Help with Probate

Pre-paid or help now?

Capital Life are here to help with Probate, in order to make the process as simple and straightforward as possible.

There are 2 ways to pay for probate with Capital Life, either when you need it or you can pay in advance via our Pre-Paid Probate Plans and save thousands.

Help with Probate now – “At need”

For those who don’t have a plan, Capital Life charge a percentage of all of your assets (property and belongings) which is valued at the time of need, so it is important for you to understand the likely value before making a decision whether or not to wait until death or pay in advance.

The table below details the potential charges based on the value of your Estate at the time of need:

Estate value Up to £325,000 £325,000 – £650,000 Above £650,000
Capital Life charges 2% 2.5% 3%
Potential cost £6,500 plus VAT £16,250 plus VAT £30,000*

*£30,000 based on a total estate value of £1million

Pre-paid Probate Plans

Should you wish to Pre-Pay for your Probate by purchasing a Pre-Paid Probate Plan, your loved ones could save thousands. Below is an illustration of how it works:

Estate value at time of plan purchase Up to £325,000 £325,000 – £650,000 £650,000 – £1,250,000
Capital Life charges £3,995 £5,495 £6,995
Potential saving £2,505 £10,755 £23,005

Included in every plan is the following:

  • Obtaining a Grant of Probate
  • Contacting all beneficiaries and providing regular updates
  • Accounting for any and all monies spent
  • Liaising directly with HMRC to ensure all Tax and VAT issues are resolved
  • Claiming life insurance where required
  • Closing down all bank accounts
  • Closing down all gas, electric and water accounts
  • Closing down all any mobile phone, landline and broadband accounts
  • Contacting any creditor and closing down accounts
  • Contacting local council to notify of change to Council Tax
  • Contacting mortgage company or landlord (where required)
  • Holding any money in a secure client account and ensuring that is monitored, audited and made available to beneficiaries for their peace of mind
  • If required, arranging valuations on property and listing for sale
  • What (if any) private pensions do you hold and their approximate value?
  • What other assets do you own – such as cars, jewellery or other valuable items and their approximate value?

NOT Included in your plan:

  • Cost of listing property for sale with an Estate Agent or similar
  • Land registry searches
  • Any cost not related to the Probate such as conveyancing, stamp duty or other applicable taxes
  • If Probate is contested, the cost of this will be met by the person(s) contesting
  • Other disbursements as per our Terms and Conditions (see below)
  • Please see our Additional Considerations Sheet (see below)

IMPORTANT: If your estate value at the time of death is MORE than the value of the purchased plan, an additional fee of 1.95% of the difference in values will be charged.

Example:

Mrs Smith buys a Probate Plan in 2022 for £3,995. This covers her Estate up to the value of £325,000. However, at the time of her death, her estate is worth £500,000; Capital Life will charge the Estate 1.95% of the difference between £325,000 and £500,000 totalling £3412.50. This amount will be paid out from the Estate, however the beneficiaries would, in this instance still save £5,092.50, as the cost for Probate “at need” would have been £12,500 (2.5% of £500,000)

Call us on 0800 411 8690 to see how Capital Life can help you with all your Probate and Inheritance Planning needs

Or click here to fill out a short form to arrange a FREE Inheritance Planning Review at a time to suit you

Pre-paid Probate Plan Terms & Conditions Additional Considerations Sheet