We anticipate this will take between ten and twelve hours work at between £200 per hour and £250 per hour, depending on the level of lawyer involved. Total costs are estimated at between £2,000 and £3,000 plus VAT.
In addition to the above, it is necessary for us to carry out client verification/ID checks in relation to some beneficiaries. The cost of this will be an additional £25 plus VAT and involves the “triple check” electronic/biometric verification system.
Hourly charging rates are as follows:
The exact costs 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.
We will handle the full process for you. This estimate is for estates where
In some circumstances, where the estate is of high value, high risk or otherwise complex, we may charge a “value element” or “responsibility” charge. We would of course inform you in our letter of engagement, having discussed the matter with you. These charges are based on a percentage of the value of the estate. Percentage values are as follows:
These figures are usually in addition to our hourly charges.
Disbursements are not included in the above fees and are likely to include but are not necessarily limited to:
Disbursements are costs related to the matter and are payable to third parties, such as Court fees. We handle the payment of disbursements on your behalf to ensure a smoother process.
Potential Additional Costs
If there is no Will, the estate will be regarded as “intestate” and a slightly different application will need to be made for Letters of Administration (instead of a Grant of Probate). This is unlikely to increase costs significantly but we would advise you before commencing work if we felt this was likely.
In some cases, Inheritance Tax (IHT) will be payable. It is impossible to give an accurate idea of IHT without a detailed understanding of the extent and history of the estate. However, we would advise you to seek guidance from the helpful HMRC guides that can be accessed from the link below.
How Long Will This Take?
On average a straightforward estate will take between eight and twelve months to conclude. Typically the Grant of Probate takes eight to twelve weeks from the date the application is submitted. It is impossible to give an accurate guide as to how long it will take to collect the assets. If the estate includes a property, then it will be dependent upon the sale of the property which, in turn, is dependent upon the market conditions and the length of any chain. Please note that where we are professional executors we will not be able to distribute the same for a period of six months from the date of the Grant.