Wills, Trusts and Probate

Wills and Trusts

Whatever happens to us in this life, one thing is for sure, one day we will leave it all behind. But what we leave behind is important for those who are nearest and dearest. Often one hears of complications and upsets that have arisen because of lack of foresight through the inadequate preparation of a Will. Making a Will is arguably, one of the most important things you will ever have to do.

Don’t worry if everything seems complicated. We will provide you with a full, understandable explanation so you can make your own decision on how best to apply your assets.

Sensitive handling of estates is as important to us as it is to the family of the deceased. You can expect a full understanding of estate administration through our experienced team, who always take into consideration your wishes and the feelings of the bereaved.

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight, along with a detailed knowledge of the current tax regime.

We provide a discreet comprehensive estate planning service that includes:

  • Help with planning and reviewing a will;
  • Making full use of exemptions and lower tax rates on lifetime transfers;
  • Optimising lifetime transfers between family members;
  • Transferring agricultural or business property;
  • Transferring assets into trust; and
  • Arranging adequate life assurance to cover potential inheritance tax liabilities.

Probate

Price & Company are licensed by the ICAEW to undertake probate work, in addition the staff that work in our probate department are members of STEP (Society of Trusts and Estate Practitioners).

We can assist clients with completing the appropriate Inheritance Tax returns and obtaining probate, or letters of administration if the deceased died without leaving a Will, as well as estate administration and all aspects of taxation.

Whatever the value of the estate we provide a high level of service. Our fees are charged on a time spent basis, so will vary depending on the work involved and the complexity of the estate, they are not based on the value of the estate.

We will provide a more accurate estimate of likely fees at the initial, no obligation meeting, with the executors but as a guide, if the estate if straightforward and HMRC only require the basic IHT205 return to be completed then fees will be in the region of £800 to £1,500 plus VAT. The majority of the estates we deal with are at the lower end of the fee scale.

If the estate is complex and HMRC require the far more detailed IHT400 and supporting schedules to be prepared, then fees will be in the region of £1,500 to £3,000 plus VAT.

We can also administer the estate after probate has been obtained, prepare estate accounts and deal with all tax matters during the period of administration, which can include advice on deeds of variation and appropriation of assets to beneficiaries to minimise tax liabilities, and if appropriate capital gains tax returns and repayment claims for beneficiaries. The fee will vary depending on the complexity of the estate, but fees can typically range between £3,000 and £15,000 plus VAT.