Wills, Probate, Trusts and Powers of Attorney

Wills

Why make a Will?

At Vaux Fletcher, our vast experience helping clients put plans in place means we can help you to plan your future. Should you die without a Will, the Laws of Intestacy will apply which will determine who will inherit your assets. This could mean that your final wishes aren't fulfilled in the way you would want.

We can help you to:

• Ensure your assets are distributed in accordance with your wishes rather than the intestacy rules which could mean, for instance, your spouse/civil partner only inheriting a certain portion of your estate
• Nominate executors of your choice to deal with the distribution of your estate in the certain knowledge that they will comply with your wishes
• Nominate your preferred guardians of your children to avoid disagreements or family upsets
• Make small personal gifts
• Take advantage of tax saving strategies and exemptions and not expose your estate to unnecessary taxation.

Probate

No two estates will be the same, however the administration of most estates usually takes between 6 to 12 months to complete.

Grant only probate matter

We offer a fixed fee for a Grant Only probate matter if you wish to conduct the administration of the estate yourself, provided that certain criteria are met. The exact cost will depend on the individual circumstance of the matter. We estimate that the professional charges will be £550 +VAT and disbursements*. Probate can be granted within 3 months; however, a third party government body deals with this application so time frames are at their discretion.

Full estate administration

Further to the above, you may prefer to instruct us to administer the full estate on your behalf which will include obtaining Grant of Representation, locating all assets and liabilities and distributing to beneficiaries. We anticipate that a straightforward estate administration that is not contested, where all of the assets are in the UK and there is a valid will, will likely take between 6-12 months to complete and will be chargeable at an hourly rate (see below). Professional charges will be determined entirely by the amount of time spent dealing with your matter and will be discussed with you in an initial appointment.

Professional charges

Our hourly rate fees range from £111 - £220 per hour +VAT, depending on the seniority and experience of the solicitor or legal executive looking after your case.

Our charges are likely to be in the region of £1,000 - £3,000+VAT. A simple estate, e.g. a freehold property with a few bank accounts and one beneficiary will be approximately £1,000-£1,500+VAT. If the estate is more complex e.g. has various bank accounts, investments and shares or has multiple beneficiaries, our fees will be approximately £3,000+VAT. All estimated charges are circumstantial and will be discussed with you in your initial appointment.

We understand that not all our clients can make it in to our office and when necessary, we are happy to arrange a home visit. Home visit charges start from £50+VAT within a 5-mile radius of our office.

Disbursements

Disbursements are costs relating to your matter that are payable to third parties, such as Court Fees, Land Registry fees, bankruptcy searches, Commissioner of Oath fees and if you require additional copies of the Grant of Representation. We handle the payment of the disbursements on your behalf to ensure a smoother process. Third party disbursements are fees that are not governed by us and will be included in your quotation.

*Disbursements are likely to include:

• Court Fee: £155
• Oath Fee: £5-7 per person if required
• Bankruptcy Search Fee: £2.40 inclusive of VAT per beneficiary
• Additional copies of the Grant of Representation: £1.50p per copy
• Land Registry Search Fee: £3.60 inclusive of VAT

Other disbursements may be required depending on individual circumstances. For more information about our prices and services or to speak to our Private Client team direct, then please call 01642 222834.

Trusts

What is a trust?

A Trust is a way of managing assets (property, investments, savings etc), enabling you to protect your hard-earned assets for those you would like to see benefit, such as your family and future generations.

There are many reasons you may wish to create a trust including:

• The protection of a family's assets
• Where a child is under 18 years of age and therefore too young to control their own affairs
• Where the beneficiary is vulnerable or mentally or physically incapacitated

If you have any questions or concerns about Inheritance Tax or Capital Gains Tax and placing assets in Trust, please speak with us today.

Lasting Powers of Attorney

It's important to consider what would happen if you were suddenly unable to make decisions or sign paperwork. This might be something as simple as:

• You were abroad on holiday or for business and couldn't get home
• You were to have an accident
• You developed a medical condition that incapacitated you

How do I protect my affairs?

The simplest way is by making a Lasting Power of Attorney (LPA). The LPA is a legal document which authorises a chosen person to make decisions on your behalf if you are unable to do so.

Individual personal LPA's

How do I protect my affairs?