OBTAINING THE GRANT OF PROBATE or GRANT OF ADMINISTRATION
We offer a number of levels of services to assist clients through the difficult process of obtaining the Grant of Probate OR Grant of Administration. The exact costs will depend on the individual circumstances of the estate and we are always happy to discuss these in more detail.
“Band A” – £950.00 plus VAT @ 20%
A simple estate is where there is a valid will, no more than one property, a small number of bank accounts and the executors are providing all the necessary values to complete the forms and a full Inheritance Tax account is not required as there is no Inheritance Tax to pay or IHT exemption to claim.
Disbursements are not included in the above and these are additional costs you will need to pay to 3rd parties. These will be in the region of :
- Probate application fee £155 – £165
- Adverts in the London Gazette and Local Newspaper – to protect the executors against unexpected claims from unknown Creditors £150 – £250
- Land registry search where there is a registered property of £3 to £5
- 30 minute initial attendance where we will take your instructions and deal with any enquires you may have. You will be required to provide all details of the estate including the date of death balances of accounts and investments (either face to face or telephone conference)
- A letter of advice following our meeting
- Preparation of the HM Revenue Form IHT 205 & Draft a legal Oath for the Executors to swear but no advice on IHT
- 30 minute report (either face to face, telephone conference or e-mail report).
- Telephone calls/e-mails to/from you x 5
- Submitting the Grant Application to the Probate Registry and Corresponding with them if required
- Obtaining and checking Grant of Probate
“Band B” – £1,000.00 to £1,500.00 plus VAT and disbursements
More complex estates where there are share holdings or where the executor is not able to provide the necessary values and we will need to obtain the information on behalf of the Executor to obtain the Grant or where there is no valid Will and we need to obtain Letters of Administration under the Intestacy rules
All as in band A plus:-
- Contacting the assets holders to obtain the information required to obtain the Grant
- Advice on Intestacy and who is entitled where there is no valid Will
- Checking figures and information received
- Notifying utility companies etc of the death
- Obtaining share valuation if necessary
- Arranging property insurance, (the premium may need to be paid by the executor if funds cannot be accessed at this time)
- Advice on dealing with the transfer or sale of assets and payments of liabilities
“Band C” – £1,500 to £2,500.00 plus VAT
Estates where Inheritance Tax needs to be paid or the appropriate exemptions claimed are more complex and require additional work
*Additional disbursements may be required e.g formal valuations of property in the region of £200 – £400 plus VAT
Inheritance Tax may also be payable before the Grant can be obtained. It may be necessary to obtain a bank loan for this purpose or access the deceased’s assets if appropriate.
All as in Band A and B Plus: –
- The completion of appropriate HM Revenue Form IHT400 full account and supplementary forms as required
- Obtaining formal valuations as necessary
- Claims for additional IHT allowances
- Obtaining and advising on payment of IHT
- Obtaining an IHT reference
- Submitting IHT forms and supporting documents
Administration of the estate
All additional work after the Grant of Probate or Letters of Administration is charged at an hourly rate. The current rates are as follows:-
Senior Partner: £250.00 to £300 per hour plus VAT
Senior Associates: £201 to £249 per hour plus VAT
Associate Solicitors: £192.00 to £201.00 plus VAT
Assistant Solicitors: £146 to £160 plus VAT
Trainee Solicitor/Paralegal: £110 to £120.00 plus VAT
We anticipate that to collect the assets, pay the liabilities prepare detailed estate accounts and distribute the funds or transfer of the assets to beneficiaries this would take in the region 10 to 15 hours depending on the complexity of the estate. Where complex issues arise with the Inland Revenue over inheritance tax then the time is likely to be considerably more.
The total costs for full administration is normally in the region of 2 – 3% of the gross value of the estate.
The cost of Administration may be increased if any of the following need to be dealt with
- Business or agricultural property
- Operating or selling a business
- Private Company Shares
- Assets Abroad
- Assets of a specialist nature i.e. fine art
- Complex Tax issues
- An unclear will
- Freehold or leasehold property issues eg. Missing title documents
- Transfer of investments or other assets to beneficiaries
- Deeds of Variation disclaimer and renunciation of appointment of executor
- Trusts arising under a Will
- Complex Intestacy estates.