Grant of Probate and Administration Costs and Timescales

We understand our clients want a variety of services from us, and because of this, we are pleased to offer a range of services. We have provided information about our fees and other expenses in addition to our fees, which are called disbursements. We have also provided examples of our fees.

Grant only where there is no Inheritance Tax (IHT) to pay

• Average Fee: This means we will extract the Grant of Probate for you where the Estate is straightforward and there is no Inheritance Tax to pay. Our fixed fee is £1,650 + VAT (£330). Total: £1,980.00.

Disbursements

In addition to our fee, there will be additional expenses called disbursements which are payments made to third parties:

• Probate court application fee: £300.00 + £1.50 per copy
• Notice in the local newspaper and in The London Gazette: Estimated costs for these notices (depending upon each local newspaper charge) are £200 + VAT. This disbursement is optional if the firm are not the appointed Executors.
• Asset Search: £186 + VAT. This disbursement is optional if the firm are not the appointed Executors.

How long will it take?

We estimate it will take 6-8 months to obtain the Grant of Probate.

We will:

1. Obtain valuations of all the assets and details of the debts
2. Prepare the documents necessary to obtain the grant of probate of the Will or Grant of Administration where there is no Will
3. Following the issue of the grant, send you copies

We will not:

• Complete any Inheritance Tax forms
• Collect in any of the assets, including property
• Pay any liabilities
• Arrange payment of any legacies
• Arrange payment of income tax, inheritance tax, or capital gains.

Additional costs on grant only:

• If we need to submit an IHT400 form to claim the additional IHT allowances so that no IHT arises
• If there is no Will
• If the Estate consists of large portfolios or large amounts of individual shareholdings (stocks and bonds)
• If it comes to light that more work is required, which was not known about at the start of the matter

We can give you a more accurate quote when we have more information.

Administration of Estates

This means that we will obtain the grant of probate for you and then collect in and distribute the assets.

We will:

1. Obtain valuations of all the assets and details of the debts
2. Agree on the amount of inheritance tax (if any) and arrange for payment (if funds are available)
3. Prepare the documents necessary to obtain the grant of probate of the Will or Grant of Administration where there is no Will
4. Following the issue of the grant, send you copies

5. Close the bank accounts, call in the investments, pay debts, and generally administer the estate 

6. Pay the legacies, if any 

7. Arrange for the sale or transfer of securities (shares) and property in accordance with your instructions 

8. Settle final inheritance tax (by instalments if appropriate) 

9. Prepare estate accounts to account for all the monies received and paid by the estate during the administration 

10. Distribute the estate in accordance with the Will, or the intestacy rules, as appropriate.

We will not (unless agreed in writing and additional fees have been quoted):-

1. deal with the utility companies or council tax regarding a property;
2. deal with the insurance on a property;
3. deal with any income tax or capital gains tax liability.
4. Set up a trust or report that trust to Her Majesties Revenue and Customs (HMRC)

Our fee is based mostly on the amount of time actually spent by the solicitor and other staff in respect of any work they do on your behalf. 

In addition to our hourly charges, we sometimes charge a ‘value element’ fee based on the size and nature of the Estate. The value element is between 0.25% - 1% of the value of the deceased’s property and between 0.5% and 1.5% of the gross value of the rest of the Estate. It very much depends on the size and nature of the Estate as to what percentage amount will be applied and we will provide this information at the outset or when we have established the complexity of the Estate. Half of the value element will be billed when the Grant of Probate has been issued and the rest as your matter progresses. We will also bill for the number of hours worked when the Grant of Probate is issued the remainder will be billed as the matter progresses.

Administration of Estate costs where there is no inheritance tax payable 

Our fees

• Illustration only.
• The property is valued at £140,000 and the remainder of the Estate is valued at £175,000

Total costs are £8,600 plus VAT (£1,720) = £10,320.

In addition to our fees there are expenses called ‘disbursements’, which we have outlined above.

• Our fee does not include the payment of inheritance tax (https://www.gov.uk/browse/tax/inheritance-tax) or the payment of income tax or capital gains tax, these taxes are paid by the Estate. Our fee also does not include work in relation to income tax, capital gains tax or conveyancing work. An estimate for this work will be sent separately if requested.

There could be additional costs and each Estate has its own facts.

For example, if there is one beneficiary and no property, then the amount of time needed to administer the Estate will be less. If there are a lot of beneficiaries, more than one property and multiple bank accounts then our costs may be more.

The above example applies to Estates where:

• There is a valid Will
• There is no more than one property
• There are no more than 10 bank or building society accounts
• There are no more than 5 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 IHT400 Account to HM Revenue & Customs
• There are no claims made against the Estate

How long will it take?

• On average, Estates that fall within this range are dealt with within 12-18 months (depending on the sale of the property if there is one). 

Administration of Estate costs where inheritance tax is due

• Illustration only
• The property is valued at £350,000 and the remainder of the Estate is valued at £500,000 and may include shareholdings

Example: Full administration of the Estate where inheritance tax is due

Total costs are £16,650 plus VAT (£3,330) = £19,980.

In addition to our fees there are expenses called disbursements, which we have outlined above.

Our fee does not include the payment of inheritance tax (https://www.gov.uk/browse/tax/inheritance-tax) or the payment of income tax or capital gains tax, these taxes are paid by the Estate. Our fee also does not include work in relation to income tax, capital gains tax or conveyancing work. An estimate for this work will be sent separately if requested.

There could be additional costs and each Estate has its own facts.

How long will this take?

On average, Estates that fall within this range are dealt with within 18-24 months (depending on the sale of any property and subject to any enquiries raised by HMRC in relation to inheritance tax). 

Probate department staff qualification, experience and hourly rate 

To find out more, call us now on 01934 842811 and speak to Jacqui or email [email protected]