When someone dies, we can help to deal with the deceased person’s estate. Where the deceased leaves a Will, the persons named as executors in the Will may need to obtain a Grant of Probate from the Probate Registry which confirms their authority to deal with the estate. If the deceased did not leave a Will, then their estate passes in accordance with the statutory intestacy rules and usually one or two beneficiaries who are entitled to the estate under the intestacy rules will apply for a Grant from the Probate Registry which will provide them with the legal authority to deal with the deceased’s assets.
As part of this process, a long or short form inheritance tax return will need to be completed and submitted to the Inheritance Tax office (the type of return to be completed will depend on the value and complexity of the estate). In order to complete this tax return, it will be necessary to collate information about the assets and liabilities of the estate by writing to all relevant organisations and obtaining values and details of the deceased’s estate.
The person(s) who are appointed to deal with the estate (whether by the Will, or by the Probate Registry where there is no Will) are responsible for dealing with the estate properly and in accordance with the law. They will need to pay the estate liabilities, finalise the estate tax positions and then distribute the residue of the estate to the correct persons. There are numerous deadlines and potential traps for the unwary, and the persons dealing with the estate can find themselves in hot water if they make any mistakes. We offer extensive technical expertise and experience together with a sympathetic and gentle hand to guide you through the whole process of administering the estate.
Our charges are based on the amount of time we spend on the work. However, to give you an idea of our charges for helping with “straightforward” estates (including collating information to prepare the Inheritance Tax return, applying to the Probate Registry for a Grant, collecting in and distributing the estate assets), we have found in practice that our charges often fall within the following price ranges:
The exact cost will depend on the individual circumstances of the matter, although they will always be fair and reasonable. For example, if there is one beneficiary and no freehold/leasehold property, costs are likely to be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts and/or shares, costs will be at the higher end. We can provide you with a more precise fee estimate once we have more information about the estate. Our fees are normally paid from the estate after Probate has been obtained. The above indicative fee ranges are for “straightforward” estates, e.g. estates where:
If the estate does not meet any of the above criteria it is likely that the administration of the estate will not be straightforward. More time would usually need to be spent dealing with these complicating factors which in all likelihood would lead to an increase in fees. We would be very well equipped to assist you with any of these matters and would provide you with a fee estimate for that work once we have more information. Please note that the above list indicates many (but not all) of the factors that can complicate an estate. In particular, we would strongly recommend that legal advice is sought if the estate does not meet criteria 4–7 above.
In addition to our fees, the following “disbursements”/additional costs will also be paid out of the estate:
“Disbursements” are costs related to your matter that are payable to third parties, such as Probate Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Potential additional costs
On average, straightforward estates are dealt with within 6-12 months, depending on how long it takes others (e.g. the Inheritance Tax office) to deal with matters. Typically, obtaining the grant of probate takes 2-3 months from obtaining instructions (assuming no inheritance tax is payable and a short form inheritance tax return can be completed). It will usually take longer where inheritance tax is payable “up front” before applying for Probate and/or a long form inheritance tax return has to be completed – we would be able to give you an indication of timescale when we have more information about the estate.
Browne Jacobson’s private equity (PE) dealmakers have advised Palatine Private Equity backed CTS Group (Construction Testing Solutions Limited) on its acquisition of In Situ Site Investigation, a market leader in Cone Penetration Testing and Pressuremeter techniques and ground investigation services.
Browne Jacobson’s private client practice has been ranked as Band One in the 2022 Chambers and Partners High Net Worth Guide for its work in private wealth law.
As has been widely reported this week, some 3,000 UK workers are taking part in a six month trial to assess the viability of a four-day working week without any reduction in their normal pay.
From 6 April 2022, right to work checks on all migrant or settled prospective employees must be online and checks on British or Irish nationals will be manual (free) or digital (charged for).
We welcome you back after the festive break to our first Private Sector Development Club of the year. Join us on-demand for four high level presentations with a chance for you to ask questions to our experts.
Watch our first virtual private sector development club, where we guide you through a variety of topics relevant to property development, including updates on leasehold reform and planning law, plus a guide through the negotiation of promotion and option agreements.
Gavin Lock gives a view into working for Browne Jacobson's private clients and charities team.
Andrew discusses changes to IR35 tax rules which are due to be implemented in April 2020
Browne Jacobson’s Mike Jackson and Kirsty Underhill advised Warwickshire based C7 Health Ltd on its acquisition of Aberdeen based TAC Healthcare Group Ltd.
Browne Jacobson has enhanced its reputation as one of the country’s leading M&A advisers according to the latest rankings data from Experian.
A new online system for probate applications was introduced in early October 2019, which will allow us to process and track applications for grants of probate online.
For anyone who has followed the evolving case law in the social care sector, this title is likely to raise some questions. Most notably, “What about the decision in Armes?”
Where a start-up or SME company is looking for external investment, and one or more individuals are looking for investment opportunities which can provide significant tax advantages, it is well worth considering the Enterprise Investment Scheme (“EIS”) or the Seed Enterprise Investment Scheme (“SEIS”).
As your previous blog post authors quickly approach their qualification, leaving us ‘baby lawyers’ behind, the timely transfer of the Trainee Talk Blog baton has been passed to us, your dedicated first (soon-to-be second) year trainees – Nikita, Marina, Kerry and Hina.
National law firm Browne Jacobson has announced the promotion of nine lawyers to partner and legal director positions across its offices in Birmingham, London, and Nottingham.
Repaving of land was sufficient evidence on its own to establish a claim for adverse possession of that land.
Browne Jacobson has appointed Peter Allen as Partner to its Manchester office, as it continues to grow its North West corporate practice.
On 23 January 2019, the European Commission and the Personal Information Commission of Japan, concluded a two-year-long dialogue and the adoption of the decisions recognising each other’s personal data protection systems as ‘equivalent’.
At the time of writing Theresa May is still Prime Minister but has just suffered a crushing defeat in parliament to her deal for withdrawing from the European Union and faces the prospect of a “no confidence motion” today.