Coping with bereavement can be a distressing and emotional time. We pride ourselves on being able to deal with your issues sensitively and efficiently. We are a dedicated team who will work with you every step of the way to deal with the estate as quickly as possible. As every estate is different, we suggest that the first step is a meeting with you so that we can get to know you and the estate which will need to be distributed.
Introduction
Probate is the court-supervised process of gathering a deceased person’s assets, paying debts and taxes and distributing what is left to those who are named as beneficiaries, in the Will.
Uncontested probate is where there is no dispute over the Will and distribution of assets.
Below we provide you with information on our Legal Fees, disbursements and the length of time it will take to complete your matter. For a more accurate quote, tailored to the estate you are dealing with, please contact us on 01256 460830 or [email protected]
Legal Fees and Disbursements
Legal Fees are the amount you will be required to pay for all of the work performed by us in actioning your instructions, from commencement of your case to conclusion.
We can handle the full process for you or assist you at varying stages of the process. The precise stages involved in an uncontested probate vary according to the circumstances. We have set out the key stages of a standard transaction for full administration. This includes
- providing you with a dedicated and experienced probate practitioner to work on your matter;
- identifying the legally appointed executors or administrators and beneficiaries;
- identifying the type of Probate application you will require;
- obtaining the relevant documents required to make the application;
- completing the Probate application and the relevant HMRC forms;
- drafting the probate application papers for submission to the Probate Registry;
- making the application to the Probate Registry on your behalf;
- obtaining the Grant of Probate and circulating amongst the financial institutions; and
- collecting and distributing all of the assets in the estate.
You may instruct us to assist with obtaining the Grant of Probate itself and nothing else, or you may prefer for us to deal with the entire estate administration on your behalf.
Our average standard legal fees for an uncontested probate matter vary depending on the type of instructions and the work to be undertaken. Below we set out further information regarding the services offered and the typical fee range. Where possible we will provide you with a quote at the outset of your matter although this may be subject to change if further information comes to light.
Our fees are calculated largely by reference to the time spent in dealing with the matter (although other matters may also be taken into account, such as the complexity of the work undertaken, and the value of the assets being dealt with).
As is standard for most legal firms, charging by the hour means that we charge in units of 6 minutes. Each letter, email, or telephone we send out is charged as one unit if it takes 6 minutes or less to complete. If, for example, a telephone call lasts 11 minutes it will be charged as two units. Each letter or email received is charged as half a unit. We also charge for the time taken to deal with the matter that has arisen from that correspondence (in excess of 6 minutes)- and naturally for other time spent on the file. The costs are based on my hourly rate as set out below.
The hourly rates of the relevant team members vary from between £100 – 325 plus VAT as below. The team is headed up by Sian Lias and Lisa Perry who supervise all members of the team.
VAT is charged at the prevailing rate (currently 20%)
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Same day (CHAPS) Electronic money transfers are charged at £45 plus VAT (£54 inc VAT) and International money transfers are charged at £65 plus VAT (£78 inc VAT).
To give you an idea on the likely costs, we have set out some fairly common probate scenarios with a range of costs:-
Grant of Probate application only where there is a Will with no Inheritance Tax payable
This assumes we are assisting you with an application for the Grant of Probate where there is no Inheritance Tax payable and no need to complete an IHT400.
Our fees start from £2,500 plus VAT for submission of the Grant of Probate application. This is on the assumption all information is provided by you.
If you require us to write to financial institutions and obtain valuation reports we will discuss our fee estimate with you at that time.
Complete Administration for the above estate would be in the region of £4,000 – £8,000 plus VAT.
Grant of Probate application only where there is a Will and an Inheritance Tax Report is required
This assumes we are assisting you with an application for the Grant of Probate where there is need to complete an IHT400 and where either Inheritance Tax is payable or a claim for the Residence Nil Rate Band is needed.
Our fees start from £4,000 plus VAT for submission of the Inheritance Tax report and Grant of Probate application. This is on the assumption all information is provided by you.
If you require us to write to financial institutions and obtain valuation reports we will discuss our fee estimate with you at that time.
Complete Administration for the above estate would be in the region of £8,000 – £12,000 plus VAT.
Letters of Administration application only where there is no Will and no Inheritance Tax is payable
Where a Will has not been located or is not valid, an application for Letters of Administration will need to be submitted. On an intestacy we will require a Will Search to be undertaken and a Family Tree Verification. We will not be able to assist you with your application unless this has been undertaken. We will liaise with genealogists to confirm the Family Tree Verification and confirm to you whether further research is needed.
Our fees start from £3,000 plus VAT for submission of the Letters of Administration application. This is on the assumption that all financial information is provided by you.
If you require us to write to financial institutions and obtain valuation reports we will discuss our fee estimate with you at that time.
