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Knocker & Foskett

Applying for the Grant, Collecting and distributing the assets - Non taxable estate

We anticipate this will take between 10 and 12 hours work at £295 (1) plus VAT per hour. Total costs are estimated at between £2,950 and £3,540 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.

It is extremely difficult at the commencement of a matter to estimate how much time is likely to be involved. However, as soon as the nature and complexity of the estate becomes apparent, we will provide you with an estimate of our professional charges. We will keep you informed as the matter progresses if this estimate is likely to be exceeded.

This estimate is for an estate where:
•    there is a valid Will;
•    there is no more than one property;
•    there are no more than five bank or building society accounts;
•    there are no other intangible assets;
•    there are no more than five beneficiaries;
•    there are no disputes between the beneficiaries on the division of the assets. If any 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 Inheritance Tax Account to the HM Revenue & Customs; and
•    there are no claims made against the estate

We will handle the administration of the estate for you.

Up to the issue of the Grant of Probate
•    supplying copies of the Will to the executors;
•    notifying the beneficiaries of the death;
•    obtaining full details of the assets, liabilities and lifetime gifts;
•    arranging for the release of funds from the estate to settle the funeral directors’ account;
•    drafting the HM Revenue & Customs Return of Estate Information (IHT205) and arranging for the executors to approve and sign the same;
•    drafting the Executors’ Legal Statement and arranging for the Executors to approve and sign the same; and
•    applying to the Probate Registry for the Grant 

On receipt of the Grant
•    registering the Grant where necessary;
•    realising assets and/or transferring assets to the beneficiaries;
•    placing statutory notices for beneficiaries and creditors;
•    paying debts and legacies, and obtaining receipts; and
•    making interim distributions on account of the residue

Winding up the Estate
•    drafting and circulating Estate Accounts
•    making final distributions to the beneficiaries and obtaining receipts

As part of our money laundering obligations, we will carry out electronic identification checks on all Executors and Beneficiaries. These will cost up to a maximum of £18.00 plus VAT per individual.

Disbursements included in this fee are as follows:

•    probate application fee of £300 (2);
•    statutory notices in The London Gazette and a local newspaper of £200 - 250, protects against unexpected claims from unknown creditors and beneficiaries

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 may arise:

•    if there is no Will or the estate consists of any shareholdings (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;
•    if any additional copies of the grant are required, they will cost £1.50 (one per asset usually); 
•    if an Income Tax Return is required for the period up to the date of death and for the administration, and
•    dealing with the sale or transfer of any property in the estate is not included

How long will this take?

We envisage being able to obtain the Grant of Probate within 3 - 4 months for most estates (although more complex estates will take longer).

We will aim to complete the administration of the estate within 1 year, after the date of death, although this timeframe may be subject to the terms of the Will and the complexity of the estate.

Please note that any prices shown are estimates, and that a full case specific quote or estimate can be obtained by contacting us.

Should you require assistance limited to obtaining a Grant of Probate and/or the preparation of the HM Revenue & Customs Inheritance Tax Account (excluding the administration of the estate), a fixed fee can be obtained by contacting us.

(1) Hourly rate for Solicitors and Licensed Conveyancers as at today's date.

(2) Applicable as at today's date.

TEAM MEMBERS - Wills Probate and Trusts Department  DAMIEN JONES - Partner  View Profile  JULIE MILLER - Senior Solicitor  View Profile  ANNE WEARE - Senior Solicitor  View Profile MARY CHEATER - Paralegal View Profile

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