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Probate Pricing

The administration of the estate of someone who has died (often called “Probate” although, in fact, this only refers to a small portion of the work involved) is a complex area of work and no two cases are the same. Accordingly, our fees for dealing with work of this type tend to vary depending upon particular circumstances of individual cases and for this reason, our fees below are estimates. Please contact us for a bespoke estimate of costs.

 

The outline below covers the main stages of Estate Administration. As the work involved can vary greatly from one case to another depending upon a great many factors, it is not possible to give any fixed costs for a “standard” estate. The following is, however intended to be a guide to assist you.

 

The administration of an estate will often break down into four distinct stages, some of which may overlap.

 

Stage 1. Probate

The initial process, leading from the death of an individual up to the application for a Grant of Probate to their Will, will involve establishing details of the assets of their estate and, thereafter, obtaining valuations of those assets and, where appropriate, completing an Inheritance Tax Account and paying any Inheritance Tax that may be due on the estate before the application for the Grant of Probate may be made, and then making the application itself.

 

Stage 2. Gathering up the assets of the estate

The immediate “post Grant” work will involve registering the Grant of Probate once it has been issued by the Court with the various asset holders and cashing in the assets of the estate and gathering them together. At this stage, if there is a property in the estate that will need to be sold, it should be placed on the market. 

 

Stage 3. Tax and other administrative matters

Whilst the assets of the estate are being gathered, the Executors will need to pay the debts of the estate and deal with various administrative matters, in particular liaising with HMRC in relation to the Income Tax, Capital Gains Tax and, if appropriate, Inheritance Tax affairs of the estate. In complex cases, this stage of the work in the administration of an estate can take considerable time and will extend beyond the period of time spent in gathering the assets.

 

Stage 4. Winding up and distribution

Once all the assets of the estate have been gathered (Stage 2) and the liabilities and tax affairs resolved (Stage 3), then the Executors can move forward to Stage 4, the winding up and distribution of the estate. Principally will include the preparing Accounts of the estate showing the receipt of assets and how they have been dealt with and how they are represented, whether in cash or in stocks and shares or whatever other assets may still be held by the Executors at the time they are ready to distribute the estate.

 

The Estate Accounts will also show what the various beneficiaries of the estate (whether under the deceased’s Will or, if there was no Will, under the rules of intestacy which govern who inherits what when that person dies without making a Will) are to receive in respect of their shares of the estate and, depending on the number of beneficiaries and the complexity of the deceased person’s estate, the distribution stage could be quite complex or, for example, if there is a single beneficiary and relatively few assets, it could be very straight forward. 

 

Our costs

 

We anticipate that the administration of an average estate incorporating all of the above stages will take between 15-30 hours of work. To give you an idea of the possible costs, the hourly rate charged will be a combination of £270 + VAT per hour for a solicitor and £135 + VAT per hour for support staff. 

 

If we were to break down the stages, they would roughly fall as below:

 

If we are instructed to deal with Stage 1 (application for Probate) alone, and the estate is straightforward (for example consists mainly of money held at the bank and/or a property, and there is no Inheritance Tax to be paid) then our fees should be in the region of £1350-£2160 + VAT. This reflects approximately 5-8 hours of work by a solicitor at an average charge rate of £270 + VAT per hour for a solicitor and 135 + VAT per hour for support staff.

 

In a very straightforward case, Stage 2 (gathering in the assets) might involve up to 7-15 hours of work at a charge rate of £270 + VAT per hour for a solicitor and 135 + VAT per hour for support staff. This fee could be significantly higher in more complex estates.

 

For Stage 3, if the estate's tax affairs are very straightforward (and, in particular, if there is no Inheritance Tax to pay), this could be undertaken within 3-5 hours of work at £270 + VAT per hour for a solicitor and £ 135 + VAT per hour for support staff. However, in more complex cases, especially where Inheritance Tax is payable and where negotiations with HMRC concerning inheritance tax need to be entered into, Stage 3 could take much longer.

