Probate Administration
Professional guidance to help you manage the legal and financial process after a loved one passes away. We make the probate journey clear, smooth, and supportive during a difficult time.
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Service Overview
At Opal Legal we offer a no nonsense fixed fee ‘probate administration only’ service for Executors who simply do not have the time to perform this task themselves. In short we do all of the administrative preparatory work to allow the Executor to make an application for probate, and to obtain the Grant (Grant of Probate).
Our Probate Administration Service undertakes two core activities which is first ascertaining and valuing the estate (the data collection phase) and second, calculating and reporting inheritance tax (if any).
What is Included
As part of the activities, the work we undertake generally includes:
A Complete List of the Estate
Compiling an inventory of all assets (bank accounts, shares, property, and possessions) and liabilities (mortgages, loans, and bills) held solely by the deceased.Obtain Date-of-Death Valuations
Contacting all financial institutions (banks, building societies, and pension providers) to obtain formal confirmation of balances as at the deceased’s date of death.Value Property
Obtaining professional valuations for any property (usually from three estate agents or a RICS surveyor) to establish the market value at the date of death.List of Gifts and Lifetime Gifts
Investigating any significant gifts or transfers of money or assets made by the deceased in the seven years immediately preceding their death, which must be reported for IHT purposes.Determine Liabilities
Finalising the total amount of outstanding debts, including funeral expenses, mortgages, and all household bills and taxes due up to the date of death.Calculate the Inheritance Tax Position
Calculating the estate’s total value, applying any relevant allowances (such as the standard Nil Rate Band, currently £325,000, and the Residence Nil Rate Band), and determining whether the estate is taxable.Prepare and Submit IHT Forms
Based on the calculation, preparing and completing the correct IHT forms and, in co-ordination with the Executor, submitting them to HMRC.Pay Inheritance Tax (IHT)
Arranging payment using the most common method, the Direct Payment Scheme (DPS), where the Executor instructs the deceased’s bank to transfer the required amount directly to HMRC.
What is Included
- Legal Support
- Collecting all assets
- Obtaining formal valuations
- Arranging sales and closing accounts
- Contacting financial, governmental bodies and interested parties
Our Pricing Plans
STANDARD PLAN
£2500 - £3800
- With Property
- 1 property
- 1-5 accounts
- 2-4 beneficiaries
- IHT205 form used
PLUS PLAN
£3800 - £5000
- Multiple properties
- 1-10 accounts
- 2-8 beneficiaries
- IHT400 form used
* All of the above plans do not include charges for disbursements which can range between £250 – £750.00, depending on the complexity of the estate. Payment of disbursement fees is mandatory prior to full engagement. Such fees include Probate fees and Land Registry searches, which are non-negotiable, creditor and bankruptcy searches and other estate administration costs.