The below is an estimate for administering a non-taxable estate. Our fees are calculated on an hourly rate and an average cost for this service is provided below based on a typical case. This is an average cost only and fees can vary enormously depending on the complexity of an estate.
The price below does not include VAT or disbursements.
Average Cost: £1,600 – £3,000
Hourly Rate: £245
Estimated Hours: 7 – 12
Estimated cost of disbursements: £200 – £400
Estimated Timescale: 6 – 12 months (usually takes between 3 – 4 months to obtain the Grant of Probate)
This estimate is for a non-taxable estate where there is a valid will and there is no need to delay distributing the estate to allow for the statutory period to elapse for Family Provision or Will Rectification claims (up to ten months from the Grant of Probate). It assumes that there is one property in the Estate, up to three Bank or Building Society accounts and no other intangible assets. If the Estate is taxable and Inheritance Tax is payable, there may be an additional 15 to 25 hours of work.
What is included in the price:
We will, if you wish, handle the entire matter for you which includes:
- Ascertaining all of the assets and liabilities of the deceased and arranging valuations of these/obtaining up to date balances
- Obtaining the Grant of Probate
- Gathering the Estate’s assets
- Dealing with the tax position (Inheritance Tax and Income Tax mainly)
- Discharging the liabilities and protecting against claims
- Distributing the assets to the beneficiaries of the Estate in accordance with the terms of the Will
- Preparing detailed Accounts of the administration of the Estate
The estimate is based on a service which includes us dealing with one property as part of the Estate, three bank/building society accounts, and no other intangible assets.
If you wish to instruct UTK solely to apply for the Grant of Probate, we offer a fixed fee of £850 plus VAT for this service. This includes preparing the necessary Inheritance Tax account and Probate Registry documentation on the basis that you will provide all the necessary information to allow us to do this. This estimate is for a non-taxable estate where there is a valid will. If the Estate is taxable and Inheritance Tax is payable, then we will not be able to undertake this additional work for this fixed fee.
What is not included in the price:
There may be Inheritance tax due on this matter and the cost of calculating this and accounting for it would be separate to the estimated cost. To assist you in calculating the tax due, please visit the gov.uk website:
Any transfer or sale of a property in the Estate would be charged separately. These fees do not apply where any assets of the estate are outside of the UK. They also do not include advising on Deeds of Variation, trusts or on claims against the estate.
The fee quoted above does not include disbursements (costs payable to a third party on your behalf). These will be charged to you based on the cost they are charged to us and include:
- Probate Application fees
- Oath Swearing fees
- Advert in the London Gazette to protect against unexpected claims
- Advert in a local Newspaper to protect against unexpected claims
- Bankruptcy searches
- Valuation fees re property and household contents valuations
- Valuation fees re share or investment valuations
- Costs incurred when selling shareholdings
- Asset Searches and Will Searches
- Accountancy Fees
Fees may vary dependent on individual circumstances.
Get a more accurate quote
Every case is different. In order to get a bespoke estimate, please contact us and we can arrange for you to meet one of our experienced, qualified Solicitors for a free 30 minute meeting. During this meeting, they will discuss the specifics of your matter and give you a better indication of the likely costs.
To arrange this, please telephone 01267 237441 Option 2 or e-mail us at firstname.lastname@example.org
Valuing the Estate
At this stage we will go through the deceased’s papers, policies, passbooks, bank statements and deeds to establish their assets and liabilities. This can be quite straightforward, however in some cases there may be multiple investments, properties, and other personal belongings to consider.
At this stage we shall need to contact Banks, Building Societies, Lenders, Fund Managers, Life Insurance Companies, Pension Providers, Local Government, the Department of Work and Pensions and other asset holders together with HM Revenue and Customs, the Undertaker and any necessary professional valuers (for instance for the home and contents).
File Inheritance Tax Forms
Regardless of whether inheritance tax is due on the Estate, certain inheritance tax forms must be completed. One form is used for non-taxable estates, another for taxable estates.
The Personal Representative(s) will complete the related forms as well as any additional schedules to establish the amount of tax payable.
Pay Inheritance Tax
If there is inheritance tax payable on the estate then it must generally be paid prior to obtaining the grant of representation. Funds should be able to be transferred directly from one of the deceased’s bank accounts for this if there are sufficient funds.
File Probate Forms
Once we have carried out these stages, we will be able to complete the probate application form and apply to the Probate Registry.
The Personal Representative(s) will need to swear an oath or affirmation or complete a statement of truth at this stage to confirm that the details of the application are correct
Pay Probate Fees
At this stage we will pay the applicable probate fees on your behalf. These are fixed by the Government and we will advise you of the applicable fee at that time.
Administer the Estate
Once the Grant of Probate has been obtained, we will then collect in the assets of the estate and discharge any liabilities. We shall also deal with any income tax liabilities at this stage and protect the Executors against potential claims.
We can deal with any transfer or sale of a property in the Estate, but this would be charged separately.
Distribute the Estate
We shall finalise the Inheritance Tax position (if applicable), prepare Accounts for the Executors’ approval and distribute the remaining funds and other assets in accordance with the Will or the rule of intestacy (if there is no Will).