Applying for a Grant of Probate, collecting and distributing assets
As part of the process, we will:
- Identify the legally appointed executors or administrators and beneficiaries;
- Accurately identify the type of Probate that you require;
- Obtain the relevant documents that are required to make an application for Probate;
- Complete the Probate application and the relevant HMRC forms;
- Draft a legal oath for you to swear;
- Make the application to the Probate Registry upon your behalf; and
- Collect and distribute all assets in the estate.
We anticipate that that the process will take between 8 and 18 hours of work at £185.00 per hour plus VAT over the course of approximately 8 to 12 months. Total costs are estimated between £1,500.00 plus VAT and £3,500.00 plus VAT. This however is on the basis that:
- There is a valid Will;
- There is no more than one property;
- There are not multiple bank / building society accounts or complex investment holdings;
- There are no assets held in trust;
- All assets are based within the United Kingdom;
- There are no disputes between beneficiaries on the division of the assets;
- There is no inheritance tax to pay and that the executors do not need to submit a full account to HMRC; and
- That there are no claims made against the estate.
If any of the above occur, your costs will rise.
Costs will depend on the exact circumstances of your matter. For example, if there is one beneficiary and a limited number of assets to deal with, then costs will likely be at the lower end of the scale. If there are multiple beneficiaries, a property and multiple bank accounts / investments then costs will likely be at the higher end of the scale.
In addition, all estates will also be subject to a fixed charge of 1% of the gross estate if the estate is valued under £500,000.00 and 2% if over £500,000.00. This charge will be allocated at the conclusion of your matter.
In addition to the above, the following supplementary costs payable to third parties may apply to your matter. These additional costs are called ‘Disbursements’ and we will let you know as your matter progresses which disbursements will apply:
- Land Registry office copy entry – £3.00
- Swearing of Oath – £7.00
- Probate application fee – £155.00
- Additional copies of Grant of Probate £2.00
- Post in London Gazette (to protect against unexpected claims from creditors) – £100.00 plus VAT
- Post in a local newspaper (to protect against unexpected claims from creditors) – £120.00 plus VAT)
Estates valued in excess of £325,000.00 may be subject to inheritance tax. The exact rate of inheritance tax will depend upon individual circumstances but for generic information, you may wish to visit – https://www.gov.uk/inheritance-tax. Please note that any inheritance tax will be an additional cost to the above.
Further, dealing with the sale or transfer of the property in the estate is not included in the suggested range of costs. If a sale or transfer is necessary, we will advise you of the potential options.
How long will this take
On average, estates that fall within the typical range noted above are dealt with in 7 – 12 months.
Typically, obtaining the Grant of Probate can take 2 – 4 months. Collecting the assets then can take a further 3 – 4 months and distribution thereafter will normally take 1 month.
Who will deal with your matter
Our team has experience in delivering a high quality, sympathetic service in relation to the administration of an estate.
Work will generally be carried out Lauren Roche, who is a solicitor and director at Full Stop Law. All work in relation to administration of estates is supervised by Victoria Cannon who is a solicitor and managing director of the firm. Collectively, the team has over 11 years experience and an excellent ability to progress matters swiftly and in a cost effective manner.
Lauren is also a trained Dementia Friend and since qualification, has gained experience in numerous estates ranging from basic, limited asset estates to larger multi-million pound estates involving numerous properties and business interests.
Information correct as at 19.11.18