Expert guidance on probate costs

Our private client rates are aimed at helping our clients get through these times without the estate over spending on costly administration fees.

Of course every matter is unique and the costs will depend on the size of the estate and what instructions are received.

If an estate's value is one that requires a Grant of Representation, but is very simplistic, this firm can simply apply for that Grant, leaving ·you to realise assets, settle the liabilities and deal with distribution of the residuary estate if, of course, you feel confident enough to do so.

Our present hourly rate is £225 per hour plus VAT.

Our charges for obtaining the Grant of Representation on your behalf, with you providing details of all assets and liabilities ranges between £270 inclusive of VAT. and £540 inclusive of VAT.

We do not charge any additional percentage for estates under the value of £500,000. Over and above this, however, we may charge 1% of the whole estate.

*VAT is at the prevailing rate and details can be found in the following link www.gov.uk/vat-rates

1. Where there is a valid Will.

2. There is only one property belonging to the estate.

3. The estate is not liable for Inheritance Tax.

4. There are no more than 5 bank or building society accounts.

5. All assets are easily identified.

6. There are no other intangible assets.

7. There are no more than 6 beneficiaries.

8. There are no disputes between the beneficiaries. If a dispute arises during the course of administration then costs will increase.

9. There are no claims made against the estate.

We would estimate this firm's costs to be in the region of £1,000.00 to £3,500.00 plus VAT and disbursements dependent upon the size and value of the estate which will be discussed full with you at your appointment. This fee includes assisting you with the collection and distribution of the assets as well as applying for the Grant of Representation.

1. Probate application fee £273 subject to Government change

2. Additional sealed office copies of the Grant £1.50 each

3. Bankruptcy Searches £2.00 plus v.a.t.

4. Post in the London Gazette and in the local newspapers to protect the estate from unexpected claims prices are upon application at time printing.

The above list is not exhaustive it is possible that there may be unexpected disbursements but matters of this kind would be discussed fully with our clients.

Depending upon the circumstances and valuations of an estate Inheritance Tax may become a liability. It is difficult to estimate this firm's costs of such an estate without the full details as it could be misleading if we did so. For guidance on Inheritance Tax we would advise you to visit HMRC website to calculate what Inheritance Tax may be due. Calculations can be found at:

https://www.gov.uk.guidance/hmrc-tools-and-calculators#inheritance-tax-and-bereavement/

As each probate representation case differs there may, of course, be additional costs to the estate and listed below are just a few:-

1. There is no Will.

2. It is believed there is a Will but it cannot be traced.

3. There are more than 4 beneficiaries some of which cannot be traced or may have predeceased but there are no death certificates proving the same .

4. Beneficiaries who do not have mental capacity under the Mental Capacity Act 2005 or who are minors under 18 years of age .

5. The Will contains trusts.

6. Claims are made against the estate.

7. An IHT400 Inland Revenue form needs to be completed because of the value of the estate or the value of gifts made during the lifetime of the deceased.

8. Agricultural relief needs to be applied for. Business relief needs to be applied for.

Inheritance Tax is payable and there are over 5 bank or building society accounts.

9. There are over 5 beneficiaries named in the Will.

10. The estate consists of shareholding amd investments linked to the stock exchange.

11. An executor wishes to renounce or refuses to act.

12. An executor does not wish to act and is to be given Notice of non acting.

The above list is not exhaustive and any or all additional costs would be discussed with you before any action is taken.

Any property sale or transfer is not included in the above list of castings.

Depending on the size of the estate and the instructions obtained by the client the time scale for an application for the Grant of Representation ranges between 4 and 16 weeks. 

If you wish us to obtain the Grant of Representation, collect and distribute the assets, estates falling within the estimated region of £1,000.00 to £3,500.00 are usually concluded within 6 to 8 months longer for larger estates. For example, if the Grant of Representation is obtained within 12 weeks, it usually takes a further 4 to 8 weeks to realise all the assets and pay all liabilities depending, of course, on the number of assets and liabilities that comprise the estate. 

It is usual for this firm to advise any Personal Representative to wait for a period of 6 months from the date of the Grant of Representation before making any distribution of an estate and we would discuss the options regarding this fully when taking instructions. 

The costs of any property or properties forming part of an estate that needs to be sold falls outside any estimated probate fees but this is discussed fully with our clients when taking their instructions.