Why Not Do Something for yourself?

Planning how and where you would like your assets to go after your demise or death is a difficult choice to make in life. A Will is definitely one of the best and vital legal papers you will ever have and or need. Avoiding needless discomfort, tension and worry for your loved ones, it’s not too early to do or prepare.
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Wills & Probate

Dying without a Will?

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Regrettably, it’s not good enough that a family member perhaps knows what you want. If you don’t have a Will, your wishes are not legally binding, and there is no certainty or guarantee that your wishes will be adhered to or followed.

If you were to die without a Will:

  • Your family and or spouse might not inherit all of your estate, that is the total value of all that you own.
  • If you are unmarried your partner would not legally be entitled to any of your assets.
  • Your children, children from a previous relationship, or susceptible and defenceless beneficiaries could miss out on what you may want them to inherit
  • You have no control over who will look after your children if they are under 18.
  • Organisations such as charities would not be considered.

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Protecting your wishes and bequest or legacy by:

  • Naming your beneficiaries and specifying what you want them to inherit
  • Appointing executor(s) you know and trust (the people who ensure the provisions in your Will are carried out correctly)
  • Planning out your wishes for precise and sentimental items including gifts to charities of your choice
  • Specifying and setting out your funeral arrangements
  • Setting up a trust to protect against third party claims
  • Choosing when children and/or grandchildren would inherit
  • Appointing trustees and guardians for any children or minor under 18
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DO I NEED A WILL?

There are many misconceptions about who should make a Will. No matter what your age, marital status, or the size of your estate, it is likely that you would benefit from the peace of mind that having a Will brings.
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When should I make a Will?

Having a Will is not something to put off until later. These life events have an impact on your Will, and will either prompt a review of your Will or require an update.
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Fees

Wills & Estate Planning

Getting a professional to draft your Will would ensure  that your assets are distributed in accordance with your wishes and not under the rules of intestacy which would otherwise apply. If you die without a Will, then the government  will decide who will inherit your estate in accordance with the Laws of Intestacy and may differ from your wishes.

If you do not make provision for young children, then the authorities  will decide who is best placed to look after them, which you may not like. It can also mean that your partner (if you are not married) does not automatically become guardian of young children.

It is also essential  that Inheritance  Tax is considered  as the provisions of your Will can affect the future tax liability of your estate. We offer a personal  service which is tailored to your own individual circumstances.

If you already have a Will, it is recommended that you review it every 2 to 5 years. Sometimes your wishes may not have changed, but the value of your assets and the law may have. As such it is very important to ensure  that your Will does exactly what you want it to do; that it protects  your assets and investments, and most importantly that you have taken advantage of various areas  of flexibility within the law of estate planning. Wills for individuals will cost

£225  plus vat (£270) and wills for couples will cost £375  plus vat (£450).

Lasting Powers of Attorney (LPAs)

This is a legal document  which allows you to appoint someone you trust (known as ‘attorneys’) to make decisions for you should you lose capacity in future to make such decisions yourself.

There are two types of LPAs namely: Property & Financial Affairs and Health & Welfare.

Property and Financial Affairs LPA

This LPA allows the Attorney to make decisions which relate to your property and affairs, so this could be paying bills, collecting benefits  or other income, or even selling the Donor’s house

if you need to go into care (subject to conditions).

Health & Welfare LPA

This LPA allows the Attorney to make decisions on your behalf about your personal  welfare. This could include making decisions about where you live, giving or refusing consent  to life sustaining treatment, together  with more day to day decisions relating to diet, daily routine or dress. It can only be used if you do not have the mental capacity to make these  decisions yourself.

If you are 18 or over and have mental capacity (the ability to make your own decisions) when you make your LPA, we register the documents with the Office of the Public Guardian (OPG). You can revoke the LPA at any time, so long as you have the mental capacity to do so.

Our charges for LPA:

  • Single LPA (Finances or Health) will cost £400  plus vat (£450) and £82 OPG registration  fees
  • Double LPAs (Finances and Health) will cost £550  plus vat (£660) and £164  OPG registration  fees
Grant of Probate or Letter of Administration Only

Our fee for uncontested probate matter is between £625 – £750 + Vat (£750 – £900 Inc Vat) for a grant.

See below:

Estate value up to and including £350,000       —        £625 + Vat = £750

Estate value over £350,000                                  —        £750 + Vat = £900

Administration of Estate

Our fee for uncontested probate matter for Estate administration is 1% of gross value of estate with a minimum fee of £1200 + vat (£1440 includes Vat).

The above-fixed fee is only applicable if all assets are located in the UK.

Depending on the complexity of your case, we have the right to charge hourly rate for our work at the following rate: £200 + Vat (£240) per hour.

Home and care home including hospital visits are charged at £75 + Vat within the London area. Extra may be charged outside the London area.

On a broad base, our fee estimate is based on the following:

  • There is a valid Will.
  • There is no more than one property involved.
  • There are one to two beneficiaries
  • There is cooperation among the parties to the transaction.
  • No claims made against the estate
  • There are no intangible assets
  • No disputes between beneficiaries
  • No inheritance tax payable and the executors do not need to submit full accounts to HMRC
  • No unreasonable and material delay in the provision of documentation from clients.
  • No tax clearance certificate waited for income and or inheritance tax.
Time it would take for the process

Timing of the process could take up to 52 weeks.

Obtaining grant of probate can take up to 10 weeks.

Other processes of the administration could take up to 42 weeks.

Intestacy or No Will case

In the case of No Will, our fees could rise materially depending on the estate and how it is to be dealt with.

We can give an estimate for this once more information becomes available to us.

Extra costs

There are other costs that may be payable, such as probate registry fees between £255 to £275

Additional copies of grant letter at £1.50 per copy.

There may be additional professional fees depending on the case, such as estate surveyor, stockbrokers, legal fees for selling any property.

Our Office

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Address
Suite 2, Wenta Business Centre
1 Electric Avenue
Enfield EN3 7XU
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0208 887 6132
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    Stan Kelly & Co is the trading style of Stan Kelly & Co Ltd.
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    Copyright by Stan Kelly & Co. All rights reserved.
    Stan Kelly & Co is the trading style of Stan Kelly & Co Ltd.
    Registered in England No. 7185585

    https://www.stankelly.com/wp-content/uploads/2023/12/ACCA-logo-2.png