Probate & Estate Administration Pricing
The details below refer to the collection and distribution of money, property and other assets belonging to a person following their death, where these are within the UK and the matters are not contested.
We understand the stress and emotion surrounding a recent bereavement. We can provide you with as much or as little help as you need.
How much does it cost to apply for a Grant of Probate?
Before we begin work for you, we will provide a detailed estimate of fees together with a timetable for completion of the work. Your estimate will include all predicted costs, including any third-party fees, such as Probate Court fees. Our costs are based on the assumption that the estate is relatively simple, all beneficiaries are based in the UK and that there are few, if any, assets that would complicate the process or lengthen our time estimates.
We can offer you a range of different options, depending on how much or how little of the administration of the estate you are comfortable with dealing with yourself. The two main options are set out below, but we are happy to work with you in the way you feel best suits your needs.
Application for a Grant of Probate only
We offer a fixed fee for this work. Before you can apply for a Grant, you need to pay any inheritance tax that is due or be able to show that no inheritance tax is payable. For most estates, there is no tax to pay but the size of the estate still needs to be reported to HMRC. If there is tax to pay, or if the affairs of the deceased do not meet certain conditions, you will have to provide a formal account of the estate by completing form IHT400. After the inheritance tax position has been considered, the Grant of Probate can be applied for.
For our Grant-only service, you would ascertain the value of the estate as at the date of death. We would then complete the relevant HMRC tax report and submit the application for the Grant of Probate (or Grant of Letters of Administration) only. You will be responsible for dealing with the estate administration once the Grant has been obtained.
Our Grant-only fee where no tax is payable and a form IHT400 is not required, is £950.00 plus 20% VAT, on the basis that the deceased left a valid Will.
Our Grant-only fee where a form IHT400 is submitted but there is no tax to pay, is from £1,950.00 plus 20% VAT. If there is tax to pay, we can organise this on your behalf and prepare the form IHT400 for a total cost of from £2,100.00 plus 20% VAT.
The Probate Registry fee to issue the Grant is £300.00 (no VAT). Additional copies of the Grant of Probate can be obtained for £1.50 each.
Administering the Estate in Full
This would mean that we would ascertain the assets and liabilities and value of the estate; attend to the Inheritance Tax (IHT) position if any, obtain the Grant, collect in the assets; settle the liabilities; attend to the income tax position up to the date of death and during the administration period; prepare formal estate accounts and distribute the estate.
The cost of this would depend on the size and nature of the estate but is effectively based upon the time spent and the type of assets involved and the difficulty factor of the estate. The costs would be highlighted within our client engagement letter after we have established the scope of the estate and familiarised ourselves with the assets, liabilities and finances involved.
As a broad guide, the fees for a full estate administration will usually start from £3,500.00 - £5,500.00 plus 20% VAT for a relatively straightforward estate. This would be, for example, where estates comprise of one property and up to ten accounts or investments. Fees for high value and complex estates or challenging estates which require a greater amount of our time can be higher than this. We will always provide a detailed estimate of our fees together with a timetable for completion of the work, before we start working for you.
The prices shown above are just an average price based on recent instructions. The actual cost to you will depend on a number of factors which we will discuss with you if you decide to instruct us.
Additional Costs Involved
There may be some additional costs which we will need to pay on your behalf as part of the process. The typical costs are set out below.
- Probate court fees: £300.00 (plus £1.50p for each additional copy of the Grant of Probate or Letters of Administration)
- Bankruptcy search: from £2.00 for every beneficiary
- Statutory advertisement to creditors from £220.00 plus 20% VAT (the actual cost will depend upon the papers advertised in). We would advise that Statutory Notices are placed within a local paper and the London Gazette to ensure that the Executor's position is protected in the future, should anyone wish to make a claim against the estate in relation to money owed to them. Section 27 of the Trustee Act 1925 provides an advertising mechanism, Legal Notice, that when followed, gives protection against personal liability. Executor/s who have distributed the estate of a deceased person are personally liable to any creditors for any unpaid debts or liabilities, even if they were unaware of them at the time of distribution.
- Financial Asset Search – a sweeping search to ensure that no assets or investments have been overlooked - £195.00 plus 20% VAT. Commonly, not all of a deceased person's assets will be apparent from their personal papers; this may include online accounts, pensions, shares and life insurance policies. If an asset is missed, this could mean beneficiaries do not receive their full entitlement, and discovery of an asset after initial distribution can incur further costs which will need to be met by the estate. To minimise this possibility, we recommend that a financial search is conducted on the estate. This service notifies all leading financial organisations of the death and searches an electronic credit record to help ensure all assets are collected and debts settled before distribution of the balance to the beneficiaries.
- There may be additional disbursements as required for example, appointing accountants to deal with complex tax returns.
- Stockbroker fees dealing with lost share certificates and selling shares (these vary depending upon the stockbroker involved).
What costs are excluded?
Our fees do not include any external costs and charges that we may incur as part of the administration of the estate such as inheritance tax, income tax, penalties, repayable benefits, fees and charges. You will also be responsible for these items on behalf of the estate. If there are any properties to be sold, the costs for this are separate to the administration of the estate. We would be delighted to help you with this area and you can find more details about this service and see the members of our property team here or call them on 01626 772441.
How long will it take?
How long it takes to administer the estate will largely be dependent upon the complexity of the estate itself and the number of beneficiaries involved. Typically, where we are applying for the Grant of Probate only on your behalf, this will usually take between 1 and 3 months.
Where we are carrying out the full administration of the estate, this will typically take 1 to 3 months to obtain the Grant of Probate in a simple non-taxable estate. This is followed by collecting in all the assets. Once all assets have been gathered in and all liabilities settled, we distribute the assets to the beneficiaries. A straightforward estate may take between 6 and 12 months to conclude from start to finish. If there is a complex or valuable estate, it is likely to take longer. We will be able to give you a clear idea of the likely timescale when we talk to you.
The People Involved in Estate Administration
You can find out more about the range of services that we offer and the team who can help you by visiting our Private Client pages.
Please get in touch if you have any questions or if you would like us to instruct us by calling us on 01626 772441, emailing us at law@scottrichards.co.uk or via our Contact Form.
