Probate range of costs
Applying for the grant, collecting and distributing the assets
At Fiona Bruce Solicitors we tailor our work to suit your needs. Sometimes clients wish us to deal with the whole estate in its entirety, and other times clients instruct us to deal with specific aspects of the estate.
The time taken to deal with an estate will depend upon the number and extent of the assets and the complexity of an estate. Whilst we therefore endeavour to provide accurate fee estimates below, there are a large number of factors that impact this.
We anticipate that a fairly straight-forward estate is likely to take between 3.5 and 6 hours of time for the work up to obtaining a Grant of Representation. The hourly rate of Solicitors in the firm varies dependent upon experience from £175 plus VAT to £225 plus VAT. Typically, the costs for the work up to obtaining a Grant of Representation will generally be in the range of £750 plus VAT to £1,000 plus VAT.
If we are instructed to administer an estate once the Grant of Representation has been obtained, then our fees for administering the estate will depend upon the amount of time spent at the hourly rates quoted above. The time spent can typically be between 2 hours and 10 hours, including collecting funds from organisations, settling liabilities and preparing Estate Accounts and distributing assets to beneficiaries. Our fees for administering an estate can therefore be within a range of £350 plus VAT to £1,500 plus VAT.
Therefore, the range of costs involved in obtaining the Grant of Representation and administering an estate are likely to be in the region of £1,100 plus VAT to £2,500 plus VAT.
The exact cost will depend on the individual circumstances of the matter and in some circumstances the fees may be lower or higher than these guidelines. 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 can provide you with a more tailored quote by contacting us directly.
We will handle the full process for you. The figures provided above are for estates where:
There is a valid will
There is no more than one property
There are no more than 4 bank or building society accounts
There are no other intangible assets
There are 1 to 3 beneficiaries
There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
There are no claims made against the estate
Disbursements in addition to this estimate are as follows:
Probate application fee of £155 (current fee rate of the Probate Registry)
£5 to £7 Swearing of the oath (per personal representative)
Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
£74.95 advertisement in The London Gazette – Protects against unexpected claims from unknown creditors.
£129.70 post in a Local Newspaper – This also helps to protect against unexpected claims.
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Potential additional costs
If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
If any additional copies of the grant are required, they will cost £0.50 (1 per asset usually).
Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates that fall within this range are dealt with within 3 to 8 months. Typically, obtaining the grant of probate takes 6 to 12 weeks. Collecting assets then follows, which can take between 4 to 6 weeks. Once this has been done, we can distribute the assets, which normally takes 2 to 6 weeks.