 

Stage 4 will depend upon the size and complexity of the estate. In a very straightforward estate, the preparation of simple cash accounts and distributing the estate would not take more than 2-4 hours by a solicitor at £270 + VAT per hour for a solicitor and 135 + VAT per hour for support staff.  In more complex estates involving substantial assets and a large number of beneficiaries and possibly involving the appropriation of assets, significantly more time would be required.
 

Generally, we do not make an additional charge based on the value of the estate. In more complex cases and/or where the firm members are appointed as Executors this type of charge may be applicable. This is based on Law Society rates, namely 0.75% for any land or property and 1.5% for the remainder of the estate. If such a charge were to apply this would be clearly set out and explained prior to work being undertaken.

 

What is an average case?

An average case for us is one where:

• There is a valid Will

• There is no more than one property

• There are no more than 5 bank or building society accounts

• There are no other intangible assets

• There are no more than 4 beneficiaries

• There are no disputes between beneficiaries on division of assets. If disputes arise, this is

likely to lead to an increase in costs

• There is no inheritance tax payable and the executors do not need to submit a full account

to HMRC There are no claims made against the estate.

 

The fee/time estimate does not include fees in dealing with the sale or transfer of any property in the estate or dealing with the registration of estates if necessary on the trusts register with HMRC

 

Disbursements

During the course of the administration of an estate, various fees may be payable on your behalf (known as disbursements).  Disbursements are costs related to your matter which are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

We will ask for payment on account to cover basic disbursements. The usual amount requested is £500. Examples of the most common disbursements are listed below (although this list is not exclusive):

  • Probate Registry fee (for issuing the Grant) £300.00 (No VAT) plus £1.50 for each Court sealed copy at the date of the main application and £10 per copy thereafter

  • Bankruptcy Searches against each UK-based beneficiary prior to a payment being made £2 + VAT.

  • Statutory Advertisements. Advertisement in The London Gazette to protect against unexpected claims from unknown creditors. £100- £150 + VAT (approx.) Advertisement in a local newspaper to help to protect against unexpected claims £75- 100 + VAT (approx.)

  • Financial Assets & Liability Search (including Unclaimed Assets Search) fee £222 (inclusive of VAT).

  • Land Registry Office copy entries £3.00 + VAT per property.

  • Certainty Will search (if required) £105 + VAT

  • Affidavit to be lodged with the probate application (if required). £5 + VAT swear fee and £2 + VAT exhibit fee

 

Potential additional costs

If there is no Will or the estate consists of any share holdings (stocks and bonds), there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. Should this apply, we would provide you with an estimate of any additional costs prior to these being incurred. 

 

Inheritance Tax

Inheritance Tax has to be attended to as a priority. For this to occur, executors, estate administration solicitors and other parties should ensure that the information pertaining to the estate, its value, its assets and liabilities is collated and provided as accurately as possible. Inheritance Tax should be paid within six months from the date of death – failure to achieve this timescale may result in the estate's executors or administrators becoming liable for penalties and interest.

 

The Executor's Year

The "Executor's year" is designed to give executor's sufficient time to deal with estate assets and liabilities and to draw up accurate accounts before distributing the funds to beneficiaries. As such, personal representatives are not bound to distribute the estate until one year after the death. Because of this, gifts of money usually only attract interest one full year from the date of death.

 

On average estates take between six and twelve months to fully complete. However, in more complex and/or contentious cases, the process may take significantly longer. In extreme cases, it may take as many as two or more years to reach conclusion. *Please note that while our pricing information seeks to ensure that you have the information you need to make an informed choice of legal services provider, including understanding what the likely costs may be, it is only indicative, and you will be provided with more precise and personalised costs information should you decide to instruct us

 

Who will advise you?

Sara Sheppard will do the work supported by one of our Legal Secretaries. They will both be supervised by Principal Solicitor & Director Mary-Joyce Insaidoo.

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