What can I expect to pay?
No two estate administrations are the same, and our fees will reflect the particular requirements of each case.
Grant only
If we are instructed to obtain a Grant of Probate only and the personal representatives intend to deal with the estate administration themselves then we will charge a fixed fee. For a non taxable estate where no inheritance tax account is required the fixed fees start from £1,000 plus VAT at 20% plus disbursements.
For a Grant application where the estate is taxable and a full inheritance tax account is required then we charge a minimum fee of £4,000 plus VAT at 20%. The fixed fee will depend on the complexity of the estate and factors such as foreign assets, business assets and lifetime gifts may mean that the fee is higher. We will provide a quote at the outset of the matter.
Full administration
If we are instructed to deal with the full estate administration then this will be charged at our hourly rates and we will provide an estimate at the outset.
As an example: to deal with the administration of an uncontested estate including a house worth approximately £250,000, and two bank accounts totalling £50,000, with two beneficiaries, our typical fees would be in the region of £2,500 – £3,500 plus VAT at 20% and disbursements.
Please note that if you intend to sell a property (house etc.) that is part of an estate, arranging its sale is a separate matter not covered in our fees for the estate administration. We have a specialist team handling property conveyancing and we can provide a quote for this work on request.
Disbursements
Disbursements are fees that we pay to court, for example or charges for certain services or documents that may be necessary in the administration of an estate. Disbursements will usually include the following, and there may sometimes be others:
Settling of the Oath £12.00
Probate Court Fee £300.00
Office copies of Grant £1.50 per copy
Statutory Advertisements Quote can be obtained upon request
Bankruptcy search (per beneficiary) £2.00
What is involved in obtaining a Grant of Representation and how long will it take?
We would normally expect to be in a position to apply for the Grant of Representation for a straightforward estate within 2-3 months, but this can vary depending on factors that may be outside our control. Probate applications are subject to the court timescales which will vary from time to time.
We would need to understand the deceased’s particular circumstances in order to advise you fully, but an estate matter will typically involve the following stages:-
- Quantifying the estate (establishing its total value) including contacting banks or other financial institutions and obtaining property valuations.
- Preparing the inheritance tax return if required and submitting the return to HMRC
- Submitting the application to the Probate Registry:
- Closing accounts, selling or transferring assets (other than ‘real’ property – a house, etc.), and paying any liabilities
- Dealing with any tax issues
- Finalising the estate by producing estate accounts and distributing to beneficiaries.
Who will carry out the work?
All of our Probate lawyers are qualified Society of Trust and Estate Practitioners (STEP), or are working towards STEP qualification.
If you would like to discuss your needs in more detail, please contact our Wills, Trust and Probate team on 0161 930 5151, or email: willsteam@gorvins.com
