Will, Trusts & Probate Fees
Applying for the grant, collecting and distributing the assets (full estate administration)
This work will normally be undertaken on an hourly rate basis. On rare occasions a fixed fee may be appropriate. See below for more detail on this.
It is very difficult to give narrow estimates for this type of work as each case is different. We pride ourselves on working with you to offer a bespoke service where we undertake the elements of the administration you want us to, thereby enabling you to undertake some of the work yourself, if you wish. We will discuss what is involved with you so you can decide if you wish to undertake any tasks yourself.
Within the department we generally work in small teams meaning the most appropriately qualified fee earner is able to deal with each aspect. Our charging rates are as follows:
|Paralegals and administrative assistants||£80 – 235 plus VAT at 20%|
|Solicitors, legal executives & TEP||£235 – 295 plus VAT at 20%|
|Partners||£325 to £360 plus VAT at 20%|
The exact charge rate of fee earners within each category is based primarily on experience.
For most straight forward estates we anticipate the work will take between 8 and 14 hours, at an average rate of approximately £274 plus VAT at 20% per hour. This is a total of between £2,200 and £3,850 for our time. This equates to between £2,640 and £4,620 after VAT. As mentioned 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 any range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. If there are other assets, such as shares, other investments, additional properties or foreign assets they are likely to exceed the higher end.
These quotes assume:
- There is no question over the validity of any will or it is a straightforward intestacy
- There is no more than one property and you deal with all utilities, insurance and clearance
- There are accounts at no more than 3 bank or building societies (including NS&I)
- There are no other intangible assets
- There are no more than 4 beneficiaries of age and full capacity
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to a substantial increase in costs and the involvement of our contentious probate team
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC. If there is no tax payable but claims are required for a transferable nil rate band, or the longer form of inheritance tax return is otherwise required this is likely to add around 3 to 4 hours work at a cost of around £820 to £1,100 plus VAT at 20%
- There are no claims made against the estate
- We do not deal with any tax matters other than inheritance tax
In addition payments to third parties, called disbursements, will also be payable. The likely ones are:
- Probate application fee of £273
- Copies of the grant £1.50 per copy (usually one per asset)
- Bankruptcy searches £2 +VAT at 20% per beneficiary (at least one for each beneficiary)
- Post in The London Gazette and Post in a Local Newspaper (section 27 notices) – these help to protect against unknown creditors These are placed through an agency which is cheaper than placing direct The costs depends on what the local paper charges. The cost is usually between £180 to £220 inc VAT at 20%.
- Land Registry office copies £6 plus VAT at 20% per property
We handle the payment of the disbursements from available funds on your behalf to ensure a smoother process.
On average, estates that fall within this range are dealt with within 6 to 12 months. Typically, obtaining the grant of probate takes 24 to 32 weeks. Collecting assets then follows, which can take between 8 and 20 weeks. Once this has been done, we can distribute the assets, which normally takes 4 to 6 weeks.
Potential additional costs
If there is a liability to inheritance tax or advice is required on any other taxes.
If there are assets in excess of those set out above the costs could increase significantly depending on their nature and how they are to be dealt with. This is particularly true if there are direct equities and share certificates are missing.
Dealing with the sale or transfer of any property in the estate is not included. A separate quote will be provided if it is to be transferred. If it is to be sold our Conveyancing department can provide a quote.
If we are the only executors and there are no persons benefiting from the estate who are able to help with practical tasks cost are likely to increase significantly. If this means we are in a position where we have to give the matter priority at the expense of other matters and undertake steps we would usually not, such as arranging a funeral or house clearance a % uplift may be charged.
If the will creates ongoing trusts, we are required to advise on any post death arrangements, or if the estate includes an interest in a private business or agricultural land then costs will be significantly more.
If the deceased was a beneficiary of a trust.
If the deceased made significant gifts prior to death.
We will discuss additional charges with you when we have full details of the assets and work required. If any additional work is needed the time frame above is likely to increase. Again we can discuss this with you when we have full details.
Fixed fee applications
On occasions clients ask us to assist them in applying for a Grant, but not to assist with any administration. We are happy to do this. Normally we will charge £1250 plus VAT at 20% when the long form of IHT return is not required, and £2.500 pus VAT at 20% when it is. These quotes are on the basis that we are not required to obtain any valuations of assets in the estate or to conduct any enquires into the nature and extent of the assets. It assumes that the person who has died has a full nil rate band for inheritance tax available to them and that there will be no claim for additional reliefs such as a transferable nil rate band or residence nil rate band. It also assumes no foreign assets, interests in trust, or claims for agricultural or business relief. We may still be able to provide this service on a higher fixed fee basis and are happy to discuss this with you.
In addition, payments to third parties, called disbursements, will also be payable. The likely ones are:
- Probate application fee of £273
- Copies of the grant £1.50 per copy (usually one per asset).
We are also happy to undertake other aspects of the administration process for you on a fixed fee basis. Please discuss this with us.