It can take a significant amount of time to take care of an estate so it is not always possible to provide a set price for the work. However, we do not charge based on a percentage of an estate but instead on the time taken to deal with each matter and the level of complexity involved.
At the outset we will provide an estimate of fees for the work to be carried out. If we identify anything that is likely to significantly alter the fee, we will advise you accordingly as soon as possible. For an idea of the scope of work that we undertake and the possible associated costs please see our ‘Fee examples’ below.
The process of dealing with an estate can take a significant amount of time and there are several factors that can affect the process. We will ensure that we work with you and keep you informed of progress on a regular basis so that you know where we are with a case. As a basic guide:
- Identifying and valuing assets/liabilities and preparing the Inheritance Tax forms then applying for probate may take up to 9 months.
- Selling assets and collecting in the money may take time depending on the market and this could take up to a further 6 months.
- Completing estate tax returns, settling tax liabilities, preparing estate accounts and making final payments to beneficiaries may take 2 months.
- We will work with you through this difficult process and always be on hand to help with any queries you have.
Fee Examples
Fee example 1
Obtaining a grant of probate (easily identifiable low value assets)
In this example, there is a simple Will in place, assets are identifiable and easy to value.
These assets are not subject to Inheritance Tax.
Valuations can be easily obtained and there are no complicating factors.
The estate can be reported to HMRC via the informal route and a probate application made on behalf of the executors.
The executors deal with the administration of the estate.
Total fees between £750 and £1,500 (plus VAT).
Fee example 2
Calculating Inheritance Tax and obtaining a grant of probate (high value assets, simple Will)
In this example there is a simple will in place, the assets are all understood however there is Inheritance Tax to pay.
There may be a few beneficiaries.
Valuations of the assets are obtained and there are no complicating factors.
The relevant Inheritance Tax forms are prepared (IHT400) and a probate application is made on behalf of the executors.
The executors deal with the administration of the estate.
Total fees between £2,000 and £3,500 (plus VAT).
Fee example 3
Acting on behalf of executors
In this example we would carry out the full process and this would include the following:
Identify the assets, value the estate and calculate Inheritance Tax.
Apply for probate.
Collect in the assets, repaying debt and distributing assets to the beneficiaries.
Preparing accounts and tax returns for the estate.
Total fees between £3,500 and £6,000 (plus VAT)
Fee example 4
Acting on behalf of executors (complex estate)
In this example we would act on behalf of the executors and there would be complex matters in the estate and this could include the following:
Identifying the assets and seeking valuations.
Working in foreign jurisdictions.
Dealing with high value assets including agricultural property.
Dealing with complicated business assets.
Assisting with the administration of the estate.
Accounting for the estate and completing the necessary trust tax returns.
Total fees over £10,000 (plus VAT).
Disbursements
Probate Application Fees are £300. There is a small additional charge for extra copies of the Grant of Probate.
Notification in The London Gazette and a local newspaper of the individuals death to protect against claims from unknown creditors – £300 to £500.