Complete Administration for the above estate would be in the region of £5,000 – £10,000 plus VAT.
Letters of Administration application only where there is no Will and an Inheritance Tax report is required
Where a Will has not been located or is not valid, an application for Letters of Administration will need to be submitted. On an intestacy we will require a Will Search to be undertaken and a Family Tree Verification. We will not be able to assist you with your application unless this has been undertaken. We will liaise with genealogists to confirm the Family Tree Verification and confirm to you whether further research is needed.
This assumes we are assisting you with an application for Letters of Administration where there is need to complete an IHT400 and where either Inheritance Tax is payable or a claim for the Residence Nil Rate Band is needed.
Our fees start from £5,000 plus VAT for submission of the Inheritance Tax report and Letters of Administration application. This is on the assumption all information is provided by you.
If you require us to write to financial institutions and obtain valuation reports we will discuss our fee estimate with you at that time.
Complete Administration for the above estate would be in the region of £12,000 – £15,000 plus VAT.
Assumptions
The exact cost of each matter will depend on the individual circumstances of the matter.
Our fee estimates above are for estates where: –
- There is no more than one property.
- There is no more than £350,000 in bank or building society accounts.
- There are no other intangible assets.
- There are no more than 3 beneficiaries than stated above
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs.
- There are no claims made against the estate.
- There is no tax clearance awaited for either inheritance or income tax.
If at any stage our fees change, we will notify you and discuss the reason for any changes. This would typically occur if you change your instructions or your case involves an unforeseen complexity.
We will be happy to provide you with a quote based on your individual circumstances if your matter falls outside of the above assumptions.
Our average fees assume that:
- The transaction is concluded in a timely manner and no unforeseen complications arise.
- All parties to the transaction are co-operative and there is no unreasonable delay from any person/institution in providing documentation.
Disbursements and Other Costs
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf, to ensure a smoother process.
You will be provided with a full list of disbursements in our formal quotation. If any further disbursements are incurred during your case, you will be notified in advance of the reason and the amount.
Typical disbursements will include: –
- Thirdfort ID checks £14.95 plus VAT per person
- Probate application fee is currently £300 plus £16 per office copy of the grant
- Bankruptcy-only Land Charges Department searches are £9 inc VAT
- Office copy register of title is £10.20 inc VAT
- Certainty National Will Register search £126 inc VAT
- Asset search costs between £195 plus VAT to £230 plus VAT
- Placing Section 27 Trustee Act Notices in The London Gazette – Protects against unexpected claims from unknown creditors. From £100+VAT (£120.00 Inc. VAT)
- Newspaper close to where the deceased lived – This also helps to protect against unexpected claims. From £150 – £200+VAT (£180.00 – £240 Inc. VAT)
How long will this take?
The time frame for completing an estate administration varies and is dependent on third parties (i.e. financial institutions, Probate Registry timeframes, HMRC timeframes etc).
Where an estate is straightforward with no Inheritance Tax payable, the estate administration will normally take three months to six months to complete following receipt of the Grant of Probate.
Where Inheritance Tax is payable, the estate administration could take between six months and a year to complete. This is because HMRC have their own time scales for the issue of documentation to allow for probate to be applied for, issue assessments and review the estate. If the estate is complex, it could take even longer.
We can help you through this difficult process by obtaining the Grant of Probate on your behalf. We will also undertake the collection and distribution of assets.
Protecting you from claims against the Estate
It is important to be aware of the Inheritance (Provision for Family and Dependents) Act 1975.
This legislation enables a person who is a family member and/or a person maintained by the deceased to make a claim against the deceased’s estate if they believe inadequate provision has been made for them by the deceased.
A claim must be brought within 6 months of the date of the Grant of Probate and the Claimant then has a further 4 months in which to serve notice of their application on the Executors of the estate. We would recommend the estate is not distributed until 10 months from the date of the Grant of Probate has lapsed.
If an estate is distributed within 10 months of the date of the Grant of Probate and a successful claim is brought, the Executors will be personally financially liable to meet the claim if there are no funds available from the estate.
If the beneficiaries want the estate to be distributed within the 10-month period, it is possible to take out early distribution insurance to protect the Executor(s) against claims brought against the estate. We can assist with obtaining quotes for such a policy and costs would be discussed on a case by case basis.
Potential additional costs
Further potential costs may arise where: –
- If there is no will or the estate consists of any share holdings (stocks and bonds) 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 quote once we have more information.
- If any additional copies of the grant are required, or copies of previous grants (i.e. predeceased spouse) they will cost £16.
- Copy death certificates cost £11.
- Dealing with the sale or transfer of any property in the estate is not included.
Questions
If you have any questions relating to our services and our fees, please contact us on 01256 460830 or email us at [email protected]