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Probate Pricing
Thank you for looking at our probate services. Coping with the death of a person can bring a mixture of emotions and the legal side of dealing with a person’s death can often be overwhelming and confusing. Having compassionate, experienced legal advice can make this difficult situation much easier on you and your loved ones.
Whether the deceased person left a Will or whether there is substantial wealth and property involved, the sense of burden can increase. Where a Will is in existence the Executors will need to apply for the grant of probate which will give them the legal right to administer the estate. Where there is no Will in existence, the Will is invalid, or it does not specify Executor, an Administrator will need to be appointed.
Why choose our probate solicitors?
We do not charge a value element on the estates we are instructed to administer on behalf of the executors.
We have an experienced team who can assist you with every aspect of the probate process, reducing the administrative burden and advising sensitively on key decisions which need to be made when managing an estate. We are aware that administering an estate comes at a time of grief and high emotion, and that most people do not know the processes and legal requirements involved.
We will give you a clear time frame of how long probate should take and will keep you and any beneficiaries advised throughout.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. Fees are generally paid out of the estate, so there may not be a need for you to fund the administration.
We are proud to hold the LEXCEL accreditation, issued by the Law Society. This involves the company undergoing a rigorous audit process which ensures we maintain high levels of client care.
Pricing
The fees involved in a probate matter can vary and this will depend on the individual circumstances involved.
We offer both fixed fees and an hourly charging rate, whereby you will be charged for each hour of work undertaken.
Range of Costs for full estate administration
We do not charge a value element on the estate. We believe that approach would unfairly penalise large estate where perhaps there is just one property and one bank account. We base our charges on the actual work we do for you whether it is a large or small value estate. We believe that is a much fairer way of charging for our work.
The range of fees will depend on issues such as the number of beneficiaries and whether the estate includes any property. Probate fees will also typically increase, depending on whether there are multiple bank accounts, shares and based on the number and value of any property.
Example of our fees in a full estate administration (estate value £350,000)
We will handle the full process for you and this estimate is for estates where:
- There is a valid Will
- Whether or not any executors have died or refuse to act
- There is a property
- There are up to six bank or building society accounts
- There are up to three shareholdings
- There are no other intangible assets
- There are no disputes between beneficiaries on the division of assets. If disputes arise this will lead to an increase of 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
- There are up to four residuary beneficiates
Item | Amount |
|---|---|
Legal Fees for Estate administration | £3,500 -£4,900 plus VAT |
Example of our fees in a full estate administration (estate value £650,000)
We will handle the full process for you and this estimate is for estates where:
- There is a valid Will
- There is a property
- There are up to six bank accounts or building society accounts
- There are up to eight shareholdings/investment portfolios
- There are up to two life insurance policies
- There are no disputes between beneficiaries on the division of assets. If disputes arise this will lead to an increase of costs
- There is inheritance tax payable and the executors need to submit a full account to HMRC
- There are no claims made against the estate
- There are up to five residuary beneficiaries
Item | Amount |
|---|---|
Legal Fees for Estate administration | £5,500 - £8,500 plus VAT |
The above figures may be more or less depending on your specific circumstances which we can discuss with you.
Fixed Fee – Grant of Probate only
We can help you through this difficult process by obtaining the Grant of Probate on your behalf. As part of the fixed fee we will:
- Provide you with a dedicated and experienced Probate solicitor to work on your matter
- Accurately identify the type of Probate application you will require
- Calculate the gross and net estate based on the information you provide to us
- Complete the relevant tax forms for HMRC
- Draft a Legal Oath for you to swear
- Make the application to the Probate Court on your behalf
- Provide you with Grant
Item | Amount | VAT | total |
|---|---|---|---|
Fixed Legal Fees to include obtaining the grant – Non taxable estate | £850.00 | £170.00 | £1,020.00 |
Fixed Legal Fees to include obtaining of the grant – Taxable estate | £1,700.00 | £340.00 | £2,040.00 |
Disbursements (For Both Options)
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees or court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Anticipated Disbursements
Item | Amount | VAT | total |
|---|---|---|---|
Probate Fee | £155.00 | - | £155.00 |
Office Copies for the Grant of Probate | £1.50 | - | £1.50 |
Commissioners fees for Swearing Oath of probate | £7.00 | - | £7.00 |
Title Search fee | £3.00- | - | £3.00 |
Bankruptcy Search fee (per beneficiary) | £2.00 | - | £2.00 |
Post in the Local Newspaper | Variable | ||
Post in the London Gazette | Variable | ||
Estimated Total | £167.50 |
Inheritance Tax
There are various factors that will affect any Inheritance Tax due on an estate, including the size of the estate and any measures that were put in place by the deceased to limit the estates tax liability.
We do not believe that it would be sensible to attempt to provide at this stage an estimate of any tax that may be payable. We would advise you to look on the HMRC Website to calculate Inheritance Tax which may be due, the calculators can be found at: https://www.gov.uk/guidance/hmrc-tools-and-calculators#inheritance-tax-and-bereavement
Additional Costs
In the event that there is no Will or the estate consists of any share holdings (Stocks and Bonds), there is likely to be an additional cost that could range significantly depending on the estate and how it is to be handled. We will discuss this with you in detail and advise of any additional fees.
In the event that additional copies of the Grant of Probate are required, these will be charged at £0.50 per copy or per asset.
The cost of selling or transferring a property is not included in this price, if you require this service, please let us know and we will provide you with an estimate in that regard.
Exclusions
Our fees are fixed and include items detailed above, however there may be factors which would typically increase the cost of the fees involved. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Additional services that will require the assistance of a third party at additional cost include:
- Tax advice
- Valuations for property, savings, investments or other assets
Time Scales
On average, probate for the typical estate will take between 3 – 12 months. Generally, the time taken to obtain the Grant of Probate will take between 3 - 6 months, followed by the collection of assets and distribution of the assets which can take between 4 -12 months. The range takes into account handling everything from straightforward estate through to more complex estates.
Key Milestones
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Applying for Grant of Probate
- Obtaining Grant of Probate
- Settling Liabilities
- Collecting funds ready for distribution
- Distributing funds
- Producing Estate accounts
For more information please call us on 01233 624545