Estate planning can seem daunting at first due to the sometimes emotionally-charged nature of the process. It is however, a vital aspect of ensuring your estate and assets are passed on efficiently to your chosen loved ones. It also helps to avoid any potential issues that may arise in the future. At Wayman & Long, we want to support you through the process, with expert guidance, a family-oriented approach and above all, compassion.
Probate can be a confusing term, but essentially it covers the legal right to distribute a person’s wealth and assets after they pass. Before it gets to the probate stage however there are lots of things to consider for both you and your loved ones.
There are a number of areas of look into that you may want to start the ball rolling with, including:
Creating a will: Perhaps one of the first steps, but also one of the most important, is crafting a will. Our dedicated wills team is here to help you create a will that reflects your wishes and protects your family and charitable causes.
Power of attorney: As we get older, there’s sometimes the need for another person or party to step in and manage our financial affairs. If you have already made a provision for power of attorney, then in times of sickness or unexpected injury, someone else can step-in and take actions on your behalf. It’s important to note that power of attorney doesn’t just cover illness or incapacitation, but can also cover a limited amount of time where you may, for example, be out of the country.
Estate administration: This is the probate itself, your nominated individual, or solicitors, will be carrying out the probate itself.
We often get asked when the best time is to begin gathering together the above, and the answer is now. The earlier you can make a start the better, for several reasons:
Ensuring your wishes are carried out: By creating a detailed estate plan now, you can ensure that your wishes are respected and also legally binding. This can help avoid disputes between family members, or beneficiaries when you’re gone. It can also ensure that loved ones are properly provided for.
Protection: By taking steps to secure your assets now, there are potential tax liabilities that could be avoided. Thus, ensuring your estate value can be maximised for loved ones.
Costs can vary depending on which services you decide to go for. At Wayman & Long we believe in total cost transparency and will discuss fees with you before starting any work. We also offer fixed fees on services such as wills; with a single will priced at £275+VAT and a mirror will priced at £475+VAT.
Disbursements are fees charged by third-party organisations such as a probate application fee. These are unavoidable costs but we do not add any additional fees on top.
For a grant of probate, which leaves executors to carry out the other estate administrative tasks, it will be just £1500+ VAT and disbursements. For an uncontested probate with wholly UK based assets, we usually charge between 2-3% of the gross value of the estate. Any additional requirements are priced at our standard hourly rate of £250+VAT.
Depending on the complexity of the estate in general, it can take from as little as 12 months, up to 2 years for the end-to end process. We will discuss this with you prior to moving forward.
We understand that selecting a solicitor that you feel comfortable with, and trust, is the highest priority. We always offer a personalised approach including:
Our location: We are proud to serve the communities of Clare and Sudbury, Suffolk. It’s always been our aim to stay local and provide an independent service, building trust with the local community.
Expertise: We have worked with hundreds of clients on all aspects of probate law. We understand the process and can support with any issues that may arise along the way.
Compassion: This can be an emotionally-charged time and our solicitors approach each case with compassion, empathy and understanding. Our job is to make the end-to-end process easier by providing clarity and guidance.
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