Administration of estates are handled by our experienced specialist wills and probate solicitors.
We anticipate the administration of a simple estate will take between 10 and 15 hours work. The currently hourly rate is £325 per hour (plus VAT at 20%.
Total costs are estimated at £3,250 to £4,875 (plus VAT @ 20%). We do not (unlike some banks and solicitors) charge an additional fee based on a % value of the estate.
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be lower.
We are able to handle the full process for you. Our estimated fees of between £3,250 and £4,875 (plus VAT at 20%) will apply where:
- there is a valid will
- there is no more than one property
- there are no more than two different banks or building societies involved
- there are no other intangible assets
- there are two residuary beneficiaries and no separate legacies
- there are no disputes between beneficiaries on division of assets (please note:. if disputes arise this will 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.
Disbursements which will be charged in addition to our fee:
- LEGL ID AML Check: £15.84 plus VAT for each client instructing
- Probate application fee of £300 plus £16.00 for each additional copy
- Land Registry title downloads: £7 plus VAT per property
- Standard identity & Insolvency Check (on each beneficiary):£11 plus VAT per person
Optional disbursements which may be charged in addition to our fee:
- SectionSection27 advertisement in the London Gazette and the local paper (protects against unexpected claims from unknown creditors): up to £252.50
- Financial Asset search (comprehensive search for assets and liabilities): from £165 plus VAT
- Valuation reports for properties, shares, vehicles etc: to be quoted for upon instruction
Disbursements are costs related to you rmatter 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.
Any inheritance tax or other tax liability is a separate liability of the estate (and is not included in our fees or disbursements referred to above).
Potential additional costs
If there is no will or the estate consists of any share holdings (stocks and bonds), substantial assets or multiple beneficiaries, there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. Complexities around Estate income tax and capital gains tax can also affect the costs of dealing with the Estate. We can give you a more accurate quote once we have more information from you about your matter.
Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, simple estates are dealt with within 8-10 months as typically, obtaining the grant of probate takes up to 20 weeks. Collecting assets then follows, which can take about a month. Once this has been done, we can distribute the assets, which normally takes about a month. If there is property within the Estate the time it takes to complete the administration can depend on the time it takes to sell the property.
Where we are dealing with third parties, such as banks, we can only work as quickly as they respond to us, which can in turn have an impact on the amount of time it takes to deal with matters.
If there is a property which is part of the estate which is to be sold, it can take longer to deal with.
In some cases, executors are advised not to distribute the estate until a period of 6 months from the date on which the Grant of Probate was issued as it is possible for certain categories of person to make a claim against the estate if they feel that the deceased did not make adequate provision for them. If the executors distribute the estate within 6 months from the Grant of Probate and a subsequent claim is made, the executors will be personally liable. It is possible to distribute within the 6 months period but subject to the agreement of the executors.
Our Fixed Fee Service
In addition to providing our full estate service, we offer a range of fixed fee options when dealing with a deceased estate. Some clients prefer to collate information regarding the assets in the estate, and where an estate is very simple, we can offer to do only the application for a Grant of Probate for you. Our fixed prices for Grant of Probate applications start from £1500 plus VAT at 20% plus the disbursements listed above.
If you would like more information about our costs and whether our fixed fee service would be suitable for your needs, please dont hesitate to get in contact with the Wills and Probate team to request a quote.