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Price Transparency Wills and Probate Smalleys Solicitors Limited2A Cross StreetArnoldNottinghamNG5 7LBsmalleyssolicitors.co.ukOUR private client team is committed to providing you with the very best customer experience, whether you are instructing us to prepare your Will, Lasting Powers of Attorney, Probate or any of the other services we provide. We strive to ensure the whole process is completed as smoothly and as speedily as possible for you.We believe we have an excellent reputation and our aim is always to deliver a friendly and efficient service to all our clients, which explains why the majority of our work comes from repeat business, recommendations and third party referrals. Over and above the highest quality service, we are also committed to being fully open and trans parent with you regarding the fees we charge; the costs of expenses and disbursements (payments we make to third parties on your behalf) that we anticipate; and how long the process may take.We have set out our pricing information for the types of matters we deal with later in this guideOn every matter we will require your ID, we will provide you with our Terms of Business and a copy of our Privacy Notice.WillsThe exact cost for making a Will depends on the complexity of your specific requirements and the level of advice and assistance you require from us. You may need advice about protecting your family and your wealth for the future especially the family home.Our fixed fees are based on an initial attendance and then a short appointment to sign. If your circumstances require additional meetings you will be charged at the prevailing hourly rates of the person providing you with advice. For most of the Wills we prepare we can offer fixed fees.TypeOur feesVATDisbursementsTotalSingle Will (basic)?160.00?32.00?192.00Single Will Property Trust Clause?250.00?50.00?300.00Couple Will (basic)?260.00?52.00?312.00Couple Will Property Trust Clause?495.00?99.00?3.00?597.00Codicil to your Will (single)?80.00?16.00?96.00CRUKWe may be able to prepare a basic Will for you without a charge under the Cancer Research UK scheme. You may however wish to consider leaving CRUK a legacy in your Will although there is no obligation. We are happy to provide you with more information if you contact our department.The ProcessBefore you attend the office to instruct us it is useful if you make a list of everyone you wish to name in your Will and have a brief idea of your assets including the value of your home, business interests, bank and building society accounts, life assurance policies, stocks and shares and anything else of value, which are in your sole name and what assets you may own jointly with another. If you own your property jointly you will hold the property as either ‘Joint Tenants’ or ‘Tenants in Common’ and the two have very different effects. This is something we will discuss with you. We may ask you about your immediate family, together with details of any persons who may be dependent upon you i.e. any children. A Will can provide that the persons named as Guardians in your Will look after your children upon your death. We will discuss the appointment of Executors; these are the people who will sort out your estate when you are no longer here. We will guide you through every aspect of your Will for example, who you wish to leave personal possessions to, any specific sums of money you may wish to leave to named individuals and who will receive what’s left in your estate. We call this the ‘residue’. You should also consider your specific funeral wishes. Once you have attended this office and we have taken your instructions we will draft your Will and send it out to you to check. You will then arrange to sign the Will and we will provide you with copies for you and your Executors (unless you have appointed this firm to act as your Executors).Certainty- We are part of the Certainty Scheme a National Will Register which is the Law Society's endorsed provider and is chosen, endorsed and used by the public, legal profession, law firms, PI insurers, Government agencies, charities, the public and other associated sectors and organisations to Register Wills and Search for Wills. As a general rule we will register your Will as a matter of course unless you confirm otherwise.TimescaleFrom taking your initial instructions to you signing your Will is generally under 2 weeks. However, this is dependent upon you coming in promptly once the draft Will is sent out to you.Lasting Powers of Attorney (LPA)Very often we are asked to advise in circumstances where someone has suffered an illness, which has left them incapable of dealing with their affairs. It is usually a family member or close friend that takes on the responsibility of looking after the affairs of the person who is ill or incapacitated. Difficulties can be experienced in dealing with the operation of their bank accounts, pension and the payment of certain liabilities e.g. nursing fees. It is often necessary to use that person’s pension, capital etc. to pay their household bills including the rent, mortgage, utilities, food and more likely their care fees if in residential or nursing care.The majority of these problems can be avoided by that person (called the ‘donor’) giving someone they trust (called the ‘Attorney’) a Lasting Power of Attorney (LPA), i.e. appointing someone to