Applying for the grant of Probate, collecting and distributing the assets (No Inheritance Tax to pay)
We can deal with the whole of the administration of an estate upon your behalf including obtaining asset valuations, establishing liabilities, applying for the Grant of Probate and dealing with final distribution of the estate.
Every estate is different, and it can be difficult to provide a detailed estimate of costs. However, typically, we anticipate that our legal costs would be between £3,000 – £7,000 plus VAT* and disbursements. Fees are charged based on an hourly rate of between £300 – £340 plus VAT and in some cases, the overall value of the estate may be taken into account when calculating our fees. This is known as a “Value” element and depending on the circumstances, may be up to 1% of the estate value.
The exact cost will depend on the individual circumstances of the matter. For example, 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.
We will handle the full process for you.
This price guide is for estates where:
- There is a valid will
- There is no more than one property
- There are no more than 8 bank or building society accounts
- There are no other intangible assets or foreign property
- There are 1-4 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 Inland Revenue Account to H M Revenue & Customs
- There are no claims made against the estate
Disbursements in addition to this fee include:
Probate application fee of £300 plus £1.50 for each additional copy of the Grant of Probate requested.
£150 – £200 – Post in The London Gazette and local newspaper – Protects against unexpected claims from unknown creditors (if required)
*Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Potential additional costs
There may be additional costs if we are required to deal with any of the following:
How long will this take?
On average, estates that fall within this range are dealt with within 6-12 months. Typically, obtaining the grant of probate takes up to 16 weeks. Collecting assets then follows, which can take between 4-6 weeks. Once this has been done, we can distribute deal with discharging any estate debts/liabilities which normally takes 4-6 weeks and thereafter, the distribution of estate assets. These time frames are simply estimates and may vary depending on the circumstances.
*VAT is currently levied at 20%
