Typically our fee for applying for a Grant, collecting and distributing the assets in an estate as in the example below would be in the region of £2,000 - £2,500 plus VAT @ 20% and disbursements. Likely disbursements are listed in the table below.
Our typical fee assumes:
- There is a valid Will.
- There is no more than one property.
- There are no particularly valuable or specialist personal chattels (e.g. paintings, jewellery, classic vehicles).
- There are no more than two or three bank or building society accounts.
- There are no other intangible assets (e.g. shares, bank accounts, building society accounts, National Savings products).
- There are no more than three adult beneficiaries, based in the UK whose addresses can be identified.
- There are no disputes between beneficiaries on the division of assets and no claims against the estate.
- There is no Inheritance Tax to pay and the Executors do not need to submit a full Inheritance Tax account to HM Revenue and Customs.
|What is included ||What is not included |
- Review the will
- Identify the Executors or Administrators
- Review all paperwork
- Identify organisations and contact them for the required information
- Preparation of the Inheritance Tax Account
- Preparation of the Oath
- Applications to the Probate Registry for the Grant
- Place statutory adverts
- Collect in estate assets
- Arrange payment of estate debts / legacies
- Arrange Inheritance Tax clearance
- Finalise estate income tax matters and obtain clearance
- Preparation of administration accounts for approval
- Arrange final distribution
- Sale of the deceased’s property.
- Variation of the Will / Intestacy Rules
- Preparation of complex tax returns
- Providing specific advice about which assets to keep / sell
- Home or other visits away from our offices
- Probate application fee, currently £155 plus 50p per court sealed copy of the Grant.
- Oath fees - currently £5 per Personal Representative plus an extra £2 per document, per Personal Representative.
- Copies of Land Registry title entries for properties. £3 each.
- Bankruptcy searches (£2 per beneficiary, per distribution).
- A notice in the London Gazette, £83.40 to protect the Personal Representatives against claims from unknown creditors.
- A notice in the local newspaper, price varies but usually circa. £90-100.
- Travel costs. Mileage is charged at 45p per mile plus VAT @ 20% and is charged if we visit you or other third parties away from the office. Travel costs may also include any train and bus fares incurred plus VAT @ 20%.
- Electronic identity verification searches - £4.80 per search.
- RICS property valuation fee, typically in the range of £500-£1,000 including VAT.
- Chattels valuation fee, typically in the range of £300-£1,000 including VAT.
|Below is a non-exhaustive list of factors which would increase our fee || Factors which may decrease our fee |
- Provision of incomplete or inaccurate information
- Failure of organisations to provide accurate information.
- The need for us to organise and collate the source paperwork provided to us.
- The length and number of meetings with you and others
- Lengthy and frequent correspondence with you and others
- A review by HM Revenue and Customs into the Inheritance and/or Income Tax returns
- A claim against the estate under the Inheritance (Provision for Family and Dependants) Act 1975
- A claim relating to the validity of the Will
- The partners being appointed as Executors in the Will
- Uncooperative beneficiaries
- Where the estate includes shares held in a certificated form - particularly where there may be missing share certificates
- Where there is a private company in liquidation
- Where we are required to regularly update creditors and/or manage their expectations
- Where there are any trust arrangements
- The provision by you of correspondence from relevant organisations with accurate figures.
- The estate not requiring a full Inheritance Tax account IHT400.
Typical timescales and key stages:
- From receipt of instructions to application for Grant of Representation: between 2 months for simpler estates and 7 months or more for more complicated estates although this timescale varies significantly depending on the nature of the estate and whether Inheritance Tax will be payable.
- Receipt of the Grant of Representation to the distribution of the estate: approximately 4-7 months. This timescale varies significantly depending on various factors. The following is not intended to be an exhaustive list of factors but are possible examples:
- The nature of the estate
- Whether Inheritance Tax clearance is required (please see below for more information about this).
- Whether there are any claims made against the estate either by creditors or by those who feel that adequate provision has not been made for them (please see below for more information about this).
- Whether or not all of the beneficiaries can be identified and located.
- Notice period for claims by creditors: A minimum of two months from the date that the notices are placed in the London Gazette and the local newspaper(s).
- Notice period for claims under the Inheritance (Provision for Family and Dependants) Act 1975: Six months from the date of the Grant of Representation, although this can be extended.
- Inheritance Tax clearance where Inheritance Tax was due: HM Revenue and Customs would not expect an application to be made until at least 12 months has passed since the date of death.