Probate pricing
Pricing
Pricing and further information for you to obtain a Grant and administering an Estate
We understand that the death of a close relative or friend can be a difficult and distressing time. We can make matters simpler by offering assistance to the Executors of a Will in concluding their financial and other affairs.
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What work will you do for me?
We will:
assist in the location of the most recent Will if one exists
confirm the extent of all the assets, including property, savings and investments as well as any debts owed by the Estate.
deal with all tax related matters, including the calculation of any Inheritance Tax due, as well as other taxes such as Income Tax and Capital Gains Tax which may arise during the course of the administration.
arrange to settle any taxes
apply for a Grant of Probate, if required. This is decided by the value of the estate and needed to enable the Executors to administer the instructions and wishes contained within the Will.
In applying for a Grant of Probate, an estimate of the final value of the Estate is prepared by us which we then update when actual values are realised. Usually this includes the sale of assets in accordance with the Will, such as houses, cars, jewellery, art, stocks and shares etc and this is then added to various other classes of assets, such as insurance payments, refunds, pension settlements, the release of bank balances and so on.
work closely with the Executors during this process which can be lengthy as sales are realised and maintain a constantly updated financial statement as we go along. It is very important that we assist as much as possible to maximise the value of the return from sales and settlements and we maintain ongoing professional links with other professionals, such as auction houses, stockbrokers, tax accountants and advisers to assist.
distribute the assets in accordance with the Will. Depending on the size of the estate and the complexity of the distribution between the beneficiaries we can make interim payments as and when we receive funds into our client account. That too would be following our advice to executors and their subsequent instructions to us.
How long does it take?
It is best to explain how a simple probate matter would proceed assuming that the value and structure of the estate is straightforward and the distribution of the funds is simple.
In this scenario we would expect to obtain a Grant within six months of the date that the individual died and to complete the administration of a straightforward estate within a further six months of that date. However, we are in the hands of third parties for the majority of the work done and delays can occur, for example if a property sale falls through without notice.
Frequent communication between the Executors and their legal advisors here is very important, particularly if something happens to slow the process down.
Who will look after us?
It is best to explain how a simple probate matter would proceed assuming that the value and structure of the estate is straightforward and the distribution of the funds is simple. down.
Name
Job Title
Hourly Rate
Miesha Heyworth
Consultant
£290.00
Ella Waldron
Paralegal
£195.00
Director – Solicitor
Scott Cammish
£315.00
Director – Solicitor
Victoria Knight
£315.00
Trainee Solicitor
Cristian Cass
£195.00
How much will it cost?
Let’s stay with our straightforward example:
The cost of
a straightforward application for a Grant of Probate
where there is no Inheritance Tax to pay (less than £325,000)
ranges from between £3,500.00 to £5,000.00 plus VAT (£700.00 to £1,000.00). These costs are based on the hourly rates of the fee earner dealing with the matter.
Typically, the administration will also incur some additional fees (known as disbursements) as follows:-
Probate court fees - These are the charges made by the Court to register the Grant and costs £300.00.
Trustee Act notices - It is usually recommended that Personal Representatives place advertisements in the London Gazette and a local newspaper to notify creditors of their death and which typically costs approximately £200.00.
Swearing the oath for Executors/Administrators – £5.00 plus £2.00 for each additional document (i.e. a will or codicil) referred to.
Bankruptcy search fees – required before payments are made to beneficiaries at a cost of £6.00 per person where they reside in the UK.
What is not included in this example:
Additional work relating to the payment of Inheritance Tax and the completion of a full tax return,
Work relating to the submission of an Income Tax or Capital Gains Tax return.
It also assumes that the beneficiaries are easily contactable and that there are no more than ten separate assets and six different beneficiaries of the estate in total.
Any work involving a claim against the estate or disputes between executors.
Dealing with delays caused by organisations or individuals failing to respond to correspondence in a timely manner.
Matters involving a transfer of property will be charged separately, often with additional disbursements payable.
Further advice regarding Inheritance Tax savings including matters relating to Deeds of Variation will also be charged separately.
More complicated cases will be quoted on a case by case basis before we start any work for you.
These will typically be:-
those above the nil-rate band threshold
where the Will has complicated instructions
where there is a property or multiple properties
where there are more than six beneficiaries.
The price we quote will be as accurate as we can make it and any potential variation will be highlighted for you before additional costs are incurred.