Don’t get STUNG by the enormous probate fees being introduced from April 2019
BEFORE a Grant of Probate can be obtained an Executor, from April 2019, will have to pay out of their own pocket (not the estate) the following fees:
- Estates of £50k - £300k will be charged £250
- Estates of £300k - £500k will be charged £750
- Estates of £500k - £1 million will be charged £2500
- Estates of £1 million - £1.6 million will be charged £4000
- Estates of £1 million - £2 million will be charged £5000
- Estates of more than £2 million will pay £6000
The way to potentially avoid these fees altogether or certainly reduce the band at which a fee needs to be paid is to set up a Property Probate Trust (PPT) for their home during life. The value of this property is then disregarded when evaulating the total estate worth for probate purposes.
All our clients are strongly advised to contact us to find out about setting up a PPT for their own property.
Our Probate Service
Thy Will be Done (Spain) Ltd are able to offer comprehensive step by step help and support for your loved ones when they will need it most AND if appointed as the Executor of a Will or directly appointed to conduct probate for an estate WILL PAY ALL PROBATE FEES IN ADVANCE ON BEHALF OF THE ESTATE – taking the massive financial burden away from a relative or family friend who may otherwise have been appointed as Executor and had to find the fees upfront themselves. These fees are then reimbursed to us once the Estate has gone through Probate.
We provide a complete professional estate administration service enabling us to offer an holistic proposition to all of our clients, giving them real peace of mind that when the time comes all aspects of winding up and administering their estates will be done gently, efficiently and professionally.
Using this scheme means that at a time when your nearest and dearest will not necessarily be functioning at their best, they will not have the added stress of having to find and negotiate with Solicitors etc as all the work and the fees associated with it will have very sensibly been organised and agreed by you in advance.
An additional benefit is that if we are appointed to conduct probate directly or are nominated as Executors in a Will we will pay any Probate fees up front instead of this financial pressure being placed upon a family friend or relative who might otherwise have been nominated as an Executor.
How our Scheme of Works.
• At the appropriate time our Probate Specialist will make an initial contact with the Executors introducing them to the Probate service.
• A meeting is then arranged at the Executors’ choice of venue and the process is fully explained including all likely costs.
• Letters are then sent to the companies where the deceased held their assets and liabilities to officially register the death and to obtain the date of death valuations.
• The death is then officially registered with other organisations e.g. HMRC and Utility companies and the relevant details are obtained to complete the income tax return.
• On completion of all date of death valuations the relevant HMRC paperwork will be completed, the Oath is prepared and an application to the High Court for the Grant of Probate is made.
• The Probate Registry will then issue the Grant of Probate; this process can take up to 6-8 weeks from the date that the Probate Registry receives the paperwork.
• The Executors are then informed that the Grant of probate has been received.
• At this point an Executor bank account is opened to receive the assets.
• The Grant of Probate is then sent to the various companies to release the assets held by the deceased.
• Upon receipt of the assets all outstanding debts in the deceased’s name will settled directly and any legacies within the Will are then distributed.
• The tax return of the deceased is then completed for the past tax year to date of death and any further returns are then submitted, including those for the estate if required.
• The Executors will then be contacted to schedule an appointment to present the final estate accounts and to arrange the various payments to the Beneficiaries of the estate/trusts.
Probate Fees Explained.
We never charge more than 1.75% +vat of the estate assets (as compared to between 4% and 6% charged by some banks and solicitors) and our minimum fee is just £1500 + vat.
A fixed rate fee for any disbursements is always agreed in advance, and is determined by the size and complexity of the estate.
Are there any additional costs?
No. Unlike many other organisations such as Solicitors, banks and other legal firms we do not charge an hourly rate nor are there any additional costs for correspondence during the process.
Our specialist Probate Team have a sympathetic and patient approach when dealing with bereaved relatives and will happily arrange visits to discuss Executors’ requirements in the comfort of their own homes, FREE of charge and without obligation.
Our in house Solicitor can also carry out any subsequent house sales or conveyancing which ensures continuity for all involved.
Because of the complex nature of many of our clients' protection strategies that we have put in place for them, we always recommend that their Executors seek our advice immediately upon a client's death. Many good protective strategies can be unwittingly undone by a novice Executor without knowing, costing the estate significant sums in many cases. In many cases it is preferable that we are appointed Executors in the first instance.
Contact us to enquire about how our probate service works and how you can fix the fee now with a Lifetime Guarantee Certificate. We never charge more than 1.75% of the estate value + vat and our minimum fee is just £1500 + vat for the complete service and we also pay the probate fees in advance for the Estate rather than an appointed Executor struggling to find the funds required.
Secure the peace of mind of your loved ones after you have gone by calling us now FREE on 0800 668 11 64