Probate Costs Information

 

All fees and disbursements will incur VAT at 20%.

 

Applying for the grant of representation

We offer a fixed fee price for completing the documentation so that the application for a grant of representation (probate or letters of administration) can be made. The exact cost will depend on the number of assets and the total value of the Estate. This will determine if a straightforward Form IHT205 or the more complicated Form IHT400 and accompanying schedules are required together with the Oath for probate or administration and any notices that may also be necessary.

If there is Inheritance Tax payable or if there are claims for exemptions required (such as charity or residence nil rate band) or claims for agricultural property relief or or business property relief or if there were any lifetime gifts made by the deceased then there will be additional work needed.

In such matters you will be expected to obtain details of all of the assets and the balance or value of the asset at death and details of the funeral expenses and all other liabilities outstanding at death. You will also make the relevant enquiries to ascertain whether the deceased made any lifetime gifts and to provide details of these.

Our range of costs in such matters are between £500 – £1,500 and disbursements (see below for an explanation of these).

Typically obtaining the grant of representation takes between 6 – 8 weeks.

Estate Administration

We offer a bespoke service to Executors and Intended Administrators to deal with a matter from death until final distribution of the money and assets (including applying for and obtaining the grant of representation). The exact cost will again depend on the individual circumstances of the matter. If, for example there is only one beneficiary or only one or two assets then the costs will be lower as the amount of work needed will be modest. If there are multiple beneficiaries or there are many assets then the costs will be higher.

Our charges are calculated mainly at an hourly rate (currently £185 per hour). This rate is broken down into 10 individual 6 minute units and letters and telephone calls etc. are represented by these units.  As each case is different we will provide an estimate of costs once further details concerning the estate are known but typically we find that estate administration can take between 10 and 50 hours.

In addition, we charge a value element calculated on the value of the estate. This rate is generally 0.5% on the value of a house or a property and 1% on the value of all other assets including bank accounts, stocks and shares and investment etc.

As part of our bespoke service for estate administration we can:-

1. a) Provide you with a dedicated and experienced solicitor or Chartered legal Executive to work on your matter.
2. b) Identify the legally appointed executors or administrators and beneficiaries.
3. c) Accurately identify the type of Probate application you will require.
4. d) Obtain the relevant documents to make the application
5. e) Complete the Probate Application and the relevant HMRC forms.
6. f) Draft a legal oath for you to swear.
7. g) Make the application to the Probate Court on your behalf.
8. h) Obtain the Probate and send office copies to you.
9. i) Collect in and the assets of the estate and pay the funeral and testamentary expenses, taxes and liabilities and any legacies
10. j) Prepare the Estate Accounts and transfer the assets and pay the estate monies to the beneficiaries as appropriate.

Typically obtaining the grant of probate takes 6 – 8 weeks. Collecting in the assets then follows which can take between 2 – 4 weeks depending on the nature of the asset. Once this has been done and all the estate expenses and liabilities have been paid the assets can be distributed. This can take on average around 6 – 9 months depending on the complexity of the estate.  There are sometimes other complexities which mean the administration of an estate can take longer and cost more such as complications with the inheritance tax position or with Department for Work and Pensions benefits.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle payment of the disbursements on your behalf to ensure a smoother process. Disbursements can include;-

1. Probate Court Fees – Currently £155.00 (plus 50p per office copy needed).
2. Oath Fees – £5 swear fee and £2 per exhibit per individual
3. Bankruptcy search fees £2 for each individual beneficiary
4. Trustee Act 1925 Legal Notice fees – Usually in the region of £190 for a notice in the London Gazette and a local newspaper in the location where the deceased lived.

Potential additional costs

1. If there is no will or the estate consists of share holdings (stocks and shares) or if there are assets held in another country there is likely to be additional cost that could range significantly depending on the estate and how they are to be dealt with. We can give you a more accurate quote once we have the relevant information.
2. Dealing with the sale or transfer of a house or property is not included.
3. If there is a dispute about the Will or a claim under the Inheritance Act 1975 to be made against the Estate.

 

If you wish to speak to a member of our probate team for advice or assistance concerning an application for a grant or representation or the estate administration process for a quotation, please contact the following

 

Newquay office

James Hilton    jh@ralphlaw.co.uk telephone number 01637 872218

 

Wadebridge office

Kimberley Bartle       kb@ralphlaw.co.uk telephone number 01208 812277