Probate & Estate Administration – Pricing and Timescales
The fees involved in a probate matter can vary and this will depend on the individual circumstances of the matter.
Range of costs with fixed fee for additional work:
The fees will vary and are dependent upon individual circumstances and we do not believe that it would be sensible to provide at this stage to give an estimate of any tax that may be payable. We would advise you to look on the HMRC Website to calculate Inheritance Tax which may be due. The calculators can be found at: https://www.gov.uk/guidance/hmrc-tools-and-calculators#inheritance-tax-and-bereavement
The range of fees will depend on whether there is one beneficiary, and one property. In this instance the fees would be at the lower end of the range. The fees will increase depending on whether there are multiple bank accounts, shares, beneficiaries and the number and value of any properties.
We will handle the full process for you and this estimate is for estates where:
- There is a valid Will;
- Whether any executors have died or refuse to act;
- 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 no more than 4 beneficiaries;
- Whether any beneficiaries do not have capacity under the Mental Health Act or a minor;
- There are no disputes between beneficiaries on the vision of assets. If disputes arise this will lead to an increase of costs;
- Whether there are any trusts in the Will;
- 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.
|Legal Fees for grant of administration only||£500.00||£100.00||£600.00|
Legal Fees for Estate administration (When Oliver & Co are instructed by the Executors)
An hourly rate of £185/£200 plus VAT per hour
Legal Fees for Estate Administration (Oliver & Co are the named executors)
A reduced hourly rate of £170/£185 plus VAT per hour together with a % fee which is capped at ½% of any property and 1% of any other assets
We can help you through this difficult process by obtaining the Grant of Probate on your behalf. We will also undertake the collecting and distribution of assets and as part of the fixed fee we will:
- Provide you with a dedicated and experienced Probate solicitor to work on your matter;
- Identify the legally appointed executors;
- Accurately identify the type of Probate application you will require;
- Complete the Probate Application and 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 two copies to you.
|Fixed Legal Fees to include the obtaining of the grant.||£500.00||£100.00||£600.00|
We do offer a fixed fee for dealing with the administration of an estate from start to finish and this will depend on the complexity of the estate and will be agreed in writing before work is commenced.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees or court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
|Probate Fee|| |
|Office Copies for the Grant of Probate|| |
|Commissioners fees for Swearing Oath of probate|| |
|Land Registry Search fee|| |
|Bankruptcy Search fee (per beneficiary)|| |
|Post in the Local Newspaper and London Gazette|| |
|Estimated Total|| |
£365.50 – £417.50
In the event that there is no Will or the estate consists of any share holdings (Stocks and Bonds) there is likely to be an additional cost. This could range significantly depending on the estate and how it is to be handled. We will discuss this with you in detail and give you advice regarding any additional fees.
In the event that additional copies of the Grant of Probate are required, these will be charged at £0.50 per copy or per asset.
In the event that the Estate is subject to Inheritance Tax our Fixed Fee will increase from £500 plus VAT to £750 plus VAT. If you have instructed us to deal with the whole of the Estate Administration then this is likely to incur a further 3-4 hours of work.
The cost of selling or transferring a property is not included in this price. If you require this service, please advise and we will provide you with an estimate in that regard.
How long will the process take?
On average, the typical estate will take between 3 – 12 months. Generally, the time taken to obtain the Grant of Probate will take between 3 – 6 months, followed by the collection of assets and distribution of the assets which can take between 4 -12 months. This range takes into account a straight forward estate through to complex estates.
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows. We will:
- Apply for Grant of Probate;
- Obtain Grant of Probate;
- Settle Liabilities;
- Collect funds ready for distribution;
- Distribute funds;
- Produce Estate accounts.
- We do not undertake tax advice.
- We do not undertake valuations for property, savings, investments or other assets.
We provide further services which we can provide estimates on request. If you require one or more services, please speak to a member of the team.