Probate & Administration
We can relieve you of the stress and burden of ensuring your loved one’s last wishes are carried out.
Where there is a Will, Thorne Segar’s expert team will formulate a plan to resolve every aspect from notifying all involved parties, to gathering in assets and obtaining Grant of Probate, producing estate accounts and ensuring distribution of the estate.
If you wish to administer the Estate or distribute legacies yourself, Thorne Segar can identify any risks and help formulate a plan to ensure everything is done appropriately.
In the event of the absence of a Will we can help you apply for a Grant of Letters of Administration which, if granted, would allow you to handle the affairs of the deceased.
Fees are quoted in advance and are fixed – with no hidden extras
Thorne Segar’s Probate and
Administration of Estate Service
Thorne Segar’s lawyers and support staff have undergone CRUSE Bereavement Care training, and we approach every aspect of estate administration with the greatest sensitivity.
Thorne Segar holds the Law Society’s coveted Will Inheritance Quality Scheme accreditation and Rebecca Padgett is a member of the Society of Trust and Estate Practitioners.
How long does it take?
To obtain Grant of Probate typically takes two to three months.
To finalise the Administration of Estate can take from three to nine months or longer. Executors often wish to wait for the six month claim period to elapse before distributing the Estate.
Someone has just died – what do I do now?
The first job is to organise the funeral then register the death and use the Tell Us Once Service.
Inform the property insurers that the property is unoccupied as the insurers will impose strict requirements for you to comply with.
Gather together the deceased’s financial papers and make an appointment to see Rebecca Padgett who will do everything for you. Alternatively if you intend to administer the Estate yourself, notify all companies of the death and they will tell you if they require Probate. If so, look on-line for guidance as to how to make a personal application.
Can I start dealing with the deceased’s personal effects?
If there are any works of art or antiques, jewelry etc. it is advisable to obtain a professional valuation.
If the Estate is going to be subject to inheritance tax, obtain a professional valuation of all personal effects.
If the Estate is left to various beneficiaries then provided that you are all in agreement with who is having what, then the personal effects can be distributed. Are there any wishes in the Will about who has what? These wishes must be implemented.
Most disputes and tension we deal with concern personal effects and often someone thinks someone else has taken something without asking or has overstepped the mark with distributing or helping themselves to personal effects so we always obtain a valuation, ask who wants what, make sure it’s all agreed and then distribute the personal effects.
You do not need to wait for Probate, authority comes from the Will.
Can you administer the Estate yourself?
Do you need probate?
Are you an executor – what are your duties and responsibilities?
What do you have to do first? What are the risks of being an Executor?
Challenges of administering an Estate yourself:
Administering an Estate yourself can seem daunting – there is a lot of work involved in finalising a lifetime of paperwork, especially at a time of loss and stress. Many people prefer to leave it to a team of experienced professionals and absolve themselves of the work and possible personal risk.
There are lots of pitfalls with Estate administration – potential claims and personal liability, IHT penalties, lack of awareness of reliefs, exemptions and interaction of taxes – so there is a possibility of paying more tax than you need to.
If you are the Executor of an Estate you have a personal liability attached to your responsibility to administer the Estate correctly. Mixing the Estate’s money with your own, for example, is a breach of your duty as Executor.
Thorne Segar’s Administration of Estate service is down to earth, caring and helpful.
We realise the importance of dealing with the Estate as quickly as possible.
For a free no-obligation consultation please call 01643 703 234
or email firstname.lastname@example.org
We can answer any question you may have if you are administering an Estate yourself – free initial telephone consultation to understand your requirements.
Obtaining a Grant of Probate/Grant of Letters of Administration
Typically £1,800 – £2,100+VAT
We can obtain a Grant of Probate for you (which is often the most complicated part of the Estate administration process) and you can then organise closure of the accounts yourself and distribute the Estate. This has the advantage of ensuring the tax return and Court application is completed correctly, you can pick our brains with any queries you may have and it saves you the expense of the full Estate administration service. This service is most suitable for an Estate where there are only 1 or 2 Beneficiaries.
If you would like us to obtain the Grant of Probate for you, all you need to do is let us have all of the deceased’s paperwork, we will go through it, notify the companies of the death, check the Will is valid and there are no issues, obtain valuations of all assets and liabilities and complete the inheritance tax return and on-line Court application.
Our price includes all meetings, calls and correspondence with you.
Complete Administration of Estate service
A simple Estate starts at £4,200+VAT
We can carry out the full Estate administration for you. The advantage of this for you is that you won’t have to do very much at all apart from making decisions with guidance and support from us and we’ll take care of everything else.
Our service includes checking the Will to ensure it is valid and there are no issues, notifying all companies of the death, organising valuations of all assets, notifying all Beneficiaries of their inheritance, completing the Inheritance Tax Return and on-line Probate application, obtaining the Grant of Probate, registering the Grant with all companies and organising closure or transfer of all accounts to the Beneficiaries. We will assess the Estate for any potential Capital Gains Tax and advise regarding ways to mitigate this. We will also produce a set of Estate Accounts, ensure that the administration period income tax affairs are dealt with and distribute the Estate in accordance with the terms of the Will or Intestacy Rules.
A simple Estate often includes a property and some bank accounts and or Premium Bonds and has 1 or 2 Beneficiaries. A complex Estate includes more assets, such as investments, has cash gifts to pay, multiple Beneficiaries (which could include Charities) and could be liable to Inheritance Tax. There could also be tension between Beneficiaries and/or Executors which requires our input.
Large or complex Estates
Charged on a fixed fee basis which can range from £6,000 – £20,000 plus VAT
Alternatively, you may prefer us to charge on the basis of our hourly rates and prices could range from £6,000 – £20,000+VAT depending on the level of complexity.
The benefit for you of asking us to carry out the Estate administration is that it is a large amount of work you will be relieved of, and, you will have the peace of mind that it will be administered correctly and we will take responsibility for it.
The service offered for a large or complex Estate is the same as for a simple Estate however the volume of work (letters, forms etc.) is increased, the legal issues are often more technical with greater risk attached and we will also organise payment of any inheritance tax and liaise with HMRC if they raise any enquiries regarding the Inheritance Tax Account. We will also liaise with all Beneficiaries and be their point of contact.
There are other payments which may need to be paid to third parties in the course of administering an estate. We will detail any likely third party payments in our service proposal.
Probate Registry fee to obtain the Grant of Probate: £273
Sealed copies of the Grant of Probate (for use in administration): £1.50 each
HM Land Registry fees – Official Copy Entries (to check the title to a property): £3.00 +VAT
Advert for creditors (varies according to the newspaper advertised in): Approximately £175 +VAT
HM Land Registry bankruptcy search fee (we need to ascertain that beneficiaries are not bankrupt prior to paying them their inheritance): £2.00 +VAT per search
Please note that if a transfer of ownership or sale of a property is required this will be quoted for separately as it is not included in the above fees.
Fees are quoted in advance and are fixed – with no hidden extras
LPA BLOG POSTS
Probate: Do-It-Yourself or use a Lawyer? Thorne Segar’s probate expert, Rebecca Padgett, provides insight on what to do if you’ve been appointed Executor in a Will. Should you administer the estate yourself or use a professional? What is an Executor?If a...