Our fees for dealing with the administration of an Estate will depend upon the individual circumstances of each matter. Our dedicated and experienced probate solicitors will provide specific information and estimates for each transaction. The exact cost will depend upon how simple or complex the administration is. This is determined by the number and complexity of assets and liabilities and the number of beneficiaries. These factors all impact the time spent on the matter and the charges that result.
A standard Estate would be classified as follows:
- There is a valid Will
- There is no more than one UK property
- There are no more than 10 UK based assets and liabilities
- There is little or no Inheritance Tax liability
- There are less than 4 beneficiaries
- There is no dispute between the beneficiaries on division of assets (if disputes arise this is likely to lead to an increase in costs)
- There are no claims against the Estate
Typically, for a standard administration we would anticipate that this would take between 10 to 14 hours of work at a range of between £210 and £250 per hour plus VAT. Costs therefore could be estimated to range between £2,100 and £3,500 plus VAT.
Where VAT is chargeable on our fees and certain disbursements and other expenses this will be charged at the prevailing rate which is currently 20%.
Disbursements
Disbursements are costs related to your matter that are payable by third parties, such as Court fees. We handle the payment of disbursements on your behalf to ensure a smoother process. These disbursements are to be met from the Estate and typically comprise as follows:
- Probate Court fee £155 plus 50 pence per sealed Office Copy, but these are likely to be substantially increased in some cases after 1st April.
- Bankruptcy Searches against Executors and beneficiaries (£2 per name)
- Trustee Act Notices (not always required) around £160. This varies depending upon the publication chosen, typically the London Gazette, to advertise for unknown creditors to protect Executors against unexpected claims
The cost of these disbursements may change over time as they are set by third parties.
A more complex Estate would typically be classified as follows:
- There is no Will
- There are numerous assets and liabilities
- There are more than 4 beneficiaries
- The Estate is liable to a substantial Inheritance Tax liability
- There are Trusts involved
In the above situation additional costs for the administration of the Estate are likely to arise. These additional costs would be charged at our hourly rate of £210 to £250 per hour plus VAT. A full estimate will be provided once we have more information from you.
Dealing with the sale or transfer of any property within the Estate is not included under Estate administration. This would involve a separate conveyancing transaction which our conveyancing department would be happy to assist with.
Timescales
On average standard Estates are dealt with within 4 to 6 months. This is provided correspondence with HMRC is limited to simple Income Tax accounting and that information is received within a reasonable time from third parties. It may take longer if there is a property sale to deal with.
For details of the lawyers undertaking this work please follow this link to our people.