Wills are the ideal way to ensure that you are remembered by your family and loved ones in the way you wish. They are the last opportunity we have to communicate with our loved ones.
Here at Cox & Key LLP our standard charge for a single straightforward Will is £100. A straightforward Will is one that does not contain Asset Protection Trusts or Discretionary Trusts or require Inheritance Tax planning advice or require advice about the Will being challenged/contested. If straightforward Wills are required for a married couple or civil partners then our standard charge is £180.00 (i.e. where Wills are almost identical). If you would like an idea of the costs for more complex (i.e. not straightforward) Wills, please get in touch for a quotation.
We will send you a will planner to complete prior to the meeting and we are able to do this by telephone, email or video call.
We aim to complete will instructions in 2 – 4 weeks.
Lasting Powers of Attorney can be invaluable in coping with your family financial and health matters in the event that you are unable or have lost capacity. Lasting Powers of Attorney must be made before you suffer any capacity loss, so they are useful documents to put in place earlier rather than later.
There are two forms of Lasting Powers of Attorney, one for Health and Welfare and one for Finance and Property. Each one costs £82.00 (inc VAT ) to register with the Office of the Public Guardian and Cox & Key LLP are happy to assist with advising on the attorney roles, choice and drafting. The charges are as follows:
£200.00 (VAT n/a) for both documents for one person plus the registration fee; or
£350.00 (VAT n/a) for both documents for two people plus the registration fee.
The documentation can be drawn up and signed usually in 2 – 4 weeks but registration takes several months.
Probate & Estate Admininstration Fees
At Cox & Key LLP we seek to make the experience of the death of a loved one as stress free as possible. How you want to be remembered is a sensitive matter and one which we can help you handle and communicate.
At the outset it is important to mention that these guidelines are based upon an estate where the assets are solely within the UK and also where the estate is not contested.
Our Services
In essence there are two types of service:
- Acting on your behalf to obtain a Grant of Representation but where you administer the estate; or
- Acting on your behalf in order to obtain a Grant of Representation and also to administer the estate on your behalf.
Our costs:
- To apply for a Grant of Representation with a standard Inheritance Tax return (IHT205): £500.00 (VAT n/a)
- To apply for a Grant of Representation completing a full Inheritance Tax Account: likely to be a minimum of £1,500.00 (VAT n/a) but much will depend upon the complexity of the estate and whether we are involved in advising as to and arranging the payment of funds to HM Revenue & Customs to fund an initial payment of Inheritance Tax. In the event of additional charges being raised, they will be at the hourly rate of £300.00 (VAT n/a)
Disbursements:
In each case a Probate Registry fee will be payable along with additional costs for copies. VAT applicable on disbursements
VAT applicable on disbursements where applicable at the standard rate of 20%. Cox & Key is not currently a VAT registered firm so VAT is not applicable on any professional fee charges, however, VAT is applicable at 20% on disbursements which attract VAT
Timescales
At the outset of the matter in the vast majority of cases we will be able to provide a likely timescale as to how long it will take to deal with the matter. For a simple application for a Grant of Representation this can often be dealt with within 6-8 weeks and in some cases we have dealt with them in less than 3 weeks. However, this is subject to the probate registries operating at full capacity which they have not done during the Covid-19 outbreak.
The time taken to administer an estate is more difficult to gauge as much depends upon the complexity of the assets. We would expect most straightforward estates (which do not involve a property) to be administered within 4-6 months. Where a property is involved and/or there is Inheritance Tax to pay we would often anticipate that the administration could take up to 9-12 months. Some cases can be considerably more involved and take even longer. However, we should be pleased to discuss the situation with you so that you are aware from the outset.
What is not included?
Any costs estimated will not include:
- The cost of publishing Statutory Notices to Creditors (which are notices usually published in the London Gazette and a local newspaper)
- The preparation of a Deed of Variation (this is where a beneficiary may wish to vary what is left to them so as to pass it on to someone else)
- Obtaining Counsel’s Opinion if the provisions of a Will are unclear
- Conducting a recognised search to see if there is any evidence of another Will being in existence.
- Valuations; and
- Work required from different legal disciplines such as conveyancing or family matters.
Who will be responsible for the work?
Sally Cox is the founding member and senior solicitor of the firm. Sally qualified as a solicitor in April 2014, having undertaken her LLB (Hons) Law Degree in 1991. All legal work is carried out by Sally Cox as a qualified solicitor. Cox & Key is not currently a VAT registered firm so VAT is not applicable on any charges.