Applying for the grant collecting and distributing assets
We anticipate this will involve between 5 and 12 hours work.
Managing Partner’s hourly rate: £195 plus VAT
Senior Associate Solicitor’s hourly rate: £175 plus VAT
Probate Assistant hourly rate: £130 plus VAT
Total costs estimated range between £875 – £2,100 plus VAT
The exact cost will depend on the individual circumstances of the matter. 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 would be happy to handle the full process for you. This general estimate provided above is for estates where:
- There is a valid will
- There is no more than one property
- There are no more than 5 bank or building society accounts
- There are no other intangible assets
- There are up to 6 beneficiaries based in the UK
- 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 that are typically incurred are:
- Probate application fee of £155.00 plus £1.00 for each sealed copy of the grant
- Electronic ID check of £3.96 per person
- Office Copy Entries from the Land Registry of £6.00 where there is a property
- £7.00 swearing of the oak (per executor)
- Bankruptcy-only Land Charges Department searches (£2.00 per beneficiary)
- £ x post The London gazette – protects against unexpected claims from unknown creditors
- £ x 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.
- Certainty Will Search of £95.00 plus VAT if no Will can be located or a later Will is suspected.
- If any additional copies of the grant are required, they will cost £1.50 per copy (one per asset usually).
- Dealing with the sale or transfer of ownership 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 6-8 months. Typically, obtaining the grant of probate takes 3-6 months. Collecting assets then follows. Once this has been done, and any debts paid, and Estate Accounts prepared, we can distribute the assets, which normally takes 2 – 4 weeks.
For Estates where Inheritance Tax is likely to be payable or a full Inheritance Account may be required costs are more likely in the region of £3,000 to £8,000 plus VAT depending on the complexity of the estate.
It is difficult to provide a ‘standard’ quote for the type of work as there can be many variations of both circumstances and executor of assets involved.
It is always advisable to contact us first discuss in detail your requirements and we are happy to provide you with guidance and an indication of the overall work and anticipated timescale to properly manage your expectations.
We are happy to provide more detailed quotes once in possession of the full details and the circumstances of your case.
Our main aim is to assist you as sensitively and efficiently as possible at this traumatic and upsetting time.
Please contact us directly where we can provide more accurate costs information based on the specific circumstances and your requirements.
- The time taken to collect the assets will depend on how easy it is to release the assets. The main asset is usually a property which can take more time to sell. In other cases bank and building society accounts can be closed relatively quickly.