Estate planning isn't just about what happens after your death, it's also about how you live and who will look after your affairs for you in the event that you can't do it for yourself.
The bottom line is that unless you take the necessary steps, you will not be able to guarantee that your assets are protected and are passed onto the next generation in the manner that you would wish.
You cannot wait until the last minute either, and overall, it is better to start sooner rather than later, the Probate process being very complicated and expensive if things are not done correctly. This means it is never too early to start creating your Estate Plan.
It is an unhappy fact that sometimes people find themselves unable to look after their own financial affairs. Sometimes there is a medical reason, in others it is accidental, or perhaps it will be just down to age.
This is where the 'Power of Attorney' is so very useful. The appointed administrators can manage things until you are able. However, setting up what they can and can't manage on your behalf is a complex procedure, the agreements having a significant impact on how you live your life. Our team of experienced solicitors can guide you through this process so that you are comfortable with the decisions you make and the attorneys you appoint.
Our wills team can guide you through the complexity of making the right type of will and/or trusts for your family and 'good causes', ensuring that they have one less thing to worry about at an incredibly stressful time. They can also help you to review your financial affairs and take steps to reduce the impact of inheritance tax on your estate.
Obviously pricing for probate matters can vary considerably. However, to give you an idea of what to expect an uncontested probate with wholly UK based assets (that is completely deal with a deceasedz's persons affairs and applying for Grant of Probate as necessary) our fees average between 2-3% of the gross value of the estate, inclusive of a 0.5% gross estate charge and VAT.
The hourly rate applicable is £250 per hour plus VAT.
In terms of disbursements, there is the £157.50 for the probate application fee, and £.50 for each sealed copy probate requested.
The timescales for probate vary from 3-12 months, dependent upon assets(for example if there is a property to be sold it will be as long as that takes to go through).
As well as providing a full conveyancing service for anyone buying a property, we are also able to offer abortive insurance to our conveyancing clients. For the last two years this has proved very popular as it protects our clients from paying high abortive fees should any conveyancing transaction fail. Please contact us for details.