be within the region of 1.75 -2% of the gross value of the estate.
If an estate was relatively simple (e.g. one investment and the house) the fees would be at the lower end of the scale (or a fixed fee). If the estate were more complex, the fees would be representative of this. These charges reflect the importance of the matter and consequently the responsibility of the firm.
There may also be additional expenses (known as disbursements) - such as Court fees, Commissioners fees, Valuation fees, charges for official copies of the Grant and documents we shall be obtaining for you from the Court - of which you will be advised in advance.
The length of time it takes to obtain a Grant of Probate or a Grant of Administration depends upon what is involved in the administration and is specific to each case. Recently, as a result of the global pandemic, procedures are taking longer than under “normal” circumstances.
Each estate is unique, so in order to get an accurate idea of costs and time scale, we would recommend that you take up the free consultation offered to all Clients and discuss the situation in detail with Betsy. She will then be able to give you an estimated time scale and a quote, for your approval.
For example, it may be that, depending on the size of the estate and following discussions with Betsy, it transpires that a Grant is, in fact, not required.
There may be only one asset in the estate – in which case we would offer a fixed fee rate to obtain the Grant only.
For the larger estates, the fee basis upon which we will invoice you is an hourly rate.
In estate administration it is difficult to estimate how many hours of work will be necessary to complete the matter. However, as a guide we would estimate our fees to be within the region of 1.75 -2% of the gross value of the estate.
If an estate was relatively simple (e.g. one investment and the house) the fees would be at the lower end of the scale (or a fixed fee). If the estate were more complex, the fees would be representative of this. These charges reflect the importance of the matter and consequently the responsibility of the firm.
There may also be additional expenses (known as disbursements) - such as Court fees, Commissioners fees, Valuation fees, charges for official copies of the Grant and documents we shall be obtaining for you from the Court - of which you will be advised in advance.
The length of time it takes to obtain a Grant of Probate or a Grant of Administration depends upon what is involved in the administration and is specific to each case. Recently, as a result of the global pandemic, procedures are taking longer than under “normal” circumstances.
Each estate is unique, so in order to get an accurate idea of costs and time scale, we would recommend that you take up the free consultation offered to all Clients and discuss the situation in detail with Betsy. She will then be able to give you an estimated time scale and a quote, for your approval.
