We anticipate this will take between 10 and 20 hours of work at a range of hourly rates according to the charging rate for the member of the department responsible for the matter. See details of our Team here. Total costs estimated at £2,000 – £5,000 (plus 20% VAT). 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 at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.
We will handle the full process for you. This estimate is only for estates where:-
• There is a valid Will
• There is no more than one property
• There are no more than 4 bank or building society accounts
• There are no other intangible assets
• There are 1-4 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.
Disbursements to be added to this fee:-
• Probate application fee of £300 (no VAT) which is payable to HMCTS
• Bankruptcy – only Land Charges Department searches (£2 (no VAT) per beneficiary and per executor acting)
• Between £150 – £250 plus 20% VAT to post in the London Gazette and in a local newspaper. This protects against unexpected claims from unknown creditors and also helps to protect against unexpected claims.
• If any additional copies of the Grant are required, they will cost £1.50 (no VAT) per copy (one per asset usually)
• The will/codicil and application for Probate is sent to the Probate Registry via Royal Mail using their ‘signed for’ service. The postage cost will vary according to the size and weight of the envelope but will cost anywhere between £3 (no VAT) and £10 (no VAT)
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. As part of this fee we will:-
• Provide you with a dedicated and experienced probate solicitor, legal executive or probate paralegal to work on your matter
• Identify the legally appointed executors or administrators and beneficiaries
• Accurately identify the type of probate application you will require
• Obtain the relevant documents required to make the application
• Complete the probate application and the relevant HMRC forms
• Prepare a Legal Statement to be signed • Make the application to the Probate Court on your behalf
• Obtain the Probate
• Collect and distribute all assets in the estate
How long will this take?
On average, estates that fall within this range are dealt with within 6 – 12 months. Typically, obtaining the Grant of Probate takes 18 – 32 weeks. Collecting assets then follows, which can take between 5 – 8 weeks. Once this has been done, we can settle liabilities, pay legacies and distribute the assets, which normally take 5 – 12 weeks. Please note that we are often dependent on financial institutions as to how long it takes to receive valuations and to cash assets after receipt of the Grant. This could increase the length of time to complete the administration of the estate.
There will be potential additional costs and time involved:-
• If there is no Will
• If the estate consists of any share holdings (stocks and bonds)
• If there are any business assets including farms, partnerships, limited companies for which Business Relief and / or Agricultural Relief needs to be claimed
• If there is any inheritance tax liability and it is necessary to submit a full account to HMRC
• If there are any foreign assets or complexities including the deceased or a spouse being domiciled abroad
• If any variation to the terms of the Will or Intestacy are required by Deed of Variation • If the Will or Intestacy is contested
• For the preparation of Income Tax Returns including any capital gains tax liability of the estate.
There is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate estimate once we have more information. Dealing with the sale or transfer of any property in the estate is not included – this work would be conducted by our Conveyancing Department if required. Details in relation to the costs associated with the sale of a property can be found there.