Probate & Administration of Estate

Probate and Administration of Estate

Probate is the term used for the proving of the Will by the court to obtain a Grant of Probate. If you have been appointed as an executor of someone’s Will who has died you may require a Grant of Probate to enable you to administer the estate.

If someone has died and does not have a Will then an application may be required for a Grant of Letters of Administration by the persons entitled under the intestacy rules (usually family members).

It is not always necessary to obtain a Grant and we can advise you whether a Grant is necessary, and the steps required to administer the estate should that be the case.

Being appointed as an executor of an estate, whether for a member of your family or close friend, can be a daunting task at a difficult time. Administering an estate can be complex and take a considerable length of time to complete.

We can provide as much or as little a help as you need from simply giving you some advice, dealing with the Probate application on your behalf or completing the administration of the estate.

Probate and Estate Administration Fees

Obtaining a Grant of Probate only

We will obtain a Grant of Probate only if the client wishes to deal with the administration of the estate themselves. We would agree a fixed fee at the outset based on the number of assets within the estate and whether or not a full HMRC (IHT400) account is required. Our minimum fees are:

• £1,500 if an IHT400 is not required.
• If an IHT400 is required, we will charge a minimum fee of £2,500 but will provide you with a fee quote depending on the complexity of the matter.

Our fees above only apply where:

• There is a valid Will
• There is no more than one property
• All assets are in the UK
• There is no inheritance tax payable

Once we have obtained the Grant of Probate, we would pass these to the Executors to enabling them to collect in the assets, draw up their own estate accounts, distribute the funds, deal with the deceased’s tax affairs, and finalise the administration of the estate.

The above quotes are based on the presumption that you provide us with the date of death value of each asset.

Full Administration of Estate

Our charges are calculated at £225.00 per hour.

Our fees will depend on the individual circumstances of the estate. For example, if there is one beneficiary and no property, costs will be lower. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be higher. We will handle the whole process for you.

As a guide only, our fees are likely to be between £3,000 - £5,000 if

• There is a valid Will
• There is no inheritance tax payable and the executors are not required to submit a full IHT400 account to HMRC.
• There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs.
• There are no claims made against the estate.
• There is no more than one property
• There are no more than 6 assets.
• There are no other intangible assets.
• There are no more than 5 beneficiaries.
• All assets are in the UK

As part of our service, we will identify the legally appointed executor or administrators, collect details of all of the assets and obtain the valuations of the assets, accurately identify the type of Probate application you will require and apply for the grant. Once Probate has been obtained, we will then collect and distribute all assets in the estate.

In addition to our fees, the following disbursements will be incurred:

• Probate application fee – currently £300.00 plus £1.50 for each sealed office copy of the Grant required.
• Bankruptcy Searches (£2.00 per beneficiary).
• If you require a statutory notice to be placed in the London Gazette and local newspaper which helps to protect the Executors against claims from unknown creditors, we will advise of the cost involved.
• Land Registry Office copy Entry fee (£3.00 for each property title if registered).

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

• If there is no Will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is dealt with. We can give you a more accurate quote of our fees once we have more information.
• If there are assets outside the UK this will involve additional work and costs.
• If there is more than one property
• If there are multiple assets and/or beneficiaries
• If a calculation and payment of inheritance tax is required
• Any other complications except for a claim being made against the estate or executors.

How long does it take?

The length of time that it takes to obtain the grant and administer the estate depends on the complexity of the estate, the number and type of assets comprised within the estate, the number of beneficiaries and whether there are any creditors. We will be able to provide you with an accurate estimate of how long it is likely to take to obtain the grant and administer the estate once we have all of the relevant details from you.