Dealing with a deceased person’s estate – Fixed Fee Probate
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. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end. If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
The fee that we agree is payable from the assets of the estate and is, therefore, not taken upfront from you.
We work out our fee based on the number of hours we think it will take to do the following:-
- Initial Assessment of the validity of the will;
- Advising on and dealing with any issues identified;
- Collecting information and valuations on the assets and liabilities held by the deceased at the date of death;
- Completing the IHT form and calculating any inheritance tax due;
- Arranging for the payment of any IHT and arranging for the executors to sign the forms;
- Drafting an Oath and arranging for this to be sworn/affirmed by the executor;
- Applying for a Grant;
- Paying any liabilities;
- Preparing Estate Accounts;
- Distributing the estate.
Currently, our hourly rate is £210+VAT.
Our minimum fee is £1,050+VAT.
In addition to our hourly rate we can incorporate a charge which takes into account the total value of the estate. This charge is usually in the region of 0.1% of the total value of the estate.
Example matter and likely fee:
- There is a valid will
- There is no more than one property
- There are no more than 6bank or building society accounts
- There are no shares held
- There are between 1 and 4 beneficiaries
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
- There are no claims made against the estate
- The total value of the estate does not exceed £500,000.
Disbursements in addition to our fee:
- Probate application fee of £157
- Swearing of the oath (£7 per executor)
- Bankruptcy searches (£2.90 per beneficiary)
- Post in The London Gazette and in a local newspaper – protects against unexpected claims from unknown creditors/beneficiaries.Between £300 and £500
- Land Registry fee to check ownership of any property (£3.90 per document)
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.
How long will this take?
On average, straightforward estates are dealt with from start to finish within 3 – 8 months.