Non-Taxable Estates

FEE: £795.00/(+VAT at the current rate of 20%)

Includes:

• Application for Grant of Probate or Grant of Letters of Administration
• Completion and Submission of IHT205 Inheritance Tax Form

Note:

• Client is to provide all information regarding the date of death and balances of assets and liabilities
• The fixed fee includes only the completion of the IHT205, and preparing probate application whether online or in paper form, arranging execution and submission to the Probate Registry and then liaising with the Probate Registry to obtain the Grant

Timescale:

• Attaining grant of representation for a typical non-taxable estate can take up to 4 months which includes 8 weeks for the Probate Registry to deal with the application

With Transfer of Nil-Rate Band

FEE: £895/(+VAT at the current rate of 20%)

Includes:

• Application for Grant of Probate or Grant of Letters of Administration
• Preparation and Submission of IHT205 and IHT217

Note:

• Client is to provide all information regarding the date of death and the balances of assets and liabilities
• Client is also to provide information about the estate of the first to die in order to claim the transferable nil rate band
• The fixed fee includes only the completion of the IHT205 and IHT217 and preparing probate application whether online or in paper form, arranging execution and submission to the Probate Registry and then liaising with the Probate Registry to obtain the Grant

Timescale:

• Attaining grant of representation for a typical estate can take up to 4 months which includes 8 weeks for the Probate Registry to deal with the application

Taxable Estates

FEE: £1,250 to £2,000.00 /(+VAT at the current rate of 20%)

Includes:

• Application for Grant of Probate or Letters of Administration
• Preparation and Submission of IHT400

Note:

• Client is to provide all information regarding the date of death and the balances of assets and liabilities
• The fixed fee includes only the completion of the IHT400 and accompanying schedules and arranging the signature of the Account, to liaising with the deceased’s bank and the executors to oversee the payment of the IHT, to liaising with HMRC to obtain the necessary receipt from HMRC, to preparing probate application whether online or in paper form and submitting the application to the Probate Registry to liaising with the Probate Registry to obtain the Grant

Timescale:

• 4 – 6 months due to the added complexity, this includes 4 weeks for HMRC to issue the receipt to the Probate Registry

FEE: £150.00/(+VAT)

Includes:

• Drafting a Deed of Renunciation and arranging execution by the Executor.

Timescale:

• This will typically take up to 4 weeks

The below is an estimate for administering an estate. Our fees are calculated on an hourly rate and an estimated cost for this service is provided below based on a typical case.

This is an average figure but every case would be looked at individually and quoted for accordingly as it is impossible to give a completely accurate quote without knowledge of the particular circumstances of any case.

The below estimate does not include VAT or disbursements

Estimated Fee: £3,500 – £5,750 (+VAT)

Hourly Rates are as follows:

Paralegal: £125 (+VAT)

Trainee Solicitor: £133 (+VAT)

Assistant Solicitor (less than 3 years PQE): £175 (+VAT)

Assistant Solicitor (more than 3 years PQE): £201 (+VAT)

Associate Solicitor: £220 (+VAT)

Partner: £230 (+VAT)

Estimated Hours: 25

Estimated Timescale: 8 – 14 months

Complex matters can take considerably longer

Includes:

• Meeting with the Executors to provide advice in relation to the estate administration, to writing to all asset holders and creditors to obtain date of death valuations, to preparing the application for the Grant of Probate or Letters of Administration to include completion of IHT account and preparing probate application whether online or in paper form, to arranging execution of documentation
• Submission of the application to obtain the Grant
• Distributing the Grant to the asset holders along with the withdrawal forms
• Encashing the deceased’s assets and distributing in accordance with the deceased’s Will or intestacy rules
• To also include preparation of Estate Accounts

Every case is different, to get a bespoke estimate contact us today and we can discuss the specifics of yours. Non taxable estates are likely to be towards the lower end of the costs estimate and taxable estates are likely to be towards the higher end of the costs estimate.

For additional information on Inheritance Tax please visit the gov.uk website:
gov.uk/inheritance-tax

Please note the following are not included:

• Conveyancing costs for dealing with the sale of a deceased’s property as part of the estate administration is dealt with by the conveyancing team and charged separately
• Finalisation of the Income Tax position/Capital gains tax position is usually dealt with by the deceased’s accountant or outsourced to an accountant if the deceased did not have one
• Disbursements are costs related to third party services which we pay on your behalf. We have not included the following disbursements in the above prices which may be charged in addition to the above fee. We price these based on the cost these services are charged to us:
  • Probate Registry Fee: £273.00 plus £1.50 per each sealed copy of the Grant.
• These fees do not apply if the Will or distribution of the estate is contested or the executors are in dispute
• These fees do not apply if there is a claim against the estate under the Inheritance (Family & Dependants) Act 1975
• Fees may vary dependent on individual circumstances.

At this stage, we will go through the deceased’s papers and bank statements to establish their assets and liabilities. This can be quite straightforward, however, in some cases, there may be multiple investments, properties, and other personal belongings to consider.

At this stage, we may need to contact banks, lenders, fund managers, pension providers, the local government, the DWP, and HMRC.

Regardless of whether inheritance tax must be paid inheritance tax forms must be completed. One form is used for non-taxable estates, another for taxable estates.

The Executor will complete the related forms as well as any additional schedules to establish the amount of tax payable.

If there is inheritance tax payable on the estate then it must be paid prior to obtaining the grant of probate. Funds can be transferred directly from one of the deceased’s accounts for this if there are sufficient funds.

Once we have assessed the size of the estate we will be able to complete the probate application form by applying to the Probate Registry.

The Executor’s will need to swear an oath at this stage to confirm that the details of the application are correct

At this stage we will pay the applicable probate fees on your behalf. These are fixed regardless of the size of the estate and are detailed above in the disbursements section.

We will collect in the assets of the estate, discharge the liabilities and subsequently distribute the estate in accordance with a Will or the rule of intestacy.