We normally review these rates in September and/or April in each year and we will inform you of any changes. The hourly rates are subject to VAT, which is currently 20%.
The key stages of an estate administration will usually be as follows:
- Making enquiries of asset holders, creditors and income providers to ascertain the date of death value of the estate.
- Preparation of the Inheritance Tax Return (if required) and arranging payment of the Inheritance Tax due.
- Preparation of the application for the Grant of Representation and submitting this to the Probate Registry.
- Once the Grant has been issued, collecting in the assets and arranging payment of the liabilities.
- Arranging payment of any legacies and making interim distributions to the residuary beneficiaries.
- Finalising the Inheritance Tax position (if required) and dealing with the income tax position for the period of administration.
- Preparation of Estate Accounts for approval by the Executors/Administrators.
- Providing a copy of the approved Estate Accounts to the residuary beneficiaries and arranging final distributions.
The Probate Registry takes an average of 16 weeks to issue a Grant of Representation, so we anticipate that it will take approximately 6 months to obtain a Grant on an estate where an Inheritance Tax Account is not required, and 6 to 12 months to obtain a Grant where an Inheritance Tax Account is required. Once the Grant has been issued, it will usually take between 6 to 18 months to finalise the administration of the estate, but this will of course depend on the nature and complexity of the assets within the estate and whether there are assets that need to be sold as part of the estate administration.
It is difficult to estimate how much work will be required to administer an estate from the outset as this will depend on the size of the estate, the nature and number of assets, creditors and beneficiaries of the estate as well as other factors including whether the estate is subject to Inheritance Tax.
Administration of a simple estate
A simple estate would be an estate where an Inheritance Tax Account is not required and might include a modest residential property and a range of straightforward assets such as bank accounts or life assurance policies. A simple estate would not be subject to Inheritance Tax or require a full Inheritance Tax Account to be completed to obtain the Grant of Representation.
A simple estate may take in the region of 20 to 60 hours to deal with. Our fee to administer a simple estate would usually fall between £5,000 and £15,000 plus VAT at 20% and disbursements.
Administration of a complex estate
A complex estate would usually be subject to Inheritance Tax or require an Inheritance Tax Account to be completed to claim the Inheritance Tax exemptions and reliefs available. The estate may include numerous or high value assets including properties, business or agricultural assets, trusts or large share portfolios.
A complex estate may take in the region of 60 to 200 hours to deal with. Our fee to administer a complex estate would usually fall between £15,000 to £50,000 plus VAT at 20% and disbursements.
Work that is not included as part of the estate administration
Our probate services fee estimates would not include work relating to the following issues:
- Disputes, claims and litigation relating to the estate
- Work relating to overseas assets or issues
- Complex tax issues and tax planning advice
- Deeds of Variation
- Trusts
- Property sales or transfers
- Advice relating to business or agricultural matters
- Any other advice outside of the key stages of an estate administration referenced above
If advice is required in relation to any of these matters, a separate quote will be provided by the relevant department.
Grant only service
We can provide a Grant application only service. Again, our fees will be charged for on a time spent basis. This service is provided on the basis that you will make the necessary enquiries to establish the value of the estate, and we will prepare the Inheritance Tax Account (if required) and application for the Grant of Representation using the figures that you have provided.
Our fee for a Grant only service on an excepted estate i.e. an estate where an Inheritance Tax Account is not required, will usually take in the region of 5 to 10 hours to deal with. Our fees would usually fall between £1,500 to £3,000 plus VAT at 20% and disbursements.
Our fee for a Grant only service on an estate where an Inheritance Tax Account is required will usually take in the region of 15 to 30 hours to deal with. Our fees would usually fall between £4,000 to £8,000 plus VAT at 20% and disbursements.
Disbursements (fees payable to third parties)
These are fees that are payable to third parties, in addition to our legal fees, and can include the items listed below.
These are typical disbursements however, every estate is unique and therefore not all fees will necessarily apply or others may be needed. We will let you know as soon as possible in advance of any additional disbursements that are required.
