In relation to the collection and distribution of the assets belonging to a person following their death where these are within the UK and the matters are not contested:
Applying for the Grant of Probate and Collecting and Distributing the Assets
If we are required to apply for the Grant of Probate and collect in and distribute the Estate’s assets, we anticipate that this will take between 15-25 hours at £300.00 per hour and the total cost of our fees excluding disbursements will be between £4,500.00 – £7,500.00.
In addition, we will charge a percentage fee for the responsibility of dealing with the Estate which is 0.5% on the value of the house and 1% on other assets.
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 quote is for Estates where:
- There is a valid Will;
- There is no more than one property;
- There is no more than three bank or building society accounts;
- There are no other intangible assets;
- There are between 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 account to HMRC;
- There are no claims made under the Estate;
- We are not appointed Executors under the Will.
If the Estate does not fall under the above, then please contact us for a quote.
Disbursements to be paid in addition to this fee
- Probate application fee: £155.00;
- Sealed grant: £1.50 per copy (1 per asset)
- Bankruptcy only Land Charges Department searches: £2.00 per Beneficiary;
- Advertisement posted in the London Gazette and posting advert in the local newspaper to protect against unexpected claims from unknown Creditors: this will depend on the location of the deceased as the local newspaper costs can vary but an approximate cost for any one in the Southend or Leigh on sea area is £260.07.
Disbursements are costs related to your matter that are payable to third parties such as Court fees. We handle the payments of disbursements on your behalf to ensure a smoother process.
Potential additional costs
If there is no Will or the Estate consists of any shareholdings (stocks and bonds), there is likely to be additional costs that could vary significantly depending on the Estate and how it is to be dealt with. We can give you a more accurate quote once we have more
Dealing with the sale or transfer of any property in the Estate is not included. We are however happy to deal with this for you at an additional cost.
How long will this take?
On average, Estates that fall within this range are dealt with within 3-12 months. Typically obtaining the Grant of Probate takes 12-24 weeks. Collecting assets then follows which can take a further 12-24 weeks. Once this has been done, we can distribute the assets which normally takes 4-8 weeks. If there is a property to be sold or if income tax is due for the administration period, then this could take longer than the time scales above.
Applying for Grant of Probate only
We can help you through this difficult process by obtaining the Grant of Probate on your behalf. Once this is received, we will end the sealed copies to you to enable you to undertake the collection and distribution of assets yourself.
How much does this service cost?
Total fixed fee of £1623.07 including VAT and disbursements on the basis that all of the points listed under “this quote is for Estates where” referred to above applies.
Breakdown of Costs
- Legal fees: £1,000.00;
- VAT on legal fees: £200.00;
- Disbursements: £423.07 (as below);
- Probate Court fee; £155.00;
- Four office copies of Probate: £6.00;
- Bankruptcy only Land Charges Department Searches: £2.00 per Beneficiary;
- Advertisement posted in the London Gazette and in a local newspaper to protect against unexpected claims from unknown Creditors. £260.07.
Disbursements are costs related to your matter that are payable to third parties such as Court fees. We handle the payment of disbursements on your behalf to ensure a smoother process. This work is included in our fixed fee.
As part of our fixed fee, we will:
- Provide you with a dedicated and experienced Probate Solicitor to work on your matter;
- Identify the legally appointed Executors and Beneficiaries;
- Accurately identify the type of Probate application you require;
- Obtain the relevant documents required to make the application;
- Complete the Probate application and the relevant HMRC forms;
- Draft a legal Oath for you to swear;
- Make the application to the Probate Court on your behalf;
- Obtain the Probate and securely send the required copies to you.
Typically, obtaining the Grant of Probate takes 12-24 weeks.
We have set out above our fee for dealing with a Probate application only and our fee for dealing with obtaining the Grant of Probate and collecting and distributing assets. For details of our Probate fee earners, please see below.
If somebody dies without a Will, a set of statutory rules govern who inherits and who is entitled to deal with the Estate. If this applies, then please contact us to discuss further. Some intestacies will be straightforward and others more complex. For this reason, we cannot provide a quote for an intestacy without further information to enable us to estimate the time required to deal with the matter. However the hourly rate will still be £300.00 + VAT per hour.
HMRC has two types of forms for Estates. The above quotes are on the basis that HMRC’s ‘Return of Estate Information’ form is required and not a full inheritance tax return.
If the deceased was survived by their spouse or civil partner and the Estate passes to them, a full inheritance tax return will generally not be required unless the Estate is worth more than £1,000,000.00.
If the Estate passes to Beneficiaries other than a spouse or civil partner, then generally a full inheritance tax return will be required if the deceased’s Estate is over £325,000.00 or is less than this figure but the deceased has:
- Made gifts of over £150,000.00;
- The right to benefit from a Trust;
- Owns assets outside the UK of more than £100,000.00;
- Paid premiums on a Life Insurance Policy that did not pay out to a surviving spouse or the Estate;
- Disposed of their pension rights in the 2 years before their death.
If the Estate passes to Beneficiaries other than a spouse or civil partner, then the rules around inheritance tax and the different allowances are quite complex so please feel free to contact us to discuss further and we will then be able to confirm which type of HMRC form is required and if any inheritance tax is likely to be payable. For more information please also see www.gov.uk/inheritance-tax
Fees for Wills and Lasting Powers of Attorney
Our fees for advising on preparing a single Will on a simple Estate will be £300.00 plus VAT which equals £360.00.
Wills for husband and wives, civil partners and other couples where the Wills are to be the same (mirror Wills)
For two Wills on simple Estates, our fee will be £500.00 plus VAT which equals £600.00.
If we have to visit you at home or in Hospital to take instructions for the Will and return to you with the Will for signature, we will add an additional £250.00 plus VAT which equals £300.00. This covers home visits or Hospital visits in the Southend on Sea, Rochford or Castle Point Borough Council areas. We will give an additional quote for visits outside of these areas.
Lasting Powers of Attorney
There are two types of Lasting Power of Attorney.
Our fees for advising and registering Lasting Powers of Attorney depend on whether you require the Lasting Power of Attorney for Health and Welfare and/or Property and Finance.
Single one type: £400.00 plus VAT equals £480.00 plus registration fee of £82.00 which totals £562.00.
Single two types: £600.00 plus VAT equals £720.00 plus registration fee of £164.00 which totals £884.00.
Couple one type: £600.00 plus VAT equals £720.00 plus registration fee of £164.00 which totals £884.00.
Couple two types: £1,000.00 plus VAT equals £1,200.00 plus registration fee of £328.00 which totals £1,588.00.
Lasting Powers of Attorney at Home
For attending at your home, we charge an additional cost of £125.00 plus VAT which equals £150.00 for one visit assuming that this is in the Southend on Sea, Rochford or Castle Point Borough Council areas.
Fee earners dealing with Probate and private client matters are:
- Lorna Steed – Partner
- Anna Barbouti – Solicitor
For more information on each of these fee earners, please see ‘Our Team’ under the ‘About Us’ tab above. Lorna Steed and John Grimes are responsible for supervising all fee earners handling Probate and private client matters.