deal with their affairs should they become incapable e.g. through suffering a stroke, a road traffic accident etc. Those who are approaching old age, or anticipate a failing of their mental faculties (possibly a family history of Alzheimer’s or Dementia) or recently diagnosed with a serious illness should make an LPA. However, LPAs are not restricted to the elderly, our belief is an LPA is appropriate for everyone as we never know what is around the corner. By planning ahead, you can grant an LPA whilst you are of sound mind just in case the need arises. It is a little like an insurance policy. If it is not needed, all the better. If it is needed the Attorney will deal with your affairs at the point when you are no longer physically or mentally able to.There are two different LPA’s (a high percentage of our clients instruct us to prepare both types of LPAs):The first deals with your financial affairs to deal with your property, bank accounts and other assets and includes paying your bills and dealing with your income and benefits.The second deals with your personal welfare. It allows your Attorney to make decisions about your personal welfare, to be involved in the decisions as to where you live and whether to give or refuse consent to medical treatment on your behalf. Each LPA must be registered with the Office of the Public Guardian before use.Our fee for preparing and registering LPA’s are as follows: -TypeOur FeeVATTotalSingle LPA?225.00?45.00?270.00Both types?400.00?80.00?480.00Couple one each?400.00?80.00?480.00Couple both types each?750.00?150.00?900.00The Office of the Public Guardian (the OPG) also charges a fee of ?82.00 for registering each part of the LPA. However, you may qualify for a reduction of the Court fees depending on your income. If your gross annual income is ?12,000 or less the Court fee is reduced to ?41.00. If you are in receipt of certain benefits the Court fee is waived entirely. Evidence of all income will be required as it has to be filed with the application at the Office of Public Guardian. Details of the fees of the OPG can be found here.Any travel time is charged separately, for example if we travel away from the office to see you. If there is any doubt as to whether you have the capacity to appoint an Attorney, we may need to ask a medical practitioner for a report. If this is necessary we will discuss with you any additional costs, which will include the cost that will be charged by the Medical Practitioner for the report. Our additional fees with be calculated with reference to the hourly rate of the person dealing with your matter.The ProcessBefore you attend the office to instruct us it is helpful if you give consideration to who you would wish to appoint as your Attorneys providing their full names, address and date of birth. We will discuss with you your options as to how many Attorneys you can appointment and the option of appointing replacement Attorneys. It is important you appoint trustworthy people to be your Attorneys.Once we have completed the LPA and it has been signed and witnessed we will send the pages out to the Attorneys to sign.Once we have the document signed and witnessed correctly and the application has been completed we will send the document to the OPG. Along with the correct fee (with evidence if you are financially eligible to pay the reduced fee of ?41.00 per application).It takes around 3 months before we receive the LPA back from the OPG which will be validated and stamped by them.We then provide you with certified copies for use by the Attorneys as and when required and provide you with further guidance.We will close your file and place in storage.TimescaleFrom taking your initial instructions to you receiving the LPAs from the OPG is around 4-5 months. However, this is dependent upon your Attorneys promptly returning their signed pages back to us.We also deal with the followingTypeOur feesVATDisbursementsTotalGeneral Powers of Attorney?85.00?17.00?102.00Severance of Joint Tenancy?120.00?24.00?3.00?147.00Registering an EnduringPower of Attorney?250.00?50.00?82.00?382.00Declaration of Trust ?250.00 *?50.00?23.00?323.00Advice re transfer of yourProperty during lifetime?200.00?40.00?3.00?247.00Deed of Variation(see later)?350.0070.00?420.00*If you are an existing client and we are dealing with your conveyancing transaction the fee is from ?195.00 plus VAT and no disbursement is required.DeputyshipWe are happy to deal with Deputyship on your behalf in situations where the person to whom an application would apply has lost mental capacity to the extent they are no longer able to deal with their own financial circumstances. The fees for this are set by the Court of Protection and we are more than happy to discuss these with you and advise on what needs to be done. You can find information on their fees here.ProbateOur team has many years of collective experience in delivering a high quality service in all matters relating to probate and estate administration in a caring and compassionate way. We fully understand how difficult it is for families when they have lost a loved one.