The cost will be on a fixed fee basis which will be agreed between us at the time. Home visits may incur extra expense dependent on circumstances and distance.
Costs are dependent on the individual circumstances of the estate (the assets, liabilities, the realisation process, beneficiaries, distribution, conflicts etc).Generally a simple estate will be one where there is a valid Will and a few adult beneficiaries and the estate is solvent with a couple of bank accounts and/or a residential property with no conflicts and no inheritance tax is due where the Form IHT205 applies. An estate such as this will be towards the lower scale of our fees.
Generally a full administration will include:-
Arranging the valuation of estate assets such as property, shares, jewellery etc;
Ascertaining the gross and net value of the estate by contacting various entities such as banks; credit card companies care homes, utility companies;
Completing the appropriate inheritance tax form; a prerequisite to applying for a Grant;
Arranging the inheritance tax payment from liquid assets, if required;
Drafting the Oath/Statement of Truth;
Applying for the Grant of Probate or Letters of Administration;
Realising the assets
Defraying the liabilities from those assets
Drafting estate accounts
Accounting to beneficiaries
Our fees are fixed at £3,900 for a simple Estate with a gross value not exceeding £350,000. Estate’s with a gross value exceeding £350,000 we work on a fixed percentage of 2%. Other fixed percentages can be agreed dependent on the value of the Estate and complexity of the Estate.
Probate application fee of £155.00 and 50p for each additional sealed copy Grant (NB: Court fees and copy Grant fees are subject to change set by the Courts)
£7.00 Swearing of the oath (per executor)
Bankruptcy search (£2.00 per beneficiary)
£78.20 Notice in The London Gazette to protect against unexpected claims from unknown creditors.
As each estate is different it is difficult to provide an accurate estimate of how long the administration of the estate will take. In a very simple estate where the IHT205 form is used we would estimate gathering information required for the probate application usually takes no more than 3 weeks; the probate application process usual takes no more than 2 weeks and the realisation of the estate no more than 3 weeks with a further 3 weeks to conclude with distribution to beneficiaries – around 3 months.
For an average estate we estimate the administration process just over 12 months which is quite normal.
Extra fees will be incurred for unforeseen work:-
Disputed estate, assets, liabilities, Will etc.
Inquiries by the DWP, HMRC, District Valuer etc.
Deed of Variation
Managing Trusts (including minor or disabled beneficiaries)
Inheritance Tax Planning
The cost will be on a fixed fee basis which will be agreed between us at the time. Worked carried out on an hourly rate is charged at £350.00 for a senior solicitor; £265.00 for a solicitor; £125.00 for a trainee solicitor or para-legal
Only Finances standard £650.00 plus VAT plus £82 court fee (optional)
Only Health & Welfare standard £650.00 plus VAT plus £82 court fee (optional)
Finance and Health & Welfare standard £1,150.00 plus VAT plus £164 Court fee (optional)
Home visits may incur extra expense dependent on circumstances and distance.