Scenario illustration for obtaining a grant of probate for a non-complex, low-value estate, with nil inheritance tax payable.
This covers straight forwardly identifiable invested assets including a family home, referring to the HMRC low-value definition of total assets (less than £325K with a few other connected factors to confirm).
We are in this scenario dealing with a new UK-based client whose father has recently died, His father was a widower i.e. the last surviving parent.
There is a valid, non-contested will. The son, our client, has been named as the sole executor in the will, he is UK-based.
The total value of the estate is £300,000 and consists of a single property, a couple of bank accounts and some premium bonds.
There are no complicating factors involved, all beneficiaries are known, identifiable and traceable.
We will need to help our client to obtain a grant of probate, but not to administer the estate that will be managed by our client.
Indicative timing being 3 to 6 months to obtain probate.
Fee estimate confirmed post initial consultation of between £950 and £1,200 [nil VAT] plus disbursements.
Standard Probate
Scenario illustration for obtaining a grant of probate, calculating and paying inheritance tax.
This covers straight-forwardly identifiable invested assets including a home, with values above inheritance tax thresholds of approximately £0.5M that will lead to a modest amount of inheritance tax being payable.
We are in this scenario dealing with a new UK-based client whose mother has recently died. Her mother was single, living alone, having divorced decades ago.
There is a valid, non-contested will. The daughter, our client, has been named as the sole executor in the will. There will be a few other named beneficiaries who are known, identifiable and traceable; all UK-based valuations have been reasonably easy to obtain, and there were no particularly complex factors to navigate.
We will need to help our client to obtain a grant of probate and prepare the relevant Inheritance Tax forms (IHT400). In this instance, we have not been asked to administer the estate, however, our client may need some occasional and limited assistance with the administration of the estate.
Indicative timing is 2 months to process the IHT400, and a further 3 to 6 months to obtain probate thereafter i.e. 5 to 8 months in total.
Fee estimate confirmed post initial consultation of between £1,950 and £3,500 [nil VAT] plus disbursements.
Probate with IHT
Scenario illustration includes obtaining a grant of probate, calculating and paying inheritance tax, collecting assets, paying all liabilities and beneficiaries i.e. administering the estate.
This covers straight-forwardly identifiable assets including two properties, investments, jewellery, a private pension, with values of approximately £1M, that will lead to > £100K of inheritance tax being payable, all valuations straightforwardly obtainable.
We are in this scenario dealing with a new client whose father has recently died. His father was a widower, i.e. the last surviving parent. The deceased had previously inherited the entire estate of their late spouse, which is a relevant factor to consider.
There is a valid and non-contested will. The son, our client, has been named joint executor in the will with his sister. Beneficiaries include the son, his sister, three other family members, and various charities, all being identifiable, traceable and UK-based.
We will apply for the grant of probate, and fully administer the estate to include asset sales through to the point of completing final accounts, paying beneficiaries, filing final year tax returns, settling all HMRC and Probate Office matters; plus maintaining full records.
Indicative timing overall being 12 to 15 months, Gaining Probate may take 5 to 8 months, asset realisation follows that, which is always variable. Final distributions linked to asset realisation, and a detailed finalisation of the estate, dependent upon many variable factors.
Fee estimate confirmed post initial consultation of between £4,500 and £8,000 [nil VAT] plus disbursements.
Managed Probate
Careful planning ahead by implementing a Lasting Power (or Powers) of Attorney (LPA) enables you to select the people you trust to make decisions when needed on your behalf, this will be in your best interests when you may not be able to make such decisions for yourself, through illness, or loss of capacity.
There are two types of LPA, Property & Financial Affairs, and Health & Welfare. Setting up a registered LPA removes potential additional costs, delays and stress when making decisions about your affairs at difficult and sensitive times such as when you maybe incapacitated. If you have not appointed an attorney before you lose mental capacity, your relatives will have to endure the expensive and long-winded process via the Court of Protection to appoint a deputy, noting that a deputy appointed by the court may not be the person you would have chosen yourself.
Fees for consultation, document preparation, registering your LPA with the Office of the Public Guardian for one person are £300, for both LPAs for the same person £500. A couple implementing like-for-like powers will be charged £500 for a single category of LPA, and £800 for both categories plus disbursements of £82 to register each LPA with the Office of Public Guardian [nil VAT].
Power of Attorney
A valid will generally paves the way for peace of mind where your wishes are more likely to be actioned than would otherwise be the case. Managing probate with a valid will is also easier and quicker than having to deal with the rules of intestacy in whole or in part. A well-structured will should consider the following:
Choosing who will (and will not) benefit from your Estate;
Appointing a Guardian for children under the age of 18;
Ensuring that your partner will be provided for;
Protecting the interests of your children;
Placing restrictions and limitations on any gifts that you make;
Protecting your family’s wealth through effective Inheritance Tax planning;
Making a charitable gift; and
Specifying your funeral wishes
Appointing executors who will fulfil your wishes
Fees, excluding disbursements for secure filing of a relatively simple, standard off-the-shelf will are £195, or £300 for a couple with mirror-wills. Be-spoke will fees are negotiated case-by-case and put in writing before compilation. [nil VAT]
Wills
Estate Planning
Wealth planning of your finances for yourself and your family is always a moving dynamic, which is why an annual review of your situation is considered good practice. We can help you gain a clear grasp of how well placed you maybe to either face or continue enjoying retirement through analysis and dialogue. That analysis and dialogue forms the starting point for more detailed inheritance-tax planning.
Inheritance-tax planning for most people is complex, requiring time to be invested to plan ahead drawing upon data and information that you will need to consider covering the past, the present, and the future.
Experience shows that governments invariably implement changes from time to time, making it beneficial to review your circumstances when changes occur, as plans made in the past may then need to be updated. An example of this is the planned inclusion of personal pensions into estates from 6 April 2027, announced in the Autumn 2024 Budget.
All estate-planning is bespoke and chargeable @ £150 per hour, generally this will generally require at least three hours work per instance, with relevant advice being documented for future action, fee guidance will be given at the outset following an initial FOC consultation.
Note that FCA regulations stipulate the advice we can provide, as distinct from independent financial advisors who we may propose you consult with further.
Typical minimum fee £450 [nil VAT].
