Death is no respecter of age or persons and therefore should not be left until the last minute. With a Will in place, your property, money and affairs will be dealt with as you wish when you die.
Reasons to Make a Will – A Will can;
- Save time and costs in administering your estate after your death
- Let you provide for unmarried partners, friends or charities
- Prohibit people from inheriting from your estate who may be entitled under the statutory rules of legacy. For example a separated spouse or family member.
- Help reduce the impact of inheritance tax and care fees on your estate
- Appoint guardians for your children
It is important, if you are a parent with children that you have an up to date will. Parents can specify in their will who they wish to be guardians for their children. For example who would take over the parental responsibility if their children are minors and lose both of their parents.
Having a will also ensures that children are provided for financially. If parents do not have a will, children, if entitled, will inherit at the age of 18. Children under 18 (if entitled) will be able to inherit but it will be held in a bereaved minors trust until they attain the age of 18. Inheriting a large sum of money at 18 can often do more harm than good. In a Will, inheritance can be delayed past the age of 18 or put into a trust. This allows your chosen trustees to make decisions about how the inheritance is used.
Reviewing and Updating Your Will
If you have a Will already in place it’s always a good to review it every 2 to 5 years. This will ensure that your wishes as to who inherits your estate are up to date. Also when there are significant changes in circumstances, financially or otherwise. Please remember that changes to the law may also affect your Will so it should be reviewed regularly.
Key information to know is that marriage invalidates an existing will. Therefore it is important that wills are reviewed regularly and kept up to date.
It is always a good idea to review your will after significant life events. For example, an increase in assets (e.g. purchasing property), having children, losing someone or getting married or divorced or changes in a situation with anyone who is named in your will. This ensures that the will still carries out your wishes and protects your assets.
Costs
Our fees for Wills are quoted on a fixed fee basis and will be decided by your instructions to us.
Losing a loved one is always a distressing and emotional time. It is even more so if you are unsure of the probate process and the steps required in the administration of an estate.
Following the death of a friend or a loved one, that left no Will, adds an extra layer of practical difficulty.
We are experienced in probate and estate administration and can provide whatever level of help you need at this very difficult time.
Whether you have been appointed as an executor in a Will or whether a family member or friend has died with no Will, we can help you navigate through what can be a very stressful and challenging time.
We can help you at the outset to apply for a Grant of Probate where you have been appointed as an executor or for a Grant of Letters of Administration where there is no executor appointed or no Will. We can advise you on the intestacy provisions or on the terms of a Will. Or we can take on the burden of the entire process, from obtaining the Grant to collecting in and administering the estate assets in accordance either with the terms of the Will or the intestacy rules.
The level of help you would like from us is entirely up to you. At Kash Tutter we all have experience of helping people at very difficult times in their lives and whatever level of help you choose, we are committed to delivering to you a sensitive and personal service.
Costs
Every estate administered is different and our charges are based on the time we spend dealing with an administration of an estate.
Fees range from £800.00 for obtaining the grant of probate only up to £2,000.00 plus VAT to administer a simple estate: e.g
- The deceased has left a Will, there are no missing executors or beneficiaries, all executors are alive and have capacity, the contact address are available for the executors and beneficiaries.
Fees range from £3,000.00 plus VAT to administer a more complex estate: e.g
- The unknown whereabouts of the Executors and Beneficiaries, multiple bank accounts, a number of legacies to be distributed to beneficiaries, multiple bank accounts and share accounts to be closed.
We would request that you telephone us and arrange an appointment to discuss the administration of the Will so that we can advise you what is involved.
Our fees for carrying out work to administer an estate is based on the hourly rates of the solicitor/legal representative that will be dealing with the transaction for you.
Hourly Rates
- £230.00 per hour plus VAT : Hearing
- £230.00 per hour plus VAT : Attendance, preparation, perusal
- £230.00 per hour plus VAT: Travelling and waiting
- £23.00 per letter out plus VAT
- £23.00 per telephone call in / out 6 minutes = 1 unit plus VAT
- £23.00 per letter in plus VAT
The administration of an estate can be complicated and we would request that you discuss any concerns with us.
