Applying for the Grant, collecting and distributing the assets
We anticipate the entire process will take between 15 and 25 hours of work at an average hourly rate of £295 plus VAT. Total costs are therefore estimated at between £4,425 and £7,375 plus VAT and disbursements.
The work will be handled by a qualified solicitor, who is both experienced and especially practised in probate matters.
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, properties and bank accounts, costs will be at the higher end.
This estimate is based upon estates that meet the following criteria:
- there is a valid Will;
- there is no more than one property;
- there are no more than 5 bank or building society accounts;
- there are no other intangible assets;
- there are no overseas assets;
- the deceased was not domiciled in any jurisdiction outside the UK;
- the Will does not contain any trusts;
- there are no more than 3 cash legacies to be paid from the estate;
- there are no more than 3 residuary beneficiaries;
- we do not deal with the tax affairs of the deceased or the estate but instead liaise with an appropriate accountant to enable him/her to do so;
- there are no dispute between beneficiaries on division of assets. If 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 account to HMRC;
- there are no claims made against the estate.
In addition to this fee, disbursements are likely to comprise the following:
- probate application fee of £155;
- £5 for swearing the Oath/making the Statement of Truth (per executor) plus £2 per exhibit
- bankruptcy-only Land Charges Department searches (£2 per beneficiary);
- approximately £100 for a post in the London Gazette – protects against unexpected claims from unknown creditors;
- approximately £150 for a post in a Local Newspaper – this also protects against unexpected claims
Disbursements are costs related to your matter that are payable to third parties, such as Court fees. We handle the payment of disbursements on your behalf to ensure a smoother process.
Potential additional costs
- If there is no Will or the estate consists of any shareholdings (stocks and bonds) there are likely to be additional costs which could range significantly depending on the estate and how it is dealt with. We can give you a more accurate quote once we have any more information.
- If any additional copies of the Grant are required, they will cost £0.50 each (1 per asset usually)
- Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates which fall within this range are dealt with within 6 to 12 months.
Typically, obtaining the Grant of Probate takes approximately 3 months from the date of us being instructed by the executors.
Collecting assets then follows, which can take between 1 month and 3 months.
Once this has been done, we can arrange for the estate debts/liabilities to be paid, any cash legacies to be paid, interim distributions to be made to the residuary beneficiaries, the Estate Accounts to be prepared and for final distributions to be made, all of which normally takes between 2 and 6 months.