Wills & Trusts Planning

Wills and trusts planning is a type of estate planning that involves creating legal documents to specify how an individual's assets and property should be distributed after their death.

A will is a legal document that outlines an individual's wishes regarding the distribution of their assets and property after their death. It can also specify who should be appointed as the executor of the estate, who will be responsible for the care of any minor children, and any other instructions that the individual wishes to leave regarding their final wishes.

A trust is a legal arrangement where property is held by a trustee on behalf of a beneficiary. Trusts can be used for a variety of purposes, including minimising taxes, preserving assets for future generations, and managing assets for individuals who are unable to do so themselves.

Wills and trusts planning can be a complex process, and it's important to work with a solicitor who is experienced in this area. A solicitor can help to ensure that an individual's wishes are clearly established, that the appropriate legal documents are in place, and that the individual's assets and property are protected for the future.

Probate

Probate is the legal process by which a deceased person's assets are collected, debts are paid, and the remaining assets are distributed to the beneficiaries named in their will. Probate is necessary when an individual dies with assets that are held in their individual name and do not have a designated beneficiary or joint owner.

The probate process typically involves the following steps:

Filing the will: The will must be filed with the appropriate court, and a petition to initiate probate is filed.

Appointing an executor: The court will appoint an executor, who is responsible for overseeing the probate process and carrying out the instructions in the will.

Inventory of assets: The executor must collect and inventory all of the deceased person's assets, including property, bank accounts, investments, and other assets.

Payment of debts: The executor must pay any outstanding debts and taxes owed by the deceased person.

Distribution of assets: Once debts and taxes have been paid, the remaining assets are distributed to the beneficiaries named in the will.

The probate process can be time-consuming and complex. A probate solicitor can help to ensure that the process is handled correctly and that the deceased person's assets are distributed according to their wishes.

How much does probate cost?

Our Wills Trusts & Probate team in Sheffield is supervised and managed by Mohammed Nazir who is qualified Solicitor with experience well over 19 years . We also have consultants and number of assistants who are working in this team.

We can obtain the Grant of Probate on your behalf based on a fixed legal fee. In most cases, the fees are payable out of the assets of the estate.

Our fees are based on estates where:

  • There is a valid will
  • There are not an excessive number of bank or building society accounts
  • There are no other intangible assets
  • There are no more than five legacies or specific gifts or more than five residuary beneficiaries
  • There are no disputes between beneficiaries on the division of assets. If disputes arise this is likely to lead to an increase in costs
  • The deceased has not made lifetime gifts exceeding the annual allowance of £3,000.00 within the past 15 years
  • There are no claims made against the estate and the estate does not include:
    • A business, farms, farmhouses or farmland, an interest in another estate, loans or mortgages payable to the deceased, foreign assets, assets held in trust, national heritage assets or unlisted stocks and shares and control holdings

Legal Fees and Disbursements

Disbursements are costs relating to your matter that are payable to third parties, such as court fees.

Applying for the grant of probate, collecting and distributing the assets:

Our fixed-fee probate service includes obtaining the grant of probate, collecting the assets, and distributing the estate. This costs 2.5% of the gross estate value, subject to a minimum fee of £900 inc VAT.

For example, for a simple estate valued at £125,000, our legal fees would be £3,125 + VAT.

Subject to negotiation.

When you instruct us, we will send a letter to you setting out the basis upon which we will charge our fees.

Possible Disbursements:

  • Probate application fee - £273.00
  • Bankruptcy-only Land Charges Department searches - £2.00 per beneficiary
  • Place a notice in The London Gazette - this is recommended as a means of protecting against claims against the estate - £80.00 + VAT
  • Post in a Local Newspaper - This helps protect against claims against the estate and varies between newspapers but can cost between £200 and £500.

What services does this fee include?

The following steps are included:

  • Identify the legally appointed executors or administrators and beneficiaries and establish the extent of the estate by identifying the various assets and liabilities
  • Prepare the Grant of Probate and have it sworn by the executor(s) and submitted to the appropriate Probate Registry together with the Will, if there is one
  • Once the Grant is received from the Probate Registry it is submitted to the various organisations with whom assets are held in order to start the process of transferring the assets into the beneficiaries’ names
  • All estate liabilities must be paid before the estate can be distributed among the beneficiaries
  • Confirming that tax is paid up to date and there are no outstanding HMRC claims
  • Preparation of the Estate accounts and distribution of the estate in accordance with the terms of the Will.

Potential additional costs include:

  • If there is no will or the estate consists of any share holdings (stocks and bonds) there are 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.
  • If any additional copies of the grant are required, they will also be charged at £1.50.
  • Dealing with the sale or transfer of any property in the estate is not included.

Typical timescales

On average, estates that fall within this range are dealt with within 3 to 9 months.