We can help you to administer the Estate which will include establishing the value of the Estate as at the date of death, obtaining the Grant of Probate (including submitting the Inheritance Tax forms) and then collecting in the assets due to the Estate, paying the Inheritance Tax (if any), identifying the Beneficiaries, preparing the Estate Accounts, finalising the Income Tax affairs and paying out the inheritance as per the Will.
We charge on the basis of an hourly rate so 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, several properties, multiple bank accounts and foreign shareholdings then costs will be at the higher end.
Example 1:
The Estate comprises one UK property, National Savings premium bonds and one UK bank account. It is not liable for Inheritance Tax. There is a valid Will which leaves everything to the deceased’s four children. There are no claims against the Estate and no disputes between Beneficiaries.
We anticipate this will take between 15 and 20 hours work at £295 per hour. Total costs estimated at £4,425 to £5,900 (excluding VAT at 20% and disbursements).
|
Legal fees: |
£5,900.00 |
|
VAT at 20%: |
£1,180.00 |
|
Disbursements |
|
|
Application fee: |
£300.00 |
|
Bankruptcy searches: |
£8.00 |
|
Land Registry Search: |
£3.00 |
|
Legal Advertisements: |
£223.00 |
|
Total price: |
£7,614.00 |
Example 2:
The Estate comprises one UK property, national premium bonds and ten UK bank accounts with different banks. It is liable for Inheritance Tax. There is a valid Will which leaves everything to the deceased’s four children. There are no claims against the Estate and no disputes between Beneficiaries.
We anticipate this will take between 20 and 27 hours work at £295 per hour. Total costs estimated at £5,900 to £7,965 (excluding VAT at 20% and disbursements).
|
Legal fees: |
£7,965.00 |
|
VAT at 20%: |
£1,593.00 |
|
Disbursements |
|
|
Application fee: |
£300.00 |
|
Bankruptcy searches: |
£8.00 |
|
Land Registry Search: |
£3.00 |
|
Legal Advertisements: |
£223.00 |
|
Total price: |
£10,092.00 |
Example 3:
The Estate comprises one UK property, national premium bonds, ten UK bank accounts with different banks and ten UK shareholdings. It is not liable for Inheritance Tax. There is no Will. The Estate is to be divided between ten of the deceased’s relations. There are no claims against the Estate and no disputes between Beneficiaries.
We anticipate this will take between 29 and 38 hours work at £295 per hour. Total costs estimated at £8,555 to £11,210 (excluding VAT at 20% and disbursements).
|
Legal fees: |
£11,210.00 |
|
VAT at 20%: |
£2,242.00 |
|
Disbursements |
|
|
Application fee: |
£300.00 |
|
Bankruptcy searches: |
£20.00 |
|
Land Registry Search: |
£3.00 |
|
Legal Advertisements: |
£223.00 |
|
Total price: |
£13,998.00 |
Disbursements are costs related to your application that are payable to third parties.
The anticipated disbursements are:
We can give you a more accurate quote once we have more information. Potential additional costs are likely to be incurred if:
Dealing with the sale or transfer of any property in the estate is separate work and is not included in this estimate, however, we can put you in touch with our Property Department who will be able to assist.
On average, estates that fall within this range are dealt with within eight to fourteen months. Typically, the grant of probate tis issued by HM Courts & Tribunals Services within sixteen weeks of the applciaiton being submitted.
Where Inheritance Tax is involved it can take in some cases another six to nine months to agree and conclude matters with HM Revenue & Customs.
Collecting the assets then follows, which can take between one and three months.
Once this has been done, we can distribute the assets, this process normally takes between one and three months.