‘Probate’ is the term often used to describe the legal process of applying to the Probate Registry to obtain proof of authority to deal with a deceased person’s estate. The generic name given to the document issued by the Probate Registry is a ‘Grant of Representation’. This may be:a ‘Grant of Probate’ where there is a valid Will and Executors are able and willing to act;a ‘Grant of Letters of Administration’ where there is no valid Will and, therefore, the deceased is said to have died ‘intestate’; ora ‘Grant of Letters of Administration (with Will annexed)’ where there is a valid Will but no Executors able or willing to act.We are able to offer a number of different fee scales for dealing with probate for you. We can simply extract the Grant of Probate or Letters of Administration if the deceased did not make a Will or we can handle the full process of applying for the Grant of Probate for you and deal with the administration of the estate from beginning to end. This is the process of collecting in all of the deceased’s assets such as money, selling the property, cashing in or transferring the shares, settling all liabilities such as funeral and estate expenses, debts and any tax liabilities before distributing the balance to the beneficiaries. Distribution is carried out either in accordance with the deceased’s Will or the Intestacy Rules, if no valid Will exists.All the fees quoted below are based on:There are no Caveats entered at the Probate Registry (this prevents a Grant being taken out, it’s a blocking mechanism)That no one is contesting the Will or the Intestacy provisions)Applying for the Grant of Probate (or Letters of Administration) onlyFixed fee ?525.00 plus VAT (?105.00) total ?630.00The fixed fee is based on: -There being a valid will (or it’s an intestacy and the Personal Representative is known and instructing us).There is no inheritance tax payable and the Executors do not need to submit a full account to HMRC.All valuations of estate assets and liabilities are provided by you.Disbursements required in addition to our fixed fee:Probate application fee of ?155.00 plus ?1.50 for each additional copy requiredDisbursements would include the fees payable to the Probate Registry of ?155.00 plus ?1.50 for each sealed copy. We handle the payment of the disbursements on your behalf to ensure a smoother process. Additional disbursements may be required depending on individual requirements.As part of our fixed fee we will provide you with a dedicated and experienced probate practitioner to work on your matter.The stages of your transactionWe will: -Identify the persons appointed as Executors or Administrators. Accurately identify the type of Probate application you will plete the relevant HMRC forms (IHT205).Draft the Statement of Truth.Arrange a meeting with you to sign the Statement of Truth.Make the application to the Probate Registry on your behalf.Obtain the Grant of Probate/Letters of Administration and provide you with the sealed copies to enable you to deal with the administration of the estate.Render our Account, close your file and arrange for storage of your file.Collecting estate information and applying for the Grant of ProbateIf you do not have the necessary values of all estate assets and liabilities, we are happy to correspondence with the relevant institutions on your behalf. This work will be charged at the prevailing hourly rates of the person dealing with your file. TimescaleTypically, obtaining the Grant of Probate takes 6-8 weeksApplying for a Grant of Probate (Letters of Administration) only, and transfer of the Nil Rate BandFixed fee ?625.00 plus VAT (?125.00) Total ?750.00The stages and process are largely the same as in1 above save for obtaining the information necessary for the completion of the forms to transfer over the nil rate band of the first partner to pass away. The nil rate band is the amount that can be transferred without tax being payable, currently ?325,000.00. The fixed fee is based on the same factors as above.TimescaleTypically, obtaining the grant of probate and transferring the Nil Rate Band takes 6-10 weeks.Applying for a Grant of Probate (Letters of Administration) only. Gross estate over ?325,000.00 but no IHT payable (completion of IHT400 forms)Fixed fee ?1,450.00 plus VAT (?290.00) Total ?1,740.00The fixed fee is based on: -There being a valid will (or it is an Intestacy and the Personal Representative is known and is instructing us).There is no inheritance tax payable. There are no more than 1 property in the estate.There are no foreign assets or business or farm interests.There are no more than six bank or building society accounts.There are no shares or other investments.There is no claim for the residence nil rate band or the transferable residence nil rate bandIf you ask us to deal with additional assets, this work will be charged at the prevailing hourly rates of the person dealing with your file. The stages of your transactionWe will: -Identify the persons appointed as Executors or Administrators.Identify the type of Probate application you will require.Ascertain the values of the deceased’s assets as at the date of plete the relevant HM Revenue & Customs (HMRC) forms (IHT400 and supplemental forms including IHT421).Draft the Statement of Truth.Arrange a meeting with you to sign the Statement of Truth.Send the probate papers to HM Revenue & Customs.Once Form IHT421 is returned to us from the Revenue & Customs we will make the application to the Probate Registry on your behalf.Obtain the Grant of Probate/Letters of Administration and provide you with sealed copies to enable you to deal with the administration of the estate.Render our Account, close your file and arrange for