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 will 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 bank or building society accounts
- 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. 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.
Disbursements which will be charged in addition to our fee:
- probate application fee of £275 plus £1.50p for each additional copy
- bankruptcy-only Land Charges Department searches (£2 per beneficiary)
- £180 (approximately) advertisement in the London Gazette and the local paper – protects against unexpected claims from unknown creditors.
Disbursements are costs related to your matter 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.
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 6-8 months as typically, obtaining the grant of probate takes up to 16 weeks months. 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.