Price information for probate work (excluding cases involving contested estates)
Our fees for handling the administration of an estate are usually calculated on a time spent basis. Our fees will vary depending upon the terms of the will (or if the deceased died intestate, the extent of their family tree).
What is included?
Taking your instructions regarding the assets and liabilities of the deceased and lifetime gifts which are relevant for inheritance tax purposes;
Contacting the various asset holders for date of death valuations;
Preparing the deceased’s income tax returns to the date of death where appropriate;
Determining the availability of any Transferable Nil Rate Band and/or Residence Nil Rate Band for IHT;
Applying where applicable for IHT reliefs such as Business Property Relief or Agricultural Relief;
Preparing the application for Probate and relevant inheritance tax account;
Liaising with you and the residuary beneficiaries in relation to asset disposals;
Dealing with any corrective IHT accounts and considering the availability of Loss on Sale Relief (shares and land);
Preparing a Trust & Estate Tax return for Income and Capital Gains Tax purposes where required and providing residuary beneficiaries with statements of residuary income;
Preparing estate accounts and distributing the estate.
Estates vary considerably in terms of complexity making it difficult to provide an overall quote for our professional services without knowledge of the estate and the assets involved. However, as a guide our professional fees for full estate administration will typically start from £2,500 to £5,000 for a very straightforward estate whilst fees for complex estates can exceed £15,000. At the first meeting we will conduct a fact find in order to provide a tailored estimate of the time it will take and therefore the likely cost. Our initial meeting is charged on the basis of the time spent and you will not be charged for anything over and above this if you decide not to take matters further. If you choose to instruct us in the administration of the estate the cost of the meeting will form part of the overall quote.
These are costs relating to your matter which are payable to a third party. Examples of such costs include, but are not limited, to the following:
Probate Registry application fee (currently £155 but set to rise substantially from April 2019)
Personal Representative swear fee (£5 per Personal Representative plus £2 per exhibit)
Office Copy Entries – Land Registry £3 per title, £3 per plan
Section 27 Trustee Act notice fees between £150 to £300
Estate agency costs which depend upon value
How long will the matter take?
There is no hard and fast rule because each estate is different. If the estate is simple and the information is readily available, then it can be concluded within 3 to 4 months. Where the asset base is more complicated and particularly where professional valuations are needed it will take longer to prepare the Inheritance Tax Return. The need for a full Inheritance Tax Return will also add to the timescale as the application for Probate cannot be made until HMRC stamp and return the Probate summary. The process is quicker if the estate qualifies for a short form IHT return.
If a house sale is involved, then often the emergence of a buyer will be the determining factor. A period of 6-9 months represents a typical timetable in these circumstances. It is not uncommon for a complex taxable estate to take between 1-2 years.
Who will handle the estate?
Your matter will be handled by Simon Vaile who specialises in Trust and Estate administration. He is a co-founder of the practice and a full member of the Society of Trust and Estate Practitioners (STEP). He has many years of experience in this area having qualified as a Solicitor in 1992. His hourly charge out rate for work of this type is £201 plus vat.
If you need more information, please contact Simon on 01454 550891 or at firstname.lastname@example.org