Pitfalls with bank accounts and savings under a financial lasting power of attorney
As an attorney under a financial lasting power of attorney (LPA), you...
When someone passes away, sorting out their estate can be complicated and time-consuming. The relatives, or the executors applying for probate will be responsible for many including distributing the estate between the rightful beneficiaries and settling inheritance tax and other debts.
Special care is required when dealing with the administration of an estate as difficulties can arise if executors do not comply with the law, do not administer trusts in accordance with the will or account for the estate and tax liabilities accurately.
Executors may also encounter problems where the validity of a will is challenged or a claim against the estate is made by someone who feels they were unfairly left out of a will or not provided for under the intestacy rules.
Our solicitors, with their expert knowledge of the probate process, will deal with the complexities of the process and speed up the administration of the estate, removing the stress and worry for executors and relatives.
We can help you through this process by administering the estate on your behalf. This includes preparing all the documents and applying for the correct grant of representation on your behalf, notifying all concerned, realising the assets of the estate, distributing assets in accordance with the will and managing any trusts or charitable legacies.
We will prepare the estate accounts, settle all of the deceased’s liabilities and manage the payment of inheritance tax. Where there is a dispute about the will or a trust or a claim against the estate, we can represent, advise and support you.
Watch our video explaining the role of a solicitor throughout each step of the probate process:
By making a will you can make the probate process smoother for your loved ones, appointing executors and trustees of your choice and deciding who will benefit from your estate .
Between them, our wills and probate team have a wealth of experience in helping people make wills and lasting powers of attorney and in the administration of estates.
To find out about each team member’s qualifications and experience, simply click on their profile picture.
Based in Stoke-on-Trent, Staffordshire, our specialist private client solicitors provide wills and probate services for clients in particular in Staffordshire and Cheshire, but also throughout the Midlands and beyond.
No probate matter is exactly the same, and because of this we can only give you a reliable estimate of the cost once we have a detailed knowledge of your situation.
Our guide to understanding probate fees explains the costs involved in obtaining probate.
Myers & Co Solicitors have extensive experience in all areas of estate administration and can act as professional executors on your behalf. Our fees can be claimed as expenses to the estate.
During office hours, call us on 01782 577 000 and one of our friendly and helpful team will take your details and can provide you with a personalised quotation.
Part of the process of winding up the estate may include paying inheritance tax, however not all estates are taxable. The amount of tax, if any, will depends on several factors including the value of the deceased’s estate, and who the beneficiaries are. The current threshold for inheritance tax is £325,000. Your solicitor will advise you of any additional exemptions and reliefs available to you and calculate the inheritance tax due.
On average, estates of an asset value of less than £325,000 where there is no inheritance tax to pay, are dealt with within three to four months. Typically, obtaining the correct grant of representation takes six weeks. Collecting assets then follows, which takes approximately four weeks. Once this has been done, we can distribute the assets, which normally takes two weeks.
However, when dealing with the administration of a more complicated estate, it can take longer to obtain a grant of representation as this requires us to deal with HM Revenue and Customs. It may also take longer to collect and distribute the assets.
Take a look at our guide to the probate process for a detailed look at the steps involved and likely timescales.
If you have been appointed as an executor or have a loved one who has recently died, contact one of our private client team or call us on 01782 577000.
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