TRANSPARENCY RULES – INFORMATION ON OUR COSTS IN RELATION TO THE GRANT OF PROBATE / LETTERS OF ADMINISTRATION AND THE ADMINISTRATION OF AN ESTATE WHICH INCLUDES APPLYING FOR THE GRANT, COLLECTING AND DISTRIBUTING ASSETS DUE TO THE ESTATE
We anticipate that this will take anywhere between 10 and 40 hours of work at an hourly charge rate of £250 and therefore we estimate costs are likely to be in the region of £2,500 to £10,000.
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 range. If however there are a number of beneficiaries and a large number of bank accounts or other assets to be collected in and one or more properties, then it could be towards the higher end of the scale and potentially more. We however always advise you as to costs as the matter is proceeding.
The fees are based upon handling the full administration of the estate on your behalf. The above quotes are applicable when there is:-
1. A valid Will.
2. No more than two bank or building societies.
3. Not more than one property.
4. There are no other intangible assets.
5. There are not more than two beneficiaries.
6. There are no disputes between the beneficiaries or challenges to the estate which obviously would lead to increased costs.
7. Where there is no inheritance tax payable and the executors do not need to complete a full HM Revenue & Customs account. The normal exemption for inheritance tax is £325,000 though it is possible to transfer a deceased’s spouses nil band.
8. There are no claims against the estate.
Various disbursements will be incurred and these normally consist of:-
1. The probate application fee of £155. (You should be conscious that the government are endeavouring to increase the fees.)
2. A swear fee for each executor to have the Oath and Will approved - £7.
3. Bankruptcy searches which are normally £2 per beneficiary.
4. An advertisement in the London Gazette which should not exceed £250.
5. An advertisement in the local press (not exceeding £250).
6. Sometimes it is necessary to telegraphically transfer funds and this entails bank charges of £35.
Could there be any additional costs?
There may be additional costs if there is no Will that has been left and we need to search for potential beneficiaries. Similarly, if there are stocks and shares that need to be dealt with, this can also increase the costs.
Very often to assist in the expeditious administration of the estate we can apply for additional copies of the Grant of Probate and that is at a cost of 50p for each additional copy requested.
In some circumstances there is also a £10 Court fee to request a copy of a Will or Grant and sometimes an additional Court fee of £20 when a second or subsequent Grant is made. This is known as a de bonis non application.
How long will this take
Normally the administration of an estate can take in the region of 6-12 months. After appropriate information is collected from various institutions we can normally apply for the Grant of Probate within the first 6 months of the administration. Once the Grant is obtained we are normally in a position to collect in all of the assets to the estate at a timescale between 2 months and 5 months, and thereafter once all assets have been completed and estate accounts drawn the final distribution can normally take place within 1-2 months.