storage of your file. TimescaleTypically, obtaining the Grant of Probate and transferring the Nil Rate Band takes 10-16 weeksApplying for a Grant of Probate (Letters of Administration) only, Gross estate over ?325,000.00 and IHT is payable (completion of IHT400 and supplemental forms)Our fee is between ?1,695.00 - ?2,250.00 plus VAT (?339.00 - ?450.00) Total between ?2,034.00 - ?2,700.00The fee is based on the same criteria and stages in the process as in 3 above save for the Inheritance Tax is sent to the relevant HM Revenue & Customs (HMRC) with the forms(IHT400)TimescaleWhere Inheritance tax is payable on an estate typically obtaining the Grant of Probate can take 12-18 weeks. This assumes there are no complications.Dealing with a full ProbateIf we are instructed by you to obtain the Grant of Probate and administer the deceased’s estate, we charge for the legal work we do on a time recorded basis based on the prevailing hourly rate of the person dealing with your file. On occasion we may be able to agree a fixed fee for larger estates, however, this would be on a case-specific basis. Our charging rates are also based upon the seniority and experience of the person working on your file.Deanne Taylor Solicitor, Managing Director and Head of Wills and Probate. ?200.00 ph.Marcia Petcher CILEX TEP. Director ?170.00 ph.Kerrie Burrell Solicitor ?150.00 ph.In addition, we charge 1% of the value of the gross estate (1?% where we are appointed as the Executors). This does not include the value of the principal residence of the deceased which will be charged at a sum equal to ?% (or ?% where we are appointed as the Executors).The ProcessIdentify the persons appointed as Executors or Administrators.Identify the type of Probate application you will require.Obtain the values of all the assets forming part of the deceased’s estate as at the date of their death. This will include obtaining values of any property, shares, personal possessions, vehicles etc.Identify all liabilities outstanding at the date of death.Once the value of the estate has been ascertained completing the IHT forms (either the IHT205 or the full IHT forms (IHT400 and supplemental forms).If the estate is subject to Inheritance Tax submitting the forms to HMRC with the tax payable along with the appropriate forms. (Further details about inheritance tax can be found here).Place Section 27 notices in the London Gazette and the local paper to where the deceased lived (we will discuss this with you).Make the application to the Probate Registry on your behalf.Obtain the Probate.Collect in and distribute all assets in the estate, and advise on Inheritance Tax accordingly.Pay any liabilities.Produce an Estate Account which sets out all the assets, income received and liabilities paid. It then divides the assets in accordance with the Will of the deceased or under the Intestacy provisions.Making the payments to those named in the Will.Render our Account, close your file and arrange for storage of your file. Please bear in mind that a statutory limitation period of 6 months is usually observed to allow any claims against the estate to be made, otherwise a trustee could be liable where assets have been distributed prematurely and a claim is subsequently received by a potential beneficiary.TimescaleThis total process where we are dealing with the whole estate should take approximately 9-12 months, longer if Inheritance tax is payable or where there is a property which fails to sell quickly or there are complex assets forming part of the estate (for example only, foreign assets). If this is the case it could take significantly longer as many factors are out of our control.In cases where we are Executors we may need to also register the death, and arrange the funeral and wake.As a guide, we have set out an estimated range of fees for an estate where: -The gross value of the estate is ?400,000.There is a valid Will.There is no more than one property.There are no more than three bank or building society accounts.There are no intangible assets.There are no business or farm interests.There is no claim for the residence nil rate band or the transferable residence nil rate band.There are between one to four beneficiaries.There is no inheritance tax payable and the executors do not need to submit a full account to HMRC.There are no disputes between beneficiaries on division of assets.There are no claims made against the estate.On the basis that the hourly rate is ?170.00 per hour plus VAT we would anticipate the matter would take on average between 15 and 30 hours work so legal fees of around ?2,550.00 to ?5,100.00 (plus VAT). If the property was worth ?300,000.00 and we are not the Executors, the % element would add ?1,500.00 and the other assets ?2,000.00. There are however matters where we do not charge the % and this is something we are happy to discuss with you.Some of the more common costs and fees which are not included are set out below: -Fees paid to third party valuers relating to property and land, personal belongings, vehicles, shares, business or farming interests etc.Property clearance and costs of selling contents and personal belongings.Legal fees for sale or transfer of property and land and any agent’s fees and HM Land Registry fees on transfer.Any taxes payable including Inheritance Tax, Income Tax, Capital Gains Tax etc.Missing asset search (approx. ?25.00).Any insurance required during