Alderson LawProbate and Administration Pricing
Probate and Administration Pricing
When close ones pass away it is always upsetting and an unhappy time for all involved.
The legal processes are often confusing and overwhelming particularly whilst dealing with grief.
The Law can be confusing and may overwhelm when already dealing with the grief.
We can help you through these difficult times.
We can provide a range of services to help you through this difficult time:-
DIFFERENT LEVELS OF SERVICE
APPLICATION FOR PROBATE (WHERE THERE IS A WILL)
A Grant of Probate is required often to allow the Estate of the deceased person to be collected and distributed to those entitled to the deceased’s assets. The Grant of Probate is a document issued by the Probate Registry to allow the Executors to administer the Estate.
You may wish to limit your instructions to us applying for the Grant of Probate only.
How much does this cost?
Our fixed fee process will usually be between £750 to £1250 plus VAT (£900 to £1500 inc VAT) plus disbursements depending on the complexity of the matter.
These estimates depend upon you providing us with the following information and documentation:-
- The original valid Will;
- At least 2 property valuations in respect of any properties in the estate;
- Valuations as a the date of death of all assets including Bank and Building Society accounts;
- Details of any liabilities including funeral costs;
- An original Death Certificate
The price also assumes that:-
- There are no disputes between the Beneficiaries or the Executors;
- There is no inheritance tax payable https://www.gov.uk/browse/tax/inheritance-tax
A tax return has to be made whatever the value of the Estate if probate is applied for.
- There are no claims to be made or likely to be made against the Estate;
- There are no additional issues or complexities requiring the completion of a longer form of tax return known as an IHT400
How long will this work take?
It is difficult to give a precise time estimate. We would hope to complete an application for a Grant of Probate with the above information and with no complications within 3-6 months if not sooner. We are dependent on processing times by the Probate Registry.
APPLICATION FOR LETTERS OF ADMINISTRATION (WHERE THERE IS NO WILL)
If someone dies without leaving a valid Will the process to allow the family to administer the Estate is very similar to a probate application (see above). This process is known as an application, again to the Probate Registry for Letters of Administration. We will advise you on who is entitled to apply for grant of Letters of Administration.
How much does this service cost?
The cost and time period involved in making an application for Letters of Administration are usually the same as making an application for a Grant of Probate.
The fees would be the same or similar to those set out above and dependent on provision by you of the same information.
On occasion commonly when you are unable to provide the information and documentation referred to above or where there are other complications our costs will be likely to exceed the fixed fee set out above. On these occasions we will discuss matters fully with you and advise you regarding the full extent of our fees before you decide whether you wish to proceed.
ADMINISTRATION OF ESTATE
You may need or want us to administer the Estate which will mean that we will need to carry out significantly more work that simply applying for a Grant of Probate or Letters of Administration as described above. This work may include:-
- Registration of death;
- Making funeral arrangements;
- Valuing estate assets;
- Identifying estate liabilities;
- Calculating any inheritance tax due from the estate https://www.gov.uk/browse/tax/inheritance-tax
- Completion of estate tax return;
- Applying for Grant of Probate/Letters of Administration;
- Realisation of assets;
- Arranging for discharge of inheritance tax due;
- Settling liabilities of the estate;
- Publishing statutory notices;
- Identifying/tracing beneficiaries;
- Bankruptcy searches;
- Preparing and agreeing estate accounts;
- Distributing the estate.
How much does this service cost?
Our costs are time based. Most of our Probate work is undertaken by our Partners and Senior Solicitors whose charging rates are £220 and £200 per hour plus VAT (£264 and £240 inc VAT) respectively. If the estate is complex or we are appointed to act as Executors or if there is a property to sell then we may charge an additional percentage to the estate. We will discuss this with you at the time of your instructions.
We will agree the precise percentage fixed fee to be charged as soon as we have all of the information required to establish the nature and composition of the Estate and will advise you of any disbursements to be incurred.
Factors which will be taken into account in determining the percentage fixed fee will include:-
- Whether the estate is taxable;
- Whether the estate includes properties;
- Whether there is a stocks and shares portfolio;
- Where the extent of the assets is wide and variable;
- Where there is foreign property;
- If beneficiaries are missing or have to be traced;
- Where there are numerous beneficiaries (particularly where there is no Will);
- Where there are or are likely to be claims on the estate
The disbursements involved in the estate administration may include:-
- Oath fees;
- Court fees;
- Valuers fees;
- Experts fees;
- Enquiry agent fees in tracing missing beneficiaries;
How long will the Estate Administration take?
It is difficult to be precise regarding timescales when administering an estate. This is often affected by the involvement of third parties such as HMRC, Banks and Building Societies, Stock Brokers, Estate Agents and valuers.
On average it takes no less than 6 months to complete the work. Often it can take over 12 months. We will provide you with an initial time estimate at the commencement of work and advise you as the mater proceeds should any factor(s) impact upon this time estimate.
WHO WILL CARRY OUT THE WORK?
Our team of lawyers provide a personal service. They have considerable experience and expertise in dealing with Wills, Probate and Estate administration. The team is headed by one of our Partners Tracey Murray, Head of Probate Department and includes Fiona Grogan who is a Senior Solicitor.
Tracey Murray is a Solicitor and Partner in the Firm. Tracey is a Graduate of the University of Newcastle upon Tyne and has been qualified as a Solicitor since 1997.
Fiona is a specialist private client lawyer providing advice and assistance with wills, trusts, tax planning, probate & estate administration, lasting powers of attorney, court of protection and elderly client work.
SRA number 402010
Alderson Law LLP is a Limited Liability Partnership registered in England and Wales under company number OC307338.
Registered office: Pethgate House, Castle Square, Morpeth, Northumberland, NE61 1YL
Authorised and Regulated by the Solicitors Regulation Authority under SRA ID number 402010.