This will enable the personal representatives to administer the assets of the deceased and distribute those to the beneficiaries, either under the Will or, if there was no Will in accordance with the intestacy rules.
We charge for this service on a fixed charge basis, which we agree with you at the outset prior to starting work on your behalf. These fixed charges will be provided to you following an initial meeting at no charge to you once we have gathered from you all the information we consider relevant to being able to provide an agreed fixed charge. These fixed charges are paid from the estate as a cost of the administration and as such are normally a cost borne by the residuary beneficiaries of the estate.
What this service includes
As part of our fixed charges we will:
- Provide you with a dedicated and experienced probate solicitor or chartered legal executive to work on your matter;
- Identify the legally appointed executors or administrators, and the 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;
- Make the application to the probate Court on your behalf; and
- Obtain the probate and securely send the agreed number of sealed copies to you.
Likely timescales
On average, for estates with assets of less than £325,000 it will take two months to be in a position to apply for the Grant of Representation. In relation to estates that exceed this value and require a full Inheritance Tax Return and payment of Inheritance prior to the Grant of Representation being issued, it will often take between 16 and 20 weeks to obtain the Grant of Representation, subject to the Probate Registry’s turnaround times.
How much does this service cost?
Our fixed costs usually range from £1,250 to £9,000 plus VAT, and disbursements – this is dependent on the nature of the estate (type, and number assets) and whether the estate is testate (there is a Will) or intestate (no Will). The main factor in determining the charges will be whether the estate is subject to Inheritance Tax and the exemptions available with regards Inheritance Tax that are to be claimed by the Executors. We have included below the assumptions that the above price range is based on:
Breakdown of costs:
Fixed Legal Charges: £1,250 to £9,000
VAT on Fixed Legal Charge: £250 to £1,400
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.
Probate Court fee: £300
Additional copies of the Grant: £16 each based on number of assets to be administered.
Assumptions
The above indication of charges are based on various assumptions which include:
- The deceased only owned assets in England and Wales;
- The deceased was domiciled in England for Inheritance Tax purposes;
- The deceased’s estate has a net value for Inheritance Tax purposes of less than £3,000,000;
- If the estate is subject to Inheritance Tax, there are sufficient directly accessible assets in the estate or available from beneficiaries to fund any Inheritance Tax payable prior to obtaining the Grant and a loan is not being applied for;
- There are no claims against the estate by relatives, creditors or others, no disputes over the validity of any Will and there are no caveats lodged at the probate Court;
- The personal representatives provide us with:
- Valuations required by HMRC with regards to all assets and liabilities of the deceased and this applies to assets held in the deceased’s sole name or jointly with others and would, for example, include:
- Verifying shareholdings with the company registrars and providing professional valuations of such shareholdings;
- Professional valuations of any property;
- Professional valuations of personal chattels (for example, jewellery, house contents and any motor car).
- Providing full details of any lifetime gifts made and any trusts set up by deceased;
- Providing details of any spouse who has predeceased and their estate;
- Providing information about any previous main residences owned by the deceased following July 2015, if no main residence owned at date of death.
Our team
Click here for more information about our team, their qualifications, experience, and details of their supervisors.
What next?
If you would like to speak to somebody at TWM Solicitors about our services, please contact Laura Walkley, Partner and Head of Private Client.