Our full Estates service includes:
- Advising on the entitlement to administer an Estate
- Identifying the Beneficiaries of an Estate
- Applying for a Grant of Representation where needed
- Gathering in/realisation of assets to include, as appropriate, the sale or transfer of land and buildings in the Estate
- Payment, from Estate funds, of debts and liabilities
- Reporting on and settling, from Estate funds, the Estate’s liability for Inheritance Tax, Income Tax and Capital Gains Tax
- Advising the Personal Representative(s) on their duties and responsibilities
- Advising on tax-efficient methods of distributing an Estate (e.g. appropriation of assets)
- Accounting to the Beneficiaries and distributing the Estate
Our charges for this service will be based on the amount of time spent dealing with the matter at the hourly rates of the Fee Earners/Caseworkers involved but will be subject to a minimum charge which will be calculated by reference to the nature of and value of the Assets in the Estate. The currently hourly rates applied are set out in Table A below and the minimum fee is set out in Table B below.
VAT is currently charged at 20%
Routine letters and telephone calls are charged as 6 minute units and considering incoming letters at 3 minute units per page. Email correspondence is treated as correspondence by letter. Conveyancing issues that are dealt with in the course of the administration of an Estate will be charged at these rates and not at the rates advertised for general conveyancing.
|
Table A |
|
|---|---|
|
Partners and Consultants |
£300.00 plus VAT |
|
Solicitors/Chartered Legal Executives/STEP members |
£250.00 plus VAT |
|
Solicitors//STEP members |
£200.00 plus VAT |
|
Chartered Legal Executives / Executives |
£175.00 plus VAT |
|
Trainee Solicitors / Junior Executives |
£100.00 plus VAT |
|
Table B |
|
|---|---|
|
Where none of the Personal Representatives is a Partner in this firm |
|
|
Value of assets passing by survivorship |
0.15% plus VAT |
|
Value of residence passing under Will / Intestacy |
0.75% plus VAT |
|
Value of remainder of gross Estate |
1.50% plus VAT |
|
Where the Personal Representatives , or one of them, is a Partner in this firm |
|
|
Value of assets passing by survivorship |
0.24% plus VAT |
|
Value of residence passing under Will / Intestacy |
1.20% plus VAT |
|
Value of remainder of gross Estate |
2.40% plus VAT |
We anticipate that it will take between 15 and 30 hours to complete the administration of an Estate but this is a general guide only. Factors affecting the time spent include (but are not limited to):
- Whether there is a Will and if so, is the whereabouts of the original document known
- Whether the Executors appointed in the Will are willing to act
- The number of Beneficiaries in the Will or entitled on intestacy and whether their identity and whereabouts is known
- Whether any Executor or Beneficiary lacks capacity under the Mental Capacity Act or whether any Beneficiary is a minor
- Whether the Will or Intestacy creates any Trusts
- Whether there is any dispute (e.g. regarding the validity of the Will, who should take out the Grant)
- The number, value type and location of assets
- Whether Inheritance Tax is payable
- Whether a full Inland Revenue Account is required (e.g. because of the value of the Estate or because of lifetime gifts)
- Whether there are any claims upon the Estate under the Inheritance (Provision for Family and Dependants) Act 1975
- Whether there are any Capital Gains Tax issues
- The time it takes to find a Buyer for land/buildings owned by the Deceased
Disbursements are costs related to your matter that are payable to third parties.
The disbursements payable on every application for a Grant of Representation are:
|
H M Courts and Tribunals Service Fee - Sealed Grant of Representation |
£155.00 |
|
Each additional sealed copy of the Grant of Representation |
£1.50 |
Other disbursements typically incurred in probate matters (but not in every case) include:
|
Certainty - Will Search Combined |
£95.00 plus VAT |
|
Section 27 Trustee Act Notice - London Gazette * |
£85.50 plus VAT |
|
Section 27 Trustee Act Notice - Local Newspaper * |
£150.00 plus VAT |
|
Anti Money-Laundering / Identity search |
£4.50 plus VAT |
|
H M Land Registry, Land Charges Department - |
£2.00 |
|
H M Land Registry - Office copy Title register/Title Plan/ Deed |
£3.00 |
|
HM Land Registry - Index Map Search |
£4.00 |
|
HM Land Registry - Registration fee |
dependent on the |
|
* approximate |
In cases where our retainer is limited to obtaining a Grant in order to realise/transfer limited assets (e.g. to close a single Bank account or to transfer a property) we may be able to offer a fixed or capped fee which will be determined by reference to the estimated time to conclude matters (typically between 4 and 5 hours depending on the type and number of assets held by the Deceased and the speed with which documentation/information is provided by our Client).
A typical case may take:
- 4 to 12 weeks to value an Estate, complete the required Inheritance Tax Return and submit the application for a Grant of Probate
- 2 to 12 weeks for the Probate Registry to issue the Grant from the time of applying
- 3 to eight months from the date of the Grant (or completion of the valuation of the Estate if a Grant is not required) to collect in assets and settle liabilities
- 4 to 8 weeks from the date that all assets have been collected in and all liabilities have been settled to produce an Estate Account and transfer assets or distribute the Estate,
For a full list of our Probate team members please visit our Probate Department list here.