Where Uncontested and where all Assets are held in the UK
All work undertaken by our Wills, Trust and Probate Department is undertaken by qualified practitioners with extensive knowledge and expertise in that area.
The cost of administering an Estate depend on the individual circumstances of the matter. A simple Estate with perhaps two Bank accounts and one beneficiary will cost less to administer than more complex Estates. Our charges are based on the work undertaken at an hourly rate.
All charges are subject to the addition of VAT.
We tailor our services so it is clearly understood at the outset the legal work that we are required to do and any work that the Personal Representatives are willing to undertake themselves.
Applying for the Grant, collecting and distributing the assets:
Our fee for obtaining the grant of probate, on your behalf, but not administering the estate would be £950.00 (where no Inheritance Tax is payable and the shorter Return of Estate Information Form (IHT 205) can be submitted to the Probate Registry). This is on the basis that asset values and details of liabilities have been provided to us by you the Executors.
Where there is no will and we are instructed to obtain a grant of letters of administration on your behalf, but not administering the estate our fee would be £1,100.00 (where no Inheritance Tax is payable and the shorter Return of Estate Information Form (IHT 205) can be submitted to the Probate Registry). Again this is on the basis that asset values and details of liabilities have been provided to us by you the Personal Representative.
If an IHT 400 is required (Inheritance Tax Account) to be submitted to HMRC and you merely wish us to be submit this on your behalf (together with obtaining the Grant of Probate) we will provide you with a quote upon request, such quote will be based upon the estate’s requirements and the provision of the necessary information by you the Executors.
It is difficult to estimate the fees for the full administration of an estate being the there are many variables which may not be foreseen.
However, as a broad guide, the fees for the full estate administration, including applying for the grant of probate, collecting and distributing the assets would usually be within the range of £2,500.00 to £4,500.00 (plus disbursements).
Such estimate would apply where:
- There is a valid Will.
- There is no more than one property.
- There are no more than four Bank or Building Society accounts.
- There are no other intangible assets.
- There are no overseas assets.
- There are between two to four beneficiaries.
- There are no disputes between beneficiaries on division of assets. If disputes do 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.
If there are, however, multiple beneficiaries, multiple properties, bank accounts/investments and other complex assets the costs could be-significantly higher and we would be able to provide a more detailed estimate upon meeting with you.
Our fees will always be proportionate to you matter.
These are fees that are payable to third parties with regard to the matter.
These vary according to each individual matter but will include some or all of the following:
- Probate Application fee (£155.00 Nov 2018) plus the cost of copies of the probate where necessary (£1.50 per copy).
- Bankruptcy search for each beneficiary (approx. £2.00 each).
- Trustee Act Notices placed in the London Gazette and also in local Newspapers (approx. £200.00).
- Any Land Registry fees with regard to any related property work (where relevant).
Potential Additional costs
- Where there we need to identify or locate beneficiaries.
- Where the estate qualifies for the transfer of an unused nil rate band.
- Where the estate qualifies for the residence nil rate band.
- If the Estate consists of shareholdings.
- If there needs to be Certainty searches undertaken.
- Additional costs may be incurred in the transfer or the sale of any property.
- Timely response of Third Parties in providing information and dealing with matters.
- If it is necessary to do any Tax Returns either for the deceased or for the administration period.
- Where a Partner of the firm acts as an executor we will charge an additional fee of between 0.5% to 3% of the gross value of the estate to reflect the additional responsibility and work undertaken with this regard (details of this will be outlined in any quote provided to you).
Duration of your matter
On average Estates falling within the above are dealt with within five to six months. It can take up to four weeks to value all of the assets in the Estate, preparation of forms applying for the Grant of Probate and completing all necessary IHT forms takes two to three weeks and once applying for the Grant of Probate will take approximately another three weeks. Collecting assets can then follow, which can take between four to six weeks and completing and approving Estate Accounts and then distributing three to four weeks.