Fees - Dealing with Probate matters.

Our Fees – Probate Matters.

Applying for the Grant, collecting and distributing the assets (where there is an Inheritance tax return, IHT205 required)

Total cost estimate £700.00 to £1,400.00 excluding VAT. We anticipate this will take between 4 and 8 hours’ work at £175.00 per hour.

This estimate is to provide an indication of our fees. Costs will vary depending on the size of the estate. If there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. However, until the extent of the assets and liabilities of the estate are known it is difficult to estimate our costs.

We will handle the full process for you. This quote is for estates where:

  • There is a valid will
  • There is no more than one property
  • There are no more than 3 bank or building society accounts
  • There are no other intangible assets
  • There are 2- 4 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 account to HMRC
  • There are no claims made against the estate

 

Disbursements

In addition to our fee the following disbursements are payable: (these are fees related to your transaction that are payable to third parties. We handle the payment of disbursements on your behalf to ensure a smoother process)

  • Probate application fee of £155.00 plus £1.50 for additional Grants
  • Bankruptcy-only Land Charges Department searches (£2.00 per beneficiary)
  • £83.40 post in The London Gazette – Protects against unexpected claims from unknown creditors
  • Approximately £120.00 post in a Local Newspaper – This also helps to protect against unexpected claims

 

Potential additional costs

  • If there is no will or the estate consists of any share holdings (stocks and bonds) or an interest in a business there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We will provide a more accurate quote once we have more information
  • Dealing with any liabilities of the estate. We will provide a more accurate quote once we have more information.
  • Preparation of tax returns
  • Disputes between executors and/or beneficiaries
  • Complex or specific issues relating to the estate
  • Estates where there are foreign assets
  • Dealing with the sale or transfer of any property in the estate is not included

 

How long will this take?

On average, estates that fall within this range are dealt with within 4 to 6 months. Typically, obtaining the grant of probate takes 8 to 12 weeks. Collecting assets then follows, which can take between 6 to 8 weeks. Once this has been done, we can distribute the assets, which normally take 8 to 10 weeks.

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