If you are requiring assistance with Probate then we as a firm, know how distressing this time can be and we wish to ensure that matters are dealt with as sympathetically and efficiently as possible,
with minimum stress to you at such a difficult time.
We therefore offer you an initial half hour consultation for free, during which we will discuss the specific aspects of the particular estate that you are involved in.
At the end of this consultation, we will provide you with an estimate for our fees which will depend on the individual circumstances of the estate such as:
- Whether there is a valid will
- Whether there is more than one property
- How many bank accounts there are
- What other assets are held in the estate
- How many beneficiaries there are
- Whether there are likely to be any disputes over the estate or any claims made against the estate
- Whether a full inheritance tax account will need to be submitted to the HMRC
Our fees are charged on an hourly basis of £240 plus VAT. The number of hours involved in dealing with an estate will depend upon the complexity of that particular estate, however usually, it may take;
- From 3 hours if we are preparing an application for a Grant of Representation and you have provided us with the values as at the date of death – therefore from £720 plus VAT
- Up to 50 hours if we obtain all the date of death valuations, prepare the application for a Grant, collect assets in and pay liabilities after receiving the Grant and eventually distribute the estate to a number of beneficiaries – therefore up to possibly £12,000 plus VAT.
If the estate is complex, then we would discuss this at the time of taking your instructions as the costs could be in excess of the estimated times above.
In addition to our fees, the following disbursements are likely to become due during the estate’s administration:
- Probate application fee of £155 plus 50p for each copy of the Grant – this fee is proposed to increase in relation to applications submitted after 1 April 2019. The fee will be dependent on the value of the estate - the proposed new fee will range from nil for estates up to £50,000 to £6,000 for estates worth over £2 million. Copies will still cost 50p.
- A fee of £5 plus £2 for each exhibit to swear any oath or affidavit required (per executor)
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
- Between £150 and £200 cost to publish a notice to creditors in The London Gazette and the Local newspaper to protect against unexpected claims from unknown creditors.
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
The work involved, would include, if we are to deal with the full administration;
- Obtain details of all accounts, insurances and financial investments held and contact the relevant parties on your behalf
- Once all information is to hand, attend to any inheritance tax matters and apply for Grant of Probate to the Probate Register
- Collect in the assets of the estate and account to the beneficiaries in accordance with the Will in place, or as appropriate the Rules of Intestacy (if there is no Will)
- Prepare and provide to you, estate accounts and confirmation as to the distribution of the estate
It is not possible to be exact on the timing of dealing with the administration of an estate, however as a rule of thumb for full administration of an estate,
this could be between 4 to 18 months (which includes the potential sale of a property), which would involve;
- Obtaining grant of probate between 8-12 weeks.
- Collecting assets following receipt of Grant of Probate between 4-6 weeks but will take longer if there is a property to sell as mentioned above
- Distribution of the assets which normally takes 2-3 weeks from collection.
The above is on the basis that it is an uncontested Probate.
Please do not hesitate to contact our Probate Department if you would wish to discuss the above further or have any queries.
21 Wish Road
Tel: 01323 400530
Fax: 01323 733493