Details of our fees for estate administration, including obtaining probate, are shown below.
Our Fixed Fee Option
The cost of a simple grant extraction is typically set between £3,500 and £4,500 + VAT.
We can help you through this difficult process by obtaining the Grant of Probate for the executors (if there is a will) or the administrators (where there is no will). In this section we set out our typical fixed fee prices. These prices assume that the executors/administrators will provide us with full details of the assets and debts of the estate and their values as at the date of death.
This includes:
- A dedicated and experienced probate lawyer to work on your matter
- An initial meeting to identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of Probate application you will require
- Advising on the probate process
- Advising the executors or administrators on their duties and responsibilities
- Advising on the information required to obtain Probate to help you to prepare a list of the assets and liabilities and their values
- Reviewing and checking the information you provide to us is in accordance HM Revenue & Customs (HMRC) rules
- Advising you as to IHT payable to obtain the Grant.
- Obtaining an Inheritance Tax (IHT) reference and completing the relevant IHT calculations and forms including ensuring exemptions and reliefs are claimed
- Drafting a legal statement for you to sign and making the application to the Probate Registry on your behalf
Chasing the Probate Registry and HMRC where necessary, obtaining the Probate and ensuring safe delivery or storage of the original Probate.
Third Party Costs
Disbursements are costs related to your matter that are payable to third parties, such as court fees. These include:
- Probate Registry Fee – £300 with additional copies charged per copy (no VAT).
- Copies of the deeds to the deceased’s property – Approximately £5 + VAT per property
- Protection from unexpected claims from unknown creditors – Approximately £200 + VAT
- ID/AML check – £55 + VAT per person
- File storage fees – £60 + VAT per matter
Timescales
From receipt of the list of the assets and debts and their values from you, it will typically take us 2 -4 weeks depending on the complexity of the Estate to prepare the probate application and any IHT forms (where applicable) for you to sign. HMRC takes on average 4 weeks to notify the Probate Registry that Probate can be granted. The Probate Registry takes on average 16 weeks to issue Probate from the date the application is received by them.
Our Complete Administration Service
The fixed fee option is not for everyone. Bereavement can be an emotionally traumatic experience, and this can make dealing with the administration of the estate a daunting prospect. Even if you are not directly affected by the death, you may still want a helping hand through the administration process. We offer this help through our Complete Administration Service where our trained and experienced team will deal thoroughly with every aspect of the estate on your behalf, from beginning to end.
Every estate is different, and our price will be bespoke to you. We will take into account the information available at the outset to provide you with an estimate. We do understand that sometimes it is difficult to provide us with all of the information at the beginning and it’s sometimes difficult to foresee all the issues that may arise and so we will make sure we will keep you updated with costs information periodically.
Our Prices
Our Complete Administration Service of an estate including obtaining the Grant of Probate or Letters of Administration, reporting to HMRC, collecting in and administration of all assets in the estate, dealing with enquiries and chasing third parties, whilst keeping you informed, typically costs between 2.5% – 4.5% of the gross estate value. This percentage varies as each estate is unique – some estates comprise a bank account and a house, others require a more detailed approach to deal with liquid and illiquid investments, overseas assets, multiple beneficiaries, tax considerations and important Trusts, which all need to be diligently worked through.
Our costs are based partly on the value of the estate and partly on the time spent dealing with the matter.
The value element reflects the importance of the matter and consequently the responsibility and liability imposed on this firm and its solicitors, and other factors such as the complexity of the matter and the skill involved.
Our time is charged at the rates set out in the table below, plus VAT and typically can range from £3,000 to £20,000 but for a large and/or complex estate, the time charge may be higher.
- Paralegal – £200-240 per hour
- Solicitor and Chartered Legal Executive £295–£375 per hour
Partner – £420 per hour
The Complete Administration Service – Probate Stages
The stages and processes which need to be completed to administer the estate are set out as follows. We will keep you updated throughout:
Stage 1
- Meeting with a dedicated and experienced probate lawyer to work with you on your matter and to identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of Probate application you will require and advise on the probate process
- Secure and manage any properties to protect and maintain them, whilst Probate is pending and until realisation
- Advising the executors or administrators on their duties and responsibilities
- Advising on the information required to obtain Probate
- Initial correspondence to investigate and obtain various valuations for all assets and liabilities
Prepare a thorough Schedule of Assets and Liabilities
Stage 2
- Prepare relevant Inheritance Tax (IHT) forms and all relevant schedules and decide on the most appropriate and efficient IHT strategy for the estate
- Obtain an IHT reference from HMRC where necessary
- Calculate the IHT due on the estate and ensure that the correct Inheritance Tax (IHT) exemptions and reliefs are claimed
Prepare the IHT payment forms where necessary and liaise with banks and investment houses to arrange payment of the IHT due on submission of the IHT Tax Return to HMRC
Stage 3
- Draft a legal statement for you to sign
- Make the application to the Probate Registry on your behalf
Obtain Probate
Stage 4
- Collect in all assets
- Pay all known liabilities
- Advertise for creditors
- Liaise with property solicitors regarding the sale of any property*
- Arrange payment of all IHT liabilities
- Prepare and finalise Income Tax to date of death
- Prepare and finalise Tax Returns for the period of administration
- Prepare all Tax Returns needed to finalise the Capital Gains Tax position
- Obtain HMRC clearance for all taxes
- Carry out bankruptcy and ID/AML checks on all beneficiaries
- Pay legacies
- Deal with any transfer of assets to beneficiaries named in the Will
- Make interim distributions
- Obtain receipts
*Competitive conveyancing costs will be provided
Stage 5
- Finalise the Estate Accounts
- Delivery of Estate Accounts to Executors and obtaining their approval
- Delivery of Estate Accounts to residuary beneficiaries and obtaining their approval prior to distribution
- Distribute the estate
- Obtain receipts
- Prepare R185 tax certificates as required
Third Party Costs
Disbursements are costs related to your matter that are payable to third parties, such as court fees. These include:
- Probate Registry Fee – £300 with additional copies charged per copy (no VAT).
- Copies of the deeds to the deceased’s property – Approximately £5 + VAT per property
- Protection from unexpected claims from unknown creditors – Approximately £200 + VAT
- ID/AML check – £55 + VAT per person
- File storage fees – £60 + VAT per matter
Timescales
On average, a taxable estate may take about a year to complete but there are some which complete in a much shorter timescale and some which may take longer.
