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The work we will carry out on your behalf will include obtaining probate valuations, preparing probate papers, applying for the grant, paying outstanding debts, collecting and distributing assets and preparing estate accounts.
The exact cost will depend on the individual circumstances of the matter.
Our charges are based on the time spent dealing with the matter and a percentage of the gross value of the estate. The relevant percentage will be 1% of the value of the gross estate less the residence and ½ % of the value of the residence. For the purpose of calculating the relevant percentage, assets jointly held with a surviving spouse and passing by survivorship are excluded.
We will handle the full process for you. Below are examples of our charges in typical probate matters.
Example 1, the most straight forward and Example 2 where more work is involved.
Gross estate valued at £50,000
We will handle the full process for you. This is based on estates where:-
There is a valid will.
There are no more than four bank or building society account.
There are no other assets.
There are no more than two 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.
We anticipate that the work in Example 1 will take between 3 to 4 hours at £195.00 per hour based on a gross value of £50,000. Our total cost estimate is £1,085 to £1,280 plus VAT.
House valued at £200,000 and gross value of remaining assets £80,000
There is no more than one property.
There are no more than four bank or building society accounts.
There are no other intangible assets.
There are no more than four beneficiaries.
There are no disputes between the beneficiaries on division of assets. If disputes arise it is likely to lead to an increase costs.
There are no claims against the estate.
We anticipate that the work in Example 2 will take between 5 to 6 hours work at £195.00 per hour. Based on a gross value of £280,000, and the percentage charge split as to ½ % in respect of the value of the property at £200,000 and a percentage charge on the remaining assets of the estate at 1% of £80,000. Our total cost estimate is £2,775 to £2,970.00 plus VAT.
Disbursements which are in addition to the fees detailed in Example 1 & 2 above.
Probate application fee of £155.00
Office copies of the Grant of Probate £0.50p each
Swearing of the Oath ( per executor) £7.00
Bankruptcy search (only land charges department search £2 per beneficiary) £8.00
In some cases it will be necessary to incur the following disbursements:-
£78.18 Trustee Act Notice in the London Gazette – protects against unexpected claims from unknown creditors.
Approximately £100.00 Trustee Act Notice in a local newspaper – this also helps to protect against unexpected claims.
Search of the National Will Register £105.00
Disbursements are costs related to your matter but are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
There may be potential additional costs including but not limited to the following:-
If there is no will or the estate consists of any shareholdings (stocks and bonds), insurance policies, foreign assets, trust assets there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with.
Where this firm is appointed executors.
Where there is a partial intestacy.
Where there are infant beneficiaries.
Dealing with the sale or transfer of the property in the estate is not included.
Dealing with a claim by the Department for Work & Pensions.
Arranging insurance for the property.
We can give you a more accurate quote once we have more information.
How long will the administration of the estate take.
On average estates of the type that we have described in the examples above are dealt with within 4 to 6 months. Typically, obtaining the Grant of Probate takes two months, collecting assets then follows, which can take between 4 to 6 weeks. Once this has been done, we can distribute the assets, which normally takes 4 to 6 weeks but the period of the administration can take significantly longer where there is a property to sell.