Probate

After a loved one has died, the Executors appointed by their Will have the task of dealing with their estate.  If a Will was not made, the law defines who may apply be a Court-appointed Administrator of the estate.  Executors and Administrators are both known as Personal Representatives.

The Personal Representatives are responsible for completing the relevant HMRC paperwork; applying for the Grant of Probate; assessing and collecting in the assets of the estate; paying off the liabilities; and distributing the remainder in accordance with the Will or, if no Will, the Rules of Intestacy.

This can be a complex, time consuming and stressful process, especially when family and friends are still grieving.

Bicester Wills & Probate offer advice and guidance on the process, and Personal Representatives can instruct us to carry out much of the administration and paperwork on their behalf.  Contact us to discuss how we can best help you navigate the process.

What is Probate?

Probate is a legal process which applies when a person dies and their assets such as money and property are valued and distributed among their heirs.

Probate applies whether a Will was made or not – if a person dies intestate, a close family member can act as their Personal Representative and appoint others, to help administer the estate and apply for a Grant of Probate, so that their assets can be distributed.

A Grant of Probate is necessary if a person owns a property and/or has money held in bank accounts. Taking expert advice on obtaining a Grant of Probate is important, to ensure the paperwork is accurately completed and to facilitate the smooth adminstration of the estate.

How do the Personal Representatives apply for the Grant of Probate?
  1. The estate must be valued and an assessment of entitlement to the estate must be made.
  2. An assessment must be made to calculate whether, and how much, Inheritance Tax or Capital Gains Tax must be paid.
  3. An application for the Grant of Representation must be made to the Probate Office.  This is needed so that the estate can be administered and distributed.  Detailed accounts must be kept by the Personal Representatives receiving and distributing the assets.
  4. The accounts must be approved by the Personal Representatives before the assets can be distributed.
  5. Once liabilities of the estate have been paid in full, the remainder must be distributed to the beneficiaries named in the Will, or heirs under the Rules of Intestacy, until all assets and property have been distributed.

Fixed Fee Probate Assistance Service for estates which do not require a full inheritance tax return.

Option 1: Grant Only Service

Fixed Fee £1200 – £1,995

The Probate Registry Will also charge an application fee.

Suitable for you if:-

You are the executor of an estate that does not need a full inheritance tax return and you would like us to deal with the application for the grant of probate after you have established a list of assets and values.

What’s included in the fee:-

  • Meeting with you to confirm the value of the estate and collecting documentation;
  • Completing the Return of Estate Information form IHT205;
  • Completing the Probate Application form PA1;
  • Meeting with you to review the forms and obtain signatures;
  • Submitting the grant application to the Court;
  • Obtaining the grant bearing the Court seal ready for you to use to distribute the estate.
Option 2: Obtaining Estate Values and Applying for the Grant

From £2,495 – £2,995

The Probate Registry Will also charge an application fee

Suitable for you if:-

You are the executor of an estate that does not need a full inheritance tax return and you would like us to deal with obtaining a value for the estate, obtaining information from each asset provider, bank and building society etc and dealing with the application for the grant of probate.

What’s included in the fee:-

  • Meeting with you to collect a list of the assets so as to establish the extent of the estate;
  • Dealing with each asset provider and estate agent, if necessary, to obtain the value of the estate;
  • Completing the Return of Estate Information form IHT205;
  • Completing the Probate Application form PA1;
  • Meeting with you  to review the forms and obtain signatures;
  • Submitting the grant application to the Court;
  • Obtaining the grant bearing the Court seal ready for you to use to distribute the estate.

If a self assessment tax return is required to the date of death we can recommend an Accountant to prepare this. There is an additional fee of £150.00

Fixed Fee Probate Assistance Service for estates which do require a full inheritance tax return.

Option 1: Grant Only Service

Fixed Fee £2,995

The Probate Registry Will also charge an application fee.

Suitable for you if:-

You are the executor of an estate that does need a full inheritance tax return and you would like us to deal with the application for the grant of probate after you have established a list of assets and values.

What’s included in the fee:-

  • Meeting with you to confirm the value of the estate and collecting documentation;
  • Completing the Inheritance Tax Account form IHT400;
  • Completing the Probate Application form PA1;
  • Meeting with you to review the forms and obtain signatures;
  • Submitting the grant application to the Court;
  • Obtaining the grant bearing the Court seal ready for you to use to distribute the estate.
Option 2: Obtaining Estate Values and Applying for the Grant

From £3,495 – £3,995

The Probate Registry Will also charge an application fee

Suitable for you if:-

You are the executor of an estate that does need a full inheritance tax return and you would like us to deal with obtaining a value for the estate, obtaining information from each asset provider, bank and building society etc and dealing with the application for the grant of probate.

What’s included in the fee:-

  • Meeting with you to collect a list of the assets so as to establish the extent of the estate;
  • Dealing with each asset provider and estate agent, if necessary, to obtain the value of the estate;
  • Completing the Inheritance Tax Account form IHT400;
  • Completing the Probate Application form PA1;
  • Meeting with you  to review the forms and obtain signatures;
  • Submitting the grant application to the Court;
  • Obtaining the grant bearing the Court seal ready for you to use to distribute the estate.

If a self assessment tax return is required to the date of death we can recommend an Accountant to prepare this. There is an additional fee of £150.00

Services

Wills    

Costs

Fixed Fee Probate Assistance: costs start at £1,200 for estates not requiring full IHT return.

Fixed Fee Probate Assistance: costs start at £2,995 for estates requiring full IHT return.

The Probate Registry will charge an application fee of £215.  This is in addition to our fees.

See the FAQs for more details and contact us for a costs estimate tailored to your requirements.

Bicester Wills is a informative and friendly service.

Tina H

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