G Spilbury Brochure - Probate & Wills

G SPILSBURY
& CO
SOLICITORS

PROBATE & WILLS

49, COMMERCIAL ST, MOUNTAIN ASH. CF45 3PS
TEL: 01443 473213

ABOUT US

We are an established firm of solicitors based in Mountain Ash, South Wales,
specialising in Conveyancing work.

We have excellent reviews and the majority of our work is from returning
happy clients

Commercial and Residential Property Conveyancing
Since April 2013 our company has been a member of The Law Society CQS
(Conveyancing Quality Scheme) which ensures complete transparency of a

transaction  from start to finish.  

Buying property is undoubtedly a major financial commitment.  Sound advice
is essential if any of the pitfalls which arise when buying and selling property

are to be avoided.  We offer expert guidance through the intricate steps
involved.  Our legal fees start at £350 + VAT and disbursements.  
We can also arrange:

* for a qualified surveyor to attend your intended property to inspect and
fully report on their findings.

* refer you to an independent financial adviser to obtain the most
competitive mortgage available.

You will find more details of the type of work undertaken by our company by
visiting our website.  

Should you have any queries please do not hesitate to contact us:

Email:  [email protected]                
Telephone:  01443 473213   Fax: 01443 477946
Address:  49 Commercial Street,
Mountain Ash, Rhondda Cynon Taff,  CF45 3PS
Website: www.gspilsbury.co.uk

PROBATE & WILLS

FEES – PRICE TRANSPARENCY

Example Scenario

Applying for a grant of probate in a non taxable estate (which
includes a property and various other assets including bank accounts,
some investments and other tangible assets), dealing with payment of
any debts and estate administration expenses and then dealing with
distribution of the estate to less than 10 beneficiaries.
We anticipate that a case like this will generally take between 15 and
25 hours of our time to complete spread over a period of months.

The fees to deal with the administration of a non taxable estate like
this will generally be somewhere in the region of £3,000 - £5,000 plus
VAT. In addition to our fees a range of disbursements would also be
payable. 

The exact cost will depend on the individual circumstances of the
case. For example, if there is one beneficiary and no property, costs
will be at the lower end of the range identified above or may in fact
be even less. Sometimes we deal with simple estates that are fully
administered for less than £2,000 plus VAT. Equally, if there are
multiple beneficiaries, a property and multiple bank accounts, costs
will be at the higher end. If there are problems with the title to the
property (i.e. an unregistered property with lost deeds), lost
beneficiaries, complications with the terms of the Will (because it is
badly drafted) costs could be much higher. There are a number of
other reasons why a case may become more complex to deal with.

PROBATE & WILLS

Fees – Price Transparency

Example Scenario

There is a valid will
There is no more than one property
There are no more than 5 bank or building society accounts
There are no other intangible assets
There are up to ten beneficiaries all based in the UK and
contactable
There are no disputes between beneficiaries on division of assets.
If disputes arise this is likely to lead to an increase in costs,
sometime significantly
There is no inheritance tax payable and the executors do not need
to submit a full account to HMRC
There are no claims made against the estate

Potential additional costs
If there is no will or the estate consists of any share holdings
(stocks and bonds) there is likely to be additional costs that could
range significantly depending on the estate and how it is to be
dealt with. We can give you a more accurate quote once we have
more information.
Dealing with the sale or transfer of any property in the estate is
not included. Please refer to our pricing for property transactions
for further details.

PROBATE & WILLS

Fees – Price Transparency

Example Scenario (cont.,)

In a case like the one described above, we can handle the full process
for you. The general estimate provided above is for estates where:

There is a valid will
There is no more than one property
There are no more than 5 bank or building society accounts
There are no other intangible assets
There are up to ten beneficiaries all based in the UK and
contactable
There are no disputes between beneficiaries on division of assets.
If disputes arise this is likely to lead to an increase in costs,
sometime significantly
There is no inheritance tax payable and the executors do not need
to submit a full account to HMRC
There are no claims made against the estate

Potential additional costs

If there is no will or the estate consists of any share holdings
(stocks and bonds) there is likely to be additional costs that could
range significantly depending on the estate and how it is to be
dealt with. We can give you a more accurate quote once we have
more information.
Dealing with the sale or transfer of any property in the estate is
not included. Please refer to our pricing for property transactions
for further details.

PROBATE & WILLS

Fees – Price Transparency

Taxable Estates

It is difficult to provide a one size fits all estimate of fees and
timescales for a taxable estate. By their nature estates which will be
subject to inheritance tax tend to have a diverse range of assets and
are more complex to deal with. The fact tax is payable does not in
itself lead to higher costs, though the requirement to file a detailed
Inheritance Tax Return does create work over and above that
required in a non-taxable estate. The main issue is that there is just
more time spent dealing on the case because there are a greater
number of assets and they are more complicated to deal with than
that in lower value cases. In light of this we provide a bespoke fee
estimate for taxable estates before we commence work if at all
possible. That said, in many taxable estates we administer our fees
are in the region of £7,500 - £12,500 plus vat. If, however, the estate
is simple despite its high value, the costs will likely be similar to
those for untaxable estates as outlined above. In particularly difficult
or demanding cases the costs can be much more than £12,500 plus
vat.

PROBATE & WILLS

Fees – Price Transparency

How long will this take?

On average, estates as described in the example are dealt with within
6 – 12 months. Typically, obtaining the grant of probate takes 3 - 6
months, but much depends on how easy it is to collate details of the
assets and liabilities in the estate as at the date of death. Collecting
assets then follows, and the time this takes varies depending on how
easy it is to liquidate the assets. For example, if the main asset is a
property not much progress can often be made until it has been sold.
Once all the estate assets have been collected and any debts and the
estate expenses paid, steps can be taken to distribute and finalise the
estate. In some cases, the estate will have received untaxed income
during the administration period or a property will have been sold for
more that the death value. In either case it may be necessary for the
estate to file income or capital gains tax returns before finalisation.