Losing a loved one is an extremely upsetting and often confusing time. There is a lot to think about and organise such as the funeral, which in itself can be an onerous task. There are family members to deal with and bills to be paid. This is where the task in hand can become even more complicated. Dealing with a loved one’s estate administration can prolong the grief and hurt that comes with losing a loved one.
During this difficult time, the last thing you may want to do is start dealing with legal correspondence in connection with the estate administration. Depending on the size of the estate and the type of assets involved you may have to obtain a Grant of Probate. This application can involve lengthy, complex paperwork and tax forms, particularly if the estate is liable to pay Inheritance Tax. An Executor can also be held personally liable if errors occur during the estate administration, even if any mistake was made in good faith. This whole process is not easy to navigate and it is therefore easy to understand why people seek out the help of a Solicitor.
David Gray Solicitors can help take away the stress of dealing with financial matters and assist with the Probate application regarding your loved one’s estate. Our specialist Probate solicitors are here to deal with an application in a timely, sensitive and professional manner and can also provide support in dealing with the paperwork for estates of all sizes. We can undertake this type of work no matter where the Will was drafted. We also have extensive experience of administering estates where no Will has been left at all.
The complexity of the administration of a person’s estate all depends on the value of the estate and the assets involved. It can be an overwhelming process and we can help executors to move through the process with confidence. The administration of an estate may involve the calculation and payment of Inheritance Tax. This will also involve timescales from the date of death for which executors must be aware of, but our team will ensure these are not missed and penalties not incurred. We will ensure that executors are kept up to date in connection with progress in the case. We can draft all legal documents that are required as part of the estate administration including tax returns and final estate accounts.
We can also offer help with only certain parts of the estate administration only, if this is what you would prefer. We find that often clients simply want help with the application alone and wish to deal with remainder of the work themselves. Again, we can complete this task on your behalf and provide you with guidance moving forward to complete the estate administration.
As part of a standard estate administration we can help with the following:
- Explain the terms of the Will and help identity the beneficiaries. If no Will has been left we can advise you on the Intestacy Rules,
- Advise and deal with issues such as lifetime gifts, nil-rate bands and the distribution of the estate,
- Identify all assets including bank accounts, insurance policies, pensions, properties, business assets etc,
- Deal with any liabilities such as credit cards, bills or overpaid benefits,
- Liaise with asset holders to obtain valuations as at the time of death,
- Carry out an Inheritance Tax calculation applying all exemptions and reliefs,
- Arrange for payment of any Inheritance Tax or discuss payment options with you,
- Prepare the Probate application including a full Inheritance Tax return (if applicable),
- Submit the application to the Probate Registry (at a slightly reduced cost as submission by a Solicitor attracts a reduced fee),
- Upon receipt of the Grant of Probate, attend to any letters of authority and closure forms to encash the assets,
- Deal with the sale or transfer of any property,
- Finalise the tax position of the estate,
- Distribute the estate to the beneficiaries and finalise the estate accounts.
If you are going to instruct a Solicitor to assist with the estate administration it is important to understand how much it will cost. In accordance with rules published by the SRA, as of December 2018, all firms offering this type of work must publish details of prices and personnel undertaking the work. Please see our dedicated fees page for more information.
At David Gray we offer a unique approach to pricing, in that we will give the client various options. We can offer fixed fee packages or we can approach the work on a hourly rate basis and will provide you with a time estimate. We appreciate that each Executor client is different and we like to spend some time at the outset of the case dealing with costs to ensure the client is happy to move forward and that the pricing structure works for the estate and the Executor.
The tasks involved in dealing with probate can be time-consuming and complex, we offer a range of packages, the table below shows which tasks our team will undertake with each package:
|Tasks||Silver (Advisory)||Gold (Advisory+)||Platinum (Complete)|
|Meet with the Executor to discuss the estate administration process, tasks ahead, assets and liabilities.||Yes||Yes||Yes|
|Identify the correct Executors or Administrators and beneficiaries, and discuss the terms of the Will (if any).||Yes||Yes||Yes|
|Correctly identify the type of Probate application required.||Yes||Yes|
|Liaise with all asset holders including banks, building societies, pension providers and insurers to obtain valuations of the estate.||Yes||Yes|
|Obtain valuations of properties (if any) from local estate agents.||Yes||Yes|
|Submit statutory notices if applicable.||Yes||Yes|
|Draft the Probate application and calculate if any Inheritance Tax is payable.||Yes||Yes|
|Obtain the Executor’s signature(s) to the Probate application.||Yes||Yes|
|Submit the Probate application to the Probate Court and provide the Executor with copies.||Yes||Yes|
|Once Probate is received, prepare letters of authority, encashment forms, stock transfer forms and liaise with asset holders.||Yes|
|Collect in the assets and pay outstanding liabilities.||Yes|
|Liaise with utility companies regarding any payments due or owed, such as Council Tax and State Pension.||Yes|
|Discuss any Deeds of Variation or post death tax planning.||Yes|
|Correspond with HMRC as appropriate and obtain clearance.||Yes|
|Liaise with Executors and correspond with residuary beneficiaries regarding distribution including bankruptcy checks.||Yes|
|Preparing a final set of estate accounts for the Executor’s approval.||Yes|
|Organising final distributions to beneficiaries.||Yes|
|Regularly updating Executor and beneficiaries where required.||Yes|
If you are looking for further help with life planning, our team can help:
For any enquiries call us on 0191 232 9547. Alternatively, you can book an appointment and visit us at one of our North East offices:
56 Westgate Road, Newcastle Upon Tyne, NE1 5XU
142 Fowler Street, South Shields, Tyne & Wear, NE33 1PZ
How long does probate take?
The length of the process can vary from case to case but generally, it takes one week to ten days for applications to be processed by the Registry. The entire process should take no longer than 6 weeks.
What’s the difference between probate and administration?
Both grant access to a deceased person’s estate. Grant of Probate is issued to the Executor/s named in the Will, whereas Letters of Administration are issued to next of kin and someone who died without a Will.
What assets are subject to probate?
Assets held in the deceased’s name, investment products, life insurance policies, foreign assets and business assets are all subject.
How much do probate solicitors cost?
The costs are outlined on our fees pages using the links above. We can provide a written quote.