Although the order of work required in applying for and obtaining probate and administering the estate is essentially the same in all cases, each person’s estate is unique and the costs involved will depend on various factors, such as the types of assets held, completeness of records and the number of beneficiaries.
We charge on a time-spent basis, rather than using a percentage value of the estate. Our hourly rates depend on the experience of the person working on the case, but currently these range from £80 to £450 per hour, plus VAT. We are happy to offer a grant-only service or a full probate and estate administration service, depending on what you require.
The following is a guide to our fees; however, we will always discuss with you at the outset the work required and our expected costs.
Scenario 1:
Obtaining a grant of probate
- The deceased was a widow
- There is a valid, non-contested will
- There is one daughter, who is named as the sole executor and beneficiary of the will
- The total value of the estate is £600,000, which is comprised of the deceased’s main residence worth £400,000 and £200,000 held in bank accounts
- Other than utility bills and a credit card balance, no other debts were owed by the deceased
- Due to the inheritance tax nil rate bands available, there is no IHT due
Work to be undertaken:
- Send notifications of death to financial institutions, Government organisations, utilities and household contacts;
- Review the Will, codicils and legacies to ensure that they are valid; • Ascertain who the beneficiaries are;
- Identify the composition of the estate; • Value the estate (using professional valuers as required); • Preparing and submitting IHT205 and associated forms;
- Prepare the papers for application for a grant of probate (including the legal statement);
- Obtain the grant; and
- Place statutory notices of death in the London Gazette and the relevant local paper.
Estimated fee - £3,000 to £6,000
Scenario 2:
Full administration of the estate, including obtaining the grant of probate
- The deceased was a widower
- There is a valid, non-contested will
- There are two children, both named as executors of the will
- The value of the deceased’s estate is £1,500,000, which comprises the deceased’s main residence and a UK holiday cottage, a managed investment portfolio and various UK bank accounts.
- The only debts owed by the estate are utility bills and an overpayment on the deceased’s occupational pension
- There are legacies to two friends and a charity.
- The residuary estate passes to the two children.
Work to be undertaken:
- Send notifications of death to financial institutions, Government organisations, utilities and household contacts;
- Review the Will, codicils and legacies to ensure that they are valid;
- Ascertain who the beneficiaries are;
- Identify the composition of the estate;
- Value the estate (using professional valuers as required);
- Preparing and submitting IHT400 and associated forms;
- Prepare the papers for application for a grant of probate (including the legal statement);
- Obtain the grant;
- Place statutory notices of death in the London Gazette and the relevant local paper;
- Take control of and gather in the assets of the estate;
- Pay the debts of the estate including tax liabilities;
- Finalise the estate tax;
- Pay legacies and transfer the balance to the residuary beneficiaries; and
- Prepare estate accounts.
Estimated fee - £20,000 to £25,000
Other costs
- Probate Registry fee: £155
- Additional copies of grant at time of application: £1.50 each
- HM Land Registry copy title deeds: usually £3 each
- Statutory notices under S.27 for unknown creditors: approx. £100 to £200 plus VAT
There may be other third-party costs involved, for example legal fees for transferring property into the names of the beneficiaries, notarising documents where required for foreign assets, and we will let you know about these as the estate administration progresses.
Timescales
Whilst the timescales involved depend on a number of factors, such as the complexity of the estate, how quickly information can be obtained and the Probate Registry’s workload, as a guide we would usually expect Scenario 1 above to take around 3 to 4 months, with Scenario 2 taking between 6 and 12 months to deal with.
As advised above, we always recommend an initial discussion to discuss how we can help and our likely fees for the work. You can be confident that we will provide an efficient service, taking as much of the administrative burden away from you as possible.
If you would like to have an initial discussion with us, at no cost to you, about how we can help, please contact Janet Pierce at janet.pierce@charter-tax.com or Emma Cheeseman at emma.cheeseman@charter-tax.com or call us on 01580 313108.