Here at Trent Law, we understand your needs and expectations when it comes to thinking about your future and your family. Our specialist solicitors are here to help guide you through the process of putting the relevant legal framework in place.
Services that we offer are:
Bespoke Will Drafting services
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Probate and estate administration
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Probate Disputes
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Power of Attorney services
Probate Fee and Costs
Please note that the following information is for guidance only and an accurate fee estimate will be provided once we have had our initial consultation and assessed the estate in terms of value and work to be undertaken.
Grant Application and Administration of the estate:
We will always try to provide you with a fixed fee estimate of the costs and this is usually based on a percentage based calculation of the gross estate value. However, on occasions we can provide the fees based on application for simple estate on a fixed fee scale please speak to our team at the initial consultation.
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As an example, a fixed percentage based on the gross value of the estate assets (e.g. 1.5% of the value of the gross assets plus VAT) based on an estate value of £200,00 would be £3,000 plus VAT but this may go up or down depending on the final estate value.
The percentage rate provided above is not fixed and can vary depending on a number of factors such as:
If the gross estate is over £1million then the rate can be lower
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The estate is very straightforward, with just a few assets of significant value
The above is for guidance only as there will be many factors to consider in the following factors (this is not an exhaustive list):
Did the deceased leave a Will.
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Number and types of assets including property, bank accounts, investments, shares etc).
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Whether there is Inheritance tax payable and any considerations.
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Number and types of beneficiaries.
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Whether there is any potential dispute or claim on the estate.
These rates are for simple estate probate however as already mentioned there will be factors such as those listed below which will require further work and result in additional costs:
If the estate is worth above the Inheritance Tax threshold and for which we will be required to prepare long form tax returns known as IHT400s
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If there is no will and we need to establish next of kin and or a family tree needs to be prepared. We will also need to follow the procedures in establishing whether a Will has been made by the deceased using other solicitors.
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If the estate includes foreign property
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If there were any lifetime gifts made by the deceased in the 7 years prior to his other death. Such gifts should be reported to the HMRC at time of application.
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If the estate is insolvent
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Whether we need to instruct house clearance services and arranging any house and contents insurance.
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Whether we need to instruct valuations on assets which can include properties and or any valuable assets
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Arranging insurance for houses and contents
We will provide a more accurate estimate on time and costs once we have discussed the same at the initial meeting. Please note the above list is not exhaustive.
Disbursements Costs:
Furthermore, there will be a number of disbursements that the probate will incur and these are listed below with current prices (all of which are not subject to VAT):
Application fee payable to the Probate Registry - £155 plus £1.50 per sealed copy
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Bankruptcy only Land Registry charges searches £2 per beneficiary
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£100 post in the London Gazette – to protect against unexpected claims for unknown creditors
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£150-200 minimum to post in local newspaper in respect of unknown creditors notice. These costs are variable depending on the newspaper rates.
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Estate agents fees if we have to instruct a sale of a property.
Timeframes
The average time frames are listed below, and we will aim to provide you with update and accurate timeframes at your initial appointment and throughout the process:
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Collating the assets and liabilities 4 to 8 weeks (dependent on third parties providing relevant information)
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Obtain the Grant or Probate (or Letters of Administration) 3 to 4 weeks
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Estate Administration – typically 6 to 12 months but again on a case by case basis.