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"We'll pick up the pieces"
We offer fixed fees for Wills, Probates, and Lasting Powers of Attorney. Please enquire for details.
As part of our professional rules, we aim to ensure that anyone wishing to use our services has the information they need to make an informed choice of legal services provider, including understanding what the costs may be.
HMRC’s Trust Registration Service (‘TRS’)
IMPORTANT UPDATE – Trustees need to act promptly to avoid financial penalties
New rules have been introduced as part of the UK’s implementation of the Fifth Money Laundering Directive (5MLD), which extend the scope of the Trust register to all UK and some non-UK trusts, whether or not the Trust has to pay any tax. There are only a few specific exclusions and therefore if you have any form of Trust structure in place then it is really important to check what needs to be registered as such Trusts must be registered by 1st September 2022.
This could include Trusts set up during your lifetime e.g. Family Protection Trusts or Trusts contained in a Will of someone who has already died.
Where there was a Trust in a Will of someone who has already died the Trust will then have begun and it may need to be registered. These can include, but are not limited to:
Property Trust giving a right of occupation e.g. where a now deceased spouse or partner has provided to the survivor the right to live in a property for the rest of their life or a life interest where someone is entitled to a right to income. These types of Trusts are sometimes set up for things like care fee protection and remarriage.
Discretionary Trust or a Flexible Life Interest Trust. These type of Trusts may have been set up to protect certain assets being used to pay for care fees, to ensure certain assets go to your intended beneficiaries if your spouse were to remarry after your death or to protect an inheritance being left to a reckless beneficiary.
Trusts which impose age stipulations of beneficiaries, even these may need to be registered.
If you were named as an Executor in a Will you are also likely to have been named as a Trustee in their Will too. Here is a helpful information sheet which also includes some useful links to the gov.uk website [INFORMATION SHEET].
Why instruct McKeag & Co Solicitors?
McKeag & Co has been helping clients throughout the North East for over 100 years. At McKeag & Co we offer a complete Estate administration service to deal with everything for you.
From our conveniently situated offices in Gosforth, Newcastle upon Tyne, our approach to clients is one of understanding, empathy and efficiency.
The death of a loved one, family member or friend can be an extremely distressing and confusing time that also brings up an array of important duties and decisions for the Personal Representatives. In such instances, you can turn to McKeag & Co to help you deal with the deceased’s Estate and financial matters.
Your specialist Probate Solicitors can take responsibility for informing all necessary companies and providers that the deceased has passed away. They will provide you with an accurate breakdown of the assets and liabilities for the Estate. Papers will then be drafted to apply for Probate, to gather the Estate’s assets, discharge the liabilities and pay any legacies and inheritances to beneficiaries.
We have a wealth of expertise in dealing with the administration of an Estate and obtaining Grants of Probate or Letters of Administration. McKeag & Co can also deal with Estates when the deceased has not left a valid Will and has died intestate which is when they have not made a will . The process is similar to that above, but our specialist Probate Solicitors can also seek out the unknown family of deceased loved ones and ultimately resolve the situation.
You can be assured of an excellent service by virtue of the fact that we have achieved the Law Society Lexcel quality standard.
About our fees
Obtaining a Grant of Representation and dealing with an administration of an Estate can be complicated; it usually takes several months, and complex cases can take over a year to ensure everything is done properly. Every Estate is different and so it can be very hard to quantify Probate costs. The work can vary from very straightforward Estates with only one or two small value assets and one beneficiary to complicated Estates where there is Inheritance Tax to pay, multiple beneficiaries and assets held with numerous organisations as well as property and land to sell or transfer. However, to assist our clients, we have set out below an indication of the likely costs involved in Probate and administration of Estate matters along with an indication of the potential timescales.
Estate Administration: Applying for the grant, collecting and distributing the assets
What the service includes
• Provide you with a dedicated and experienced Probate Solicitor to work on your matter
• Identify the legally appointed Executors or Administrators and beneficiaries
• Accurately identify the type of Probate application you will require
• Identify and valuation of assets and liabilities
• Obtain the relevant documents required to make the application and liaise with all relevant organisations
• Complete the Probate Application and the relevant HMRC forms
• Draft a Legal Statement for you to sign
• Make the application to the Probate Registry on your behalf
• Obtain Grant of Probate and office copies
• Deal with closure of accounts (or arranging to transfer to beneficiaries if possible), collect in Estate funds
• Pay any liabilities
• Prepare a final Estate Account and distribute the Estate to the beneficiaries.
Application for Grant of Probate only
What the service includes
Provide you with a dedicated and experienced Probate Solicitor to work on your matter
Identify the legally appointed Executors or Administrators and beneficiaries
Accurately identify the type of Probate application you will require
Obtain the relevant documents required to make the application
Complete the Probate Application and the relevant HMRC forms
Draft a Legal Statement for you to sign
Make the application to the Probate Registry on your behalf
Obtain the Grant of Probate and securely send copies to you.
Anticipated charges and expenses
We can help our clients through this difficult process by obtaining the Grant of Probate on their behalf. Our typical costs below assume that we are instructed to seek Grant of Probate only, that no full Inheritance Tax Return requires to be completed and submitted to HMRC, and all financial information is supplied by the Executor.
VAT at 20%
£600.00 excl. VAT
£720 + disbursements (see below)
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. These Disbursements are in addition to the above fees. The usual disbursements that we might incur on your behalf include:
Probate Application Fee
Office Copies of the Grant of Probate
£600.00 excl. VAT
£720 + disbursements (see below)
Please note the above indicative figures are for obtaining a Grant of Probate only and do not include the administration of the Estate.
How long will this take?
It is difficult to estimate with any precision how long such a matter will take but, on average, such applications are usually dealt with and finalised within 8-16 weeks.
During the current environment, Probate applications are taking longer than expected and as such we will keep you updated as the matter progresses and upon any substantive updates from the Probate Registry.
Our Probate Team
Our Probate Solicitor is Roisin O’Donnell. Roisin is a Dementia Friend and also an Associate Member of the Solicitors for the Elderly.
Roisin has a wealth of experience in this area of law and understands from personal experience how difficult the process can be, especially if you feel like you might not have the time to deal with administering an Estate or the emotional headspace to deal with the responsibilities involved. Roisin would be more than happy to have a discussion with you to talk through the process and then you can decide whether you require any assistance.
Please contact Roisin on 07709 716 629 or email her at Roisin.O’Donnell@mckeagandco.com.
McKeag & Co have been established on Tyneside for over 100 years and during this time have been successful in obtaining millions of pounds compensation for people who have suffered abuse.
Call Us on (0191) 213 1010 to arrange an initial free consultation or alternatively contact us online.