the estate administration.Any outstanding debts and liabilities of the deceased and funeral and wake expenses.We handle the payment of the disbursements on your behalf to ensure a smoother process. These fees are usually requested on account (i.e. before there is any requirement to pay them).Probate application fee which is currently ?155 (plus ?1.50 per additional sealed copy of the Grant required).Bankruptcy-only Land Charges Department searches ?2 per beneficiary.Approx. ?85.00 (inc VAT) Post in The London Gazette – Protects against unexpected claims from unknown creditors; this fee may vary if the advert is placed through a different agency.?60.00 to ?150.00 (inc VAT) Post in a local newspaper – This also helps to protect against unexpected claims; fees for each newspaper or through other agencies will vary.Approx. ?80.00 to ?120.00 (inc VAT) Certainty Will search* to ensure the latest Will is proved at the Probate Registry.?3 to ?6 (plus VAT) if a single property is registered with HM Land Registry and the Office Copies of the Title Register and / or Plan are required.In any estate there are a large number of situations which may arise which would lead to an increase in the estimated fees provided. Some of the more common reasons that fees may increase along with estimated time scales are set out below: -If there is no Will, (which can also cause delay as there will be a need to search for a valid Will and to identify the Administrators entitled to deal with the estate).Where there is a will but its ambiguous. We may need to instruct Counsel (a Barrister) if there are any ambiguities.If the estate consists of any shareholdings (stocks, shares and bonds), as there is likely to be a need to obtain share valuations and effect the transfer or sale; the additional costs could range significantly depending on the estate and how it is to be dealt with).If the estate involves any digital assets or other assets where there may be issues with obtaining passwords or otherwise accessing the relevant information.Dealing with the sale or transfer of any land or property in the estate (which is not included in the estimated range above). If HMRC raises an enquiry into the Inheritance Tax Return (which will also delay the administration of the estate).If any disputes arise (such as a dispute between the Executors or Beneficiaries). This will also mean that the estate is unlikely to be finalised until all disputes or claims have been resolve.If a Caveat is entered at the Probate Registry which will require removal.If the estate includes missing beneficiaries (which can also cause delay to the administration of the estate).If the estate includes historic or dormant assets which involves establishing the validity of the assets and dealing with the collection and distribution of these assets.If there is missing documentation (share certificates, insurance policies, marriage/birth certificates etc.)If there are any business assets or interests in farms which need to be taken into account then valuing, reporting and dealing with any division of assets may be necessary.Making a claim for Business Property Relief or Agricultural Property Relief.If there were any lifetime gifts made in excess of the annual allowances, then the details of the gifts will need to be established and reported on the Inheritance Tax forms.If the deceased had any interests in a trust.If the Department of Works and Pension (DWP) raise an investigation.Claiming reliefs and exemptions from Inheritance Tax.Dealing with estates where there is a Gift with a Reservation.Establishing and claiming the transferable nil rate band.Establishing and claiming the residence nil rate band and transferable residence nil rate band (especially if downsizing of the property has occurred). This is not an exhaustive list of situations which may lead to an increase in costs. In all cases where additional costs are likely to arise, we will give you an accurate quote once we have the information and agree any additional fees with you.If you find there are a number of unfamiliar terms in this guidance which you do not understand we are more than happy to explain these to you.We can provide a 20 minutes free initial meeting to point you in the right direction.Deed of VariationPoor estate planning can result in the Government taking a sizable bite out of the money you leave to your family. Estates liable for inheritance tax (IHT) must pay?40 % before the remainder can be passed on to named beneficiaries. A Deed of Variation (DOV)?is a legal document that allows the beneficiaries of an estate, children, for example, to make changes to a will, in the name of the deceased, after their death.This means that, if someone hasn’t written their will in the most tax efficient way or inadvertently left someone out of their will, or if they haven’t written a will at all, the beneficiaries are?able to redirect the money they stand to inherit to other parties. Often children of a deceased will want to pass their inheritance down the blood line to the deceased’s grandchildren. There is likely to be a tax saving if a DOV is prepared rather than the children of the deceased just gifting their inheritance to their children.We can discuss this with you and explain the benefits of a DOV which we prepare on a fixed fee of ?350.00 plus VAT if straightforward. ................
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