Understanding the Costs of Wills, Trusts, and Probate

Costs for the preparation of Standard Wills

A straightforward standard Will for an individual assumes that the person making the Will makes provision for one or two legacies and then leaves his/her estate directly to one individual with a gift-over provision in the event of that individual passing away before the person making the Will.

Standard Wills for couples is a mirrored Will in which the couple agree their beneficiaries and provide that on the first death the entire estate passes to the other and on the second death to their children (or to three or four named beneficiaries) with one gift-over provision.

Your Will instructions will be considered non-standard if for example you require:-

• More than two legacies/specific provisions
• More than one class gift of residue (more than two in the case of mirrored Wills)
• More than one gift-over provision (or where there is a need for default provisions)
• Life Interest Trusts
• Rights to residue
• Will Trusts (specific or residuary)

Advice on Estate Planning

• Provision for children from previous relationships
• Business and agricultural assets
• Foreign assets
• Disinheriting persons who would otherwise benefit on intestacy, (or previous marriage or relationship) or from the provisions of a previous Will).
• Advice concerning the ownership of assets (the difference between assets held jointly/as tenants in common).

The cost of non-standard Wills vary according to complexity and would typically be between £250 and £500 +VAT.

*In the event you do not ask us to proceed to prepare a draft Will, our charges will be limited to the time spent and advice provided at our initial meeting. This would normally be in the region of £85 plus VAT.

For this fee we will:

• Prepare the document in accordance with your particular requirements
• Act as certificate provider
• Arrange for the registration of the LPA with the Office of the Public Guardian
• Correspond with your chosen attorneys regarding their role and responsibilities and provide you with two certified copies of each LPA once registration was complete.

Disbursements – Power of Attorney Registration Fee

When it comes to registering a Lasting Power of Attorney (LPA), there’s a fee of £82.00 per person that goes to the Office of the Public Guardian. This is on top of the other fees we’ve mentioned. But here’s some good news. If your income is under £12,000 a year or you’re receiving certain means-tested benefits, you might qualify for a fee exemption or reduction.

You don’t have to register your Power of Attorney right away, but we really recommend doing it sooner rather than later. This way, you can avoid any hold-ups if your solicitors need to step in and use the Power of Attorney down the line.

£450 +VAT

£400 – £500 +VAT.

If your loved one can no longer manage their own affairs, you’ll need to apply to the Court of Protection. This process allows you, or someone close to them, to be appointed as a Deputy to handle things on their behalf.

We’re here to help with the application process and can even step in as your loved one’s Deputy if needed. Let us take care of the details so you can focus on what matters most; supporting your loved one.

£1200 – £1500 +VAT and disbursements.

When a loved one passes away, you’ll need to get a Grant of Probate to manage their estate according to their will. We understand this can be a tough time, and we’re here to help by handling the Grant of Probate or Grant of Administration for you.

On the basis that you have already asset values and a short IHT form only is required, our charges would be £895 +VAT, plus the probate court fee.

If a more detailed IHT form is required or Inheritance Tax is payable, our charges would be between £1,200 and £1,500 +VAT, plus the probate court fee.

If we are instructed to deal with the full administration of an estate, once the extent of and number of assets in the estate is known, we will provide an estimate calculated by:

• Reference to the number of hours we expect that the matter will take to complete
• Based on the particular fee earner’s hourly rate
• The value and nature of the estate assets
  *This may be up to 1% (1.5% if members of the firm were appointed as executors) of the value of investments/cash in the estate and up to 0.5% (0.75% if members of the firm were appointed as executors) of the value of any property.

While we can’t advise on investments, taxes, or selling properties, we can connect you with trusted financial advisers and solicitors who specialise in these areas.

Disbursements

In addition to our fees, there are payments to third parties, known as disbursements. The most common one related to the Grant of Probate is something we’ll manage for you, ensuring everything is taken care of smoothly.

Timescales

As a general guide, we find that many uncomplicated estates will take between ten and twelve hours’ work to be completed.

Typically, preparing and submitting the application for the Grant of Probate takes about three to five weeks. However, there might be delays at the Probate Registry. We’ll keep you updated on the expected timeline once we submit your application, so you know what to expect.