Coping with the death of a person can bring a mixture of emotions and the legal side of dealing with a person’s death can often be overwhelming and confusing. Having compassionate, experienced legal advice can make this difficult situation much easier on you and your loved ones.
Whether the deceased person left a Will or whether there is substantial wealth and property involved, the sense of burden can increase.
We have an experienced team who can assist you with every aspect of the probate process, reducing the administrative burden and advising sensitively on key decisions which need to be made when managing an estate. We are aware that administering an estate comes at a time of grief and high emotion, and that most people do not know the processes and legal requirements involved.
We will give you a clear time frame of how long probate should take and will keep you and any beneficiaries advised throughout.
You will have the confidence that you are our priority, with our aim being that any member of the team is available to speak with you when you need some clarity and certainty at any stage in the process. We feel this provides reassurance and gives you an outlet for any concerns that you may have. Fees are generally paid out of the estate, so there may not be a need for you to fund the administration.
The fees involved in a probate matter can vary and this will depend on the individual circumstances involved.
We offer both fixed fees and an hourly rate charging rate, whereby you will be charged for each hour of work undertaken.
Range of Costs With Fixed Fee For Additional Work
The fees will vary and are dependent upon individual circumstances. The below are estimates only.
The range of fees will depend on issues such as the number of beneficiaries and whether the estate includes any property. Probate fees will also typically increase, depending on whether there are multiple bank accounts, shares and based on the number and value of any property.
Small Estate Administration
£3000 - £5000 +VAT and disbursements
- A simple Will or intestacy
- IHT205 required
- Non-taxable Estate
- One property
- No more than 3 bank accounts
- No intangible assets
- No more than 4 beneficiaries
- No trusts
- No business or agricultural assets
Mid Range Estate Administration
£5,000 - £8,000 +VAT and disbursements
- Will or intestacy
- More than one property
- IHT400 required
- Inheritance tax to pay
- More than 3 bank accounts
- More than 4 beneficiaries
- Missing beneficiaries
- Simple company assets
Fees in excess of £8,000.00+VAT and disbursements
- Complex intestacy with missing beneficiaries
- A property portfolio
- Complex IHT400
- Claiming Business or Agricultural Property Relief
- Company assets
- Agricultural assets
- Will trusts
- Capacity issues of beneficiaries
We can help you through this difficult process by obtaining the Grant of Probate on your behalf. This service will not involve any of the administration of the Estate. We will draft the requisite tax forms and complete the Probate Application on your behalf.
Non-Taxable Estate with an IHT205 - £800.00+VAT
Taxable Estate with a Simple IHT400 -£1500.00+VAT
A complex IHT400 will be charged at the hourly rate of the person drafting. A complex IHT400 would include one or more of the following assets;
1) An intestacy
2) Business assets
3) Agricultural assets
5) Trust assets
Disbursements (For Both Options)
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.
There are various factors that will affect any Inheritance Tax due on an estate, including the size of the estate and any measures that were put in place by the deceased to limit the estates tax liability.
Additional services that will require the assistance of a third party at additional cost include:
- Tax advice on income and capital gains tax
- Valuations for property, savings, investments or other assets
- Property Management services for unoccupied properties
- Registration of any trusts
Time Scales and Milestones
On average, probate for the typical estate will take between 3 and 12 months. Generally, the time taken to obtain the Grant of Probate will take between 3 and 6 months, followed by the collection of assets and distribution of the assets which can take between 4 -12 months.
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Applying for Grant of Probate
- Obtaining Grant of Probate
- Settling Liabilities
- Collecting funds ready for distribution
- Distributing funds
- Producing Estate accounts