Probate

Full administration – Our charges are based on the Law Society formula, which provides that a solicitor may charge a value element of an estate plus an hourly rate.  Our charges are based on 1% of property value and 2% of liquid assets in the estate, plus an hourly rate starting from £250 plus VAT per hour (£300 per hour).  If we have been appointed as executors, the value element applied is 2% of property value and 4% of liquid assets in the estate, with an hourly rate starting at £250 plus VAT per hour (£300 per hour).  A full administration covers everything we need to administer the estate.  For example, we will write to the banks for the probate value of all bank accounts and obtain valuations of any property.  The inheritance tax return forms would be completed and the Grant be applied for, as noted above.  Once received, we collect in all the monies, deal with any liabilities, make payment of any inheritance tax and prepare estate accounts and distribute the estate to beneficiaries in the Will, or if there is no Will, in accordance with the intestacy rules.  Therefore, the full administration covers all three steps listed above.

Our fees for this type of work usually start from £9,500.00 plus VAT (£11,400 total). 

For example, an estate worth £1,000,000.00 comprised of a property worth £750,000.00 and with the remaining assets held in bank accounts and investments is likely to cost in the region of £25,000.00 plus VAT (£30,000 total) to administer.

This sample quote is for estates where:-

• There is a valid Will or known beneficiaries under the intestacy rules
• There is no more than one property
• There are no more than 10 bank or building society accounts with no more than five different banks
• There are no other intangible assets
• There are no more than 10 known and easily traceable beneficiaries in total
• There are no disputes between the beneficiaries over the division of assets (if disputes arise, this is likely to lead to an increase in costs)
• We are not acting as the Executors
• There are no claims made against the estate

Disbursements not included in this fee:-

• Probate application fee of £273.00
• Copies of probate – £1.50 per copy
• Bankruptcy only Land Charges department searches (£2 per beneficiary)
• Post in the London Gazette £88.00 plus VAT (£105.60 total) – protects against unexpected claims from unknown creditors
• Certainty Will search £199 plus VAT (£238.80 total) to ensure no Will exists/no later Will exists
• Estate Search £185 plus VAT (£222 total) to ascertain the assets and liabilities in the estate if required

Disbursements are costs related to your matter that are payable to third parties, such as court fees.  We handle the payment of disbursements on your behalf to ensure a smooth process.

VAT will be charged at the current prevailing rate which at present is 20%.

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.  However, if there are multiple beneficiaries, and multiple bank accounts, the costs will be at the higher end.  Therefore, the costs are not solely based on the value of the estate, but rather on how complicated it is to administer.

Please note that where we are instructed on a full administration basis, our costs are generally paid from the assets in the estate before distribution, and therefore generally no monies are required on account.

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