Probabte costs example
The following is based on a straight forward uncomplicated estate. It is an estimate. Formal estimates will always be given after the first appointment when we have seen you and know exactly what is involved in the estate. If you do not agree the estimate you will not be charged for the first meeting.
Applying for the Grant, collecting and distributing the assets
We anticipate the following example estate will take between 8 and 12 hours work at £220.00 to £240.00 per hour. Total costs (excluding disbursements) would be estimated at £1,800 to £2,900 (+VAT).
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 the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. Probate costs are usually taken from the estate without having to use your own resources.
We will handle the full process for you. This estimate is for estates where:
- There is a valid Will;
- There is no more than one property;
- There are no more than 3 bank or building society accounts;
- There are no other assets;
- There are 3 to 4 residuary beneficiaries and no specific bequests;
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs;
- There is no Inheritance Tax payable and the Executors do not need to submit a full account to HMRC which is sometimes necessary even if there is no Inheritance Tax payable;
- There are no claims made against the estate;
- The property expenses, if any, during administration are dealt with by the Executors; and
- There are no complicated tax issues such as Capital Gains Tax or Income Tax.
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. Disbursements to be added to this estimate would usually include some or all of the following:
- Probate application fee of £155.00 (This may increase significantly in 2019);
- If any additional copies of the Grant are required, they will each cost £0.50 (1 per asset usually);
- Property valuation, which varies depending on the property value;
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary);
- Trustee Act advertisement £200.00 approximately, post in The London Gazette and in a Local Newspaper - Protects against unexpected claims from unknown creditors.
Potential additional costs:
- If there is no Will or the estate consists of any share holdings (stocks and bonds) there are likely to be additional costs which could be significant depending on the estate and how it is to be dealt with. We can give you a more accurate estimate once we have more information.
- Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates that fall within this range are concluded within 4-6 months. Typically, obtaining information from banks etc and then obtaining the Grant of Probate takes 6-8 weeks. Collecting assets then follows, which can take between 2-6 weeks. Once this has been done, we can distribute the assets, which normally takes 2-6 weeks. This example estimate does not include sale of a property which in itself can take several months and would have a separate conveyancing estimate.
If you wish to make an appointment you can phone our office anytime between 9.30am and 5.30pm on 01883 347823. Or you can fill out our contact form or email our office and someone will be in touch within 24 hours.
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