When someone dies their 'estate' - money, property and possessions - has to be distributed in line with their Will. It's usually necessary for the relatives to apply for Grant of Probate or Letters of Administration to allow them to do this. The process can be difficult when you are coping with the death of a loved one.
We can take this responsibility off your shoulders by:
Where possible we meet clients face to face. It may reassure you to meet us in person and gives us the chance to gather all the information we need. All information is treated confidentially.
At our office: You can arrange to come to our office.
At your home: If you'd feel more comfortable talking to us at your home, or your place of work, we'll be happy to visit you there.
Living overseas: If you are dealing with the estate of a Canadian resident and you live overseas, we can normally handle processes so you don't need to travel to Cayman Islands.
We can act as administrator or executor and give you regular progress reports.
As to fees, unlike High Street banks who can charge up to 10% and solicitors who charge up to 5% of the gross estate, this practice has no scale of charges on our probate matters. Instead, our fees reflect the extent of the work undertaken and where the estate is involved and complex. In all cases, however, the fees are much less than banks and other Solicitors and like to feel that the client receives a more personal service at a realistic price.
A (D.O.V) is a document which changes a Will after they have died. we can even make a Will for somebody who has died intestate (without ever making a Will) by inserting a notional Will in the Deed.
For example, Husband, wife, two children over 18 years all property and assets were in the name of the husband and valued at $800,000, so under the Laws of intestacy at that time his wife receives
$125,000 and the remaining balance is divided between his wife in a trust ($337,500) and the two children ($337,500). At that time, the rate above which inheritance tax (IHT) is payable at 40% was
$250,000. Although his wife would not have paid any (IHT) due to spousal exemption, the children would have had a tax bill of 40% on their share of the estate ($337,000), so $337,000 minus the
Inheritance Tax Free allowance of $250,000 would leave a taxable amount of $87,000 which is taxable by 40%, amounts to $34,800 (IHT) payable.
A Deed of Variation was entered into creating a notional Will giving all of his estate to his wife who has 100% spousal exemption for (I.H.T) Of course, in order for the (D.O.V) to be legal then
all the persons who are affected by the laws of intestacy have to agree and sign it.