What is probate?

Probate is the legal process of distributing a person’s assets according to their Will. If no Will exists, their estate, including money, property, and possessions, will be allocated under statutory intestacy rules.

Why is a Grant of Probate essential?

A Grant of Probate from the Probate Registry may be required before any assets can be realised and distributed. Depending on the estate’s value, Inheritance Tax may be payable, which must be settled before probate is granted.

Attwells’ specialist probate lawyers offer a Complete Probate Service or Fixed Fee Probate Package to ease the burden. Based in Ipswich, Colchester, Woodbridge and London, we handle all legal aspects efficiently, giving you peace of mind.

For expert probate support, please call our Head Office on: 01473 229200.

Inheritance Tax, Capital Gains Tax & Estate Administration

Understanding Tax Liabilities in Probate

When administering an estate, it’s crucial to determine whether Inheritance Tax (IHT), Capital Gains Tax (CGT), or Income Tax is payable. Any tax due, along with administration costs, must be settled before distributing the estate to beneficiaries.

Expert Probate Lawyers – How We Help

Handling probate and estate administration can be complex, often taking several months to complete. Attwells Solicitors offers a comprehensive estate administration service, ensuring everything is managed efficiently on your behalf.

Every estate is unique, so we provide a clear fee estimate tailored to your circumstances. We also keep you updated throughout the process, ensuring full transparency over costs.

The Probate Process Explained

When someone dies, their assets must be collected, liabilities settled, and the estate distributed to beneficiaries. This is known as estate administration, and it is the responsibility of the Personal Representatives (PRs).

Key Steps in Probate

1. Identifying PRs: Named in the Will or determined by intestacy rules if no Will exists.
2. Valuing the Estate: PRs must obtain valuations for all assets:
   • Bank accounts require statements.
   • The property needs three professional valuations.
   • Shares, collections, and other assets follow specific valuation rules.
3. Confirming Liabilities: Identifying outstanding debts and obligations.
4. Completing IHT and Probate Forms: Submit the required forms to obtain the Grant of Representation.
5. Paying Tax and Admin Costs: Before distributing assets, PRs must settle any Inheritance Tax (IHT), Capital Gains Tax (CGT), and Income Tax on any increase in value or income received since the date of death.

How much does Probate cost?

We charge for the time our probate lawyers spend dealing with the matter at a rate of £275.00 plus VAT at 20% per hour, but with no additional fee based on the value of the estate. However, we do have an additional fee scale, you may wish to refer to.

Therefore, the general price range for Probate would be:-

• Simple estate: £3,300 – £8,250 plus VAT at 20%
• Medium complexity estate: £8,250 – £27,500 plus VAT at 20%
• High complexity estate: £27,500 –  £82,500 plus VAT at 20%

Usually, a simple estate is one where there is a house, some bank accounts, and no disagreement between the beneficiaries.

However, a more complex estates may involve IHT, foreign assets, companies, farms, or disputes against the estate.

Possible additional fees

Disbursements

• £300 for the probate fee
• £1.50 for each copy of the Grant
• £20 for title check per check

Additional fees

• £25.00 + VAT at 20% for bankruptcy and ID checks per beneficiary
• £45.00 + VAT at 20% for money transfer for each payment

Timescale: Overall, Probate can take anything from 6 to 18 months, depending on the complexity. Your lawyer will advise you on the most likely timescale when you enquire.

Need Help with Probate?

Our specialist probate lawyers provide expert guidance to ease the burden. Contact us today at 01473 229200 for professional support tailored to your needs.