A new offering from our Private Client team for those who do not wish to deal with the technicalities of obtaining Probate but feel able to deal with the administration of the estate of a loved one once they have the Grant. This service is specifically directed at estates where no inheritance tax is payable.
The service has three tiers:-
Tier One –
This covers estates where the total value of the estate is less than £1m and no tax is payable because the estate is wholly exempt from tax as it passes to a spouse or charities. Typically this sort of estate is limited to a share in a matrimonial home plus some bank accounts or ISAs, and either is below the inheritance tax threshold or passes to a surviving spouse and therefore benefits from exemption from inheritance tax. In this case the Probate application comprises a shortened inheritance tax form and the formal Probate application to the Probate Registry.
Tier Two –
Usually covers the estate of a surviving spouse where the estate exceeds the inheritance tax threshold of £325,000, but is less than £650,000 and is exempt from tax because the surviving spouse has the benefit of the transferable Nil Rate Band. Typically this estate will comprise a house and investments or ISA accounts. In this case the Probate application comprises two shortened inheritance tax forms and the formal Probate application to the Probate Registry.
Tier Three –
This deals with more complex estates where there may be both a transferable Nil Rate band and one or more Residence Nil Rate bands. This may also include estates where there is an interest in a trust or a number of substantial lifetime gifts. In this case the Probate application includes a full inheritance tax return (the IHT 400 and supporting schedules) and the formal Probate application to the Probate Registry.
Terms and Conditions
In order to use this service we will require:
• A copy of the death certificate
• A copy of a marriage certificate (if applicable) plus, when this is the death of a second party to a marriage, the death certificate and Will or Probate for the spouse who has predeceased
• The deceased’s original Will
• Evidence of the value of all assets owned by the deceased in his or her sole name
• Details of any jointly owned assets
• Details of the funeral costs and of any other debts,
• A detailed schedule of lifetime gifts made by the deceased where relevant and details of any lifetime trust from which the deceased benefited
• Details of any pensions or benefits received by the deceased
• National Insurance Number and any tax reference number for the deceased, and a brief family tree.
In addition we shall require full identification documents for the intended Executors in order to comply with Money Laundering requirements.
This list is intended to cover most items required but may not be exhaustive particularly in the case of the Tier three service.
Scale of Charges
Tier One – £900 plus VAT plus Probate court fees approximately £160 and Money laundering search fees £6 per Executor.
Tier Two – £1,000 plus VAT plus Probate court fees approximately £160and Money laundering search fees £6 per Executor.
Tier Three – £1,500 plus VAT plus Probate court fees approximately £160 and Money laundering search fees £6 per Executor. In the event that it is necessary to complete schedules IHT403 (details of lifetime gifts) or IHT418 (details of trusts) additional fees may apply.
We also offer fixed fee charges on taxable estates but this is subject to negotiation on a case by case basis.
For further details please contact the Private Client Team.
This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter.
