Estate administration fixed fees
Estate administration fixed fees
Estate administration fixed fees
Estate administration fixed fees
We can help you through this process by obtaining the Grant of Probate or Grant of Letters of Administration on your behalf. We can also manage the collection and distribution of assets.
As part of our fixed fee service we will:
- Assign to your case an experienced probate solicitor
- Identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of probate application you will require
- Obtain the relevant documents required to make the application
- Complete the probate application and the relevant HMRC forms
- Draft the legal statement for you to declare
- Make the application to the probate court on your behalf
- Obtain the probate and securely send copies to you
There are two different fixed fees dependent on the value of the estate. (Please note the current standard rate of VAT is 20%)
1. Grant only service for excepted estates (estates where the value is below the inheritance tax threshold)
This service includes:
- Preparing the Oath
- Preparing the Return of Estate Information form (IHT205)
- Submitting the application to the Probate Registry
- Client to provide details of the assets and estate value
The fixed fee for this service is £950+vat. If you need to use IHT217, the fee for the above services will be £1200+vat.
Additional work required may include:
- Further investigation of both confirmed and potential assets
- Arranging for the subsequent sale and distribution of assets in accordance with the will
- Advice in relation to executors’ duties/responsibilities
This additional work, if required, will be charged at an hourly rate which depends on the individual fee earner handling your case. An estimate of costs will be provided on examination of estate papers.
2. Grant only service for non-excepted estates (estates where the value is above the inheritance tax threshold)
This includes:
- Preparing the Oath
- Preparing the Inland Revenue account form (IHT400) and relevant schedules
- Submitting IHT400 to HMRC
- Submitting the application to the Probate Registry
- Client to provide details of the assets and estate value
The fixed fee for this service is £1,800+vat. If you need to use IHT217, the fee for the above services will be £2000+vat.
Additional work required:
- Administration of the estate
- Liaise with HMRC regarding calculation of inheritance tax and arranging payment (if any)
- Advice in relation to executors’ duties/responsibilities
This additional work, if required, will be charged at an hourly rate which depends on the individual fee earner handling your case. An estimate of costs will be provided on examination of estate papers.
Disbursements and expenses
Any estate work undertaken may be subject to other disbursements and expenses. Disbursements are costs related to your matter that are payable to third parties, for example court fees. If access to estate funds is granted or money held on account, we will handle the payment of the disbursements on your behalf to ensure a smoother process.
Disbursements and expenses may include:
- Probate application fee of £273 (subject to change)
- Sealed office copies of the probate at £1.50 per copy
- Where required, £5 to swear the oath (per executor) and £2 per exhibit
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
- £62.15 post in The London Gazette to protect against unexpected claims from unknown creditors
- Notice in a local newspaper to help protect against unexpected claims– this cost varies by region and is subject to change from place to place
- Online identification check of £14.40 per individual, £12 for a UK Company check, and £7.50 for a Source of Funds check. These charges are exclusive of VAT and are dependent on the level of checks required and whether the online platform is used.
Please note that our fees do not include:
- Financial, pension, investment, tax advice
- Anything else not identified in the points listed
What is the process for obtaining Grant of Probate?
A Grant of Probate is often required to access bank accounts, sell assets and settle the debts of someone who has passed away. It gives the executor the legal authority to administer the deceased’s estate and carry out all necessary tasks.
Step one
When you contact Beswicks’ private wealth team, we will have an initial conversation to establish the type of Grant of Probate service that you require. We will then set up a meeting with you which can take place either over the phone, via Microsoft Teams or at one of our offices.
Step two
At your meeting you will need to bring the documents we will have requested in the initial phone call, and we will provide advice on the process to obtain a Grant of Probate to the will of the deceased. We will also discuss costs and take your instructions.
Step three
Following the meeting we will send you terms of engagement, terms of business and a letter of advice. You will need to sign the terms document and make a payment on account.
Step four
Subsequent steps involved differ on a case-by-case basis, dependent on whether a grant only service is required or full estate administration. You will be advised of the cost and time implications during your initial meeting and updated frequently throughout the process.
Expected timescales
A straight forward estate falling within category one may take approximately 3 to 4 months to administer, although if we deal with the application for the grant of representation only, this timescale is outside of our control.
Estates falling within category two take considerably longer where HMRC is involved because inheritance tax is due. Timescales will be at least several months although during this time it may be appropriate to make distributions from the estate. Each case is different and we will advise of timescales based on the unique circumstances of each case.
Meet the team and find out more about our private wealth or probate service.
Please note: where VAT is payable this will be at the current rate of 20%.