Wills & Probate
A Grant of Probate involves the proving of a deceased persons will in the Probate Registry.
Letters of Administration is a similar process to a Grant of Probate but applies in circumstances where there is no will or there is a will but no executors can be appointed by it.
The administration of the deceased person’s estate normally means dealing with the distribution of the assets in that estate following receipt of the Grant of Probate or Letters of Administration which work would normally include collecting the assets of the estate, discharging the liabilities and dealing with the distribution of the estate to the beneficiaries.
1. Probate
The obtaining of the Grant of Probate is normally a straightforward procedure and will enable up to 4 executors to be appointed by the will who can administer the estate. Provided that there is a valid will with only one property involved, there are no more than two bank or building society accounts, no other intangible assets such as digital assets then our costs will be in one of the two fixed fee options below. Those costs will also depend on there being no objections to the taking out of a grant (such objections are called “caveats”) or disputes between beneficiaries which may in some way impact upon the obtaining of a grant. If there are any such matters then the costs are likely to increase. The costs are also linked to there being no inheritance tax payable on the estate and there being no need to submit an HMRC account.
In addition to the fixed fees there are also other expenses which are commonly referred to as disbursements which do not form part of the fixed fee but are payable third parties and added to the total costs. Such disbursements are variable from time to time and can include such things as Probate Court fees which at present are £155, extra sealed copies of a Grant at .50p each, £7 swear fee for each Executor/Administrator, Bankruptcy searches at £2 each, London Gazette notices at £96 each and local newspaper notices normally in the region of £150 eachWe do not give tax advice other than as may relate to Inheritance Tax payable on an estate and our costs for giving such advice are included in our fees.
Option A.
fixed fee where grant of probate is obtained and when the value of the estate is under 325,000 and no inheritance tax is payable: – fixed legal fee £750, VAT thereon £150 and estimated disbursements allowance (to include probate court fee of £155 and .50p for each further sealed copy grant) £200 total fee £1100.
Option B.
fixed fee where grant of probate is obtained and when the value of the estate is under £650,000 where no inheritance tax is payable due to the transferable nil rate band between spouses and civil partners: – fixed legal fee £900 VAT thereon £180 and estimated disbursements as in Option A above £200 total fee £1280.
Where there is Inheritance tax payable and or a need to submit an HMRC account and the value of the estate is under £650,000 then our fees will be as in Option B above with additional fees based on additional work which will be charged at £220 per hour plus VAT
2. Letters of Administration
The obtaining of Letters of Administration is also normally a straightforward procedure but involves additional work to ascertain who can be the Administrator who will administer the estate. Our fees will be the same as in Options A and B above but where additional work is involved to determine who will be the Administrator then there will be additional fees based on such additional work which will be charged at £220 per hour plus VAT.
3. Administration of an Estate
For the Administration of an estate we have no set or fixed fees other than a minimum charge of £1100 plus VAT which allows for a maximum 5 hours work and we charge at an hourly rate of £220 plus VAT for any extra work. If the value of the estate exceeds £2,000,000 we may also request a percentage based on the value of the estate being between .5 % and 1% of such value plus VAT. If you wish to instruct us in regard to an Administration we will be pleased to provide an estimate of fees based on information available at the time we give the estimate. We may have to vary such estimate if circumstances change. It can take several months to complete the administration of an estate including the application for a Grant of Probate or Letters of Administration.
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