Each Estate we deal with is different and the exact cost involved will depend upon the individual circumstances. 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.
Dealing with Probate and the administration of an Estate is a process with several stages.
The basic typical stages include:
- Obtaining details of the assets and liabilities of the Estate
- Where applicable, preparing the relevant Tax forms and arranging for payment of Inheritance Tax
- Making the application to the Probate Registry for the Grant of Probate
- Obtaining the Grant and then gathering in the assets of the Estate
- Discharging payment of the estate liabilities
- Distributing the estate to the beneficiaries and where applicable providing a detailed Estate Account to the beneficiaries
Timescales:
- Obtaining a Grant of Probate may take between 2 and 6 months depending on the complexity of the Estate and whether Inheritance Tax has to be paid
- Full Estate management can take much longer, especially if assets are more complex or there is missing documentation. The question of Inheritance Tax can also take time to settle. A more complex estate may typically take a year to deal with. Where there is a property to be sold, the estate cannot be finalised until this has happened, and any final utility payments or refunds have been made.
Our Fees
In addition to the differing complexity of estates, you as clients will have differing requirements which we approach as flexibly as possible. You can opt to instruct us to deal with particular parts of the process, such as only doing what is required to obtain the Grant of Probate, or to deal with the whole process, including collecting the assets of the Estate and distributing the Estate to the beneficiaries after the Grant has been obtained, securing assets and maintenance of property.
The fee-earner responsible for the matter will be one of the two Private Client partners of the firm, Anthony Pratt and James Houghton. The partners’ hourly charging rates are currently £325 plus VAT. VAT is added to all prices shown at the current standard rate of 20%, if the rate changes the new rate will be applied:
Where estates are complex or are taxable, we may include a value element in our charges. The combined fee will be reasonable taking into account all the relevant circumstances and will be agreed with you in writing. Currently these will be up to 0.5% plus VAT of the gross value of the deceased’s residence and 1% plus VAT of the gross value of the rest of the estate.
If we are appointed as Executors of a Will, our terms will vary, will include a value element, and will be made clear to the beneficiaries in our initial correspondence. The value element in this case will be up to 0.75% plus VAT of the gross value of the deceased’s residence and 1.5% plus VAT of the gross value of the rest of the estate.
The example bands set out below illustrate how our fees may work in practice for estates which are not contested and the assets are in the UK. The figures provided is for guidance only and we always provide a more detailed and specific estimate of fees and disbursements if you instruct us. Where possible we will offer a fixed fee for a defined scope of work.
Applying for Grant of Probate only
In a matter where there is no need to complete a HMRC Inheritance tax return and the executor instructs us to obtain the Grant of Probate only, after which he will deal with all of the administration, the cost would be from £1,200 plus VAT and disbursements, assuming the Executor is able to provide us with all the relevant information about assets and liabilities, to £2,500 plus VAT and disbursements if we need to approach third parties for some of the information needed. This would include:
- taking your instructions and using the information provided concerning the assets and liabilities of the estate to prepare the Executor’s Legal Statement
- filing with the Probate Registry to obtain the Grant of Probate
Applying for Grant of Probate, collecting estate assets and distributing the estate to the beneficiaries, where no Inheritance Tax Return is required
Where the executor instructs us to obtain the Grant of Probate and some all of the administration work, and a HMRC Inheritance tax return, the cost would be from £4,000 to £7,000 plus VAT and disbursements
- taking your instructions and obtain financial information from third parties
- preparing the Executor’s Legal Statement
- filing with the Probate Registry to obtain the Grant of Probate
- gathering in financial assets of the Estate and closing accounts
- settling estate liabilities and distributing the estate to the beneficiaries
Probate and administration of the Estate where an Inheritance Tax Return is required
Where the executor instructs us to obtain to prepare a full tax return, obtain the Grant of Probate administer the estate, and a HMRC Inheritance tax return, the cost would be from £7,000 to £10,000 plus VAT and disbursements. This would include:
- taking your instructions and obtain financial information from third parties
- preparing a full Inheritance Tax Return and arranging for payment of tax form estate assets
- preparing the Executor’s Legal Statement and filing with the Probate Registry to obtain the Grant of Probate
- gathering in financial assets of the Estate and closing accounts
- providing an Estate Account detailing the financial position of the estate
- settling estate liabilities and distributing the estate to the beneficiaries
If the Estate has a number of financial assets of different types such as shareholdings, has to pay Inheritance Tax, and may require a Trust & Estates Income Tax Return, then the average cost is in the region of £10,000 plus VAT and disbursements.
Additional costs may be incurred for the following:
- Where there are Trusts created in the Will
- Where there are overseas assets
- If there are more complex tax issues to resolve
If the Estate is liable for any taxes, such as Inheritance Tax or Income Tax, such taxes are not included in our prices and are paid as a liability of the Estate. The costs of conveyancing work in selling a property owned by the deceased person are not included.
If you are unsure of how we might charge for dealing with a particular estate do please contact us for further information.
VAT and disbursements
Our fees are subject to VAT (charged at 20% at current rates). Third party payments (“disbursements”) may be made during the estate administration and may include the following (figures are correct as at 1 January 2025):
- Probate Registry Grant application. This fee to the Probate Registry has to be paid in advance to obtain the Grant and is currently £300 plus £1.50 for every sealed office copy of the Grant required.
- Land Registry fees where an assent of property to a beneficiary is required -these will vary according to the value of the property.
- Share Registrars charge fees in certain situations e.g. missing Share Certificates.
- Recorded postage and bank transfer charges
- A Statutory Notice may be placed in a legal and/or local newspaper to identify any creditors before the estate is distributed to beneficiaries – in the region of £300 plus VAT
- Missing asset search – in the region of £185 plus VAT, but will depend on the search provider
- Will search – sometimes required to confirm there is no later Will – £65 to £140 inclusive of VAT
- Bankruptcy searches – £2 per search
- ID and anti-money laundering checks required for regulatory purposes £14.40 per person plus VAT
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