ADMINISTRATION OF ESTATES & PROBATE
What will a grant of probate or letters of administration cost?
What will a grant of probate or letters of administration cost?
Introduction
The charges we make will depend upon the size and complexity of the estate being dealt with and the issues we encounter when identifying, contacting and dealing with executors, administrators and beneficiaries. It will also depend upon whether we are dealing with the administration of the whole estate or simply carrying out parts of the requirements and whether there are any trusts.
Thus, if we are dealing only with the work involved in obtaining a grant of probate then we will be able to provide you with a fixed price for how much that work will cost. If, however, we are dealing with a full administration of an estate then we will charge on an hourly basis + an element to reflect the value of the estate.
The following charges are, therefore, dependent upon the work done. Please check with us so that we can provide you with a more accurate assessment.
| Matter | Charge | VAT (20%) | Total |
|---|---|---|---|
| Grant of Probate only – no inheritance tax | £575 | £115 | £690 |
| Grant of Probate only – with inheritance tax | £3,000 | £600 | £3,600 |
| Straightforward Deed of Variation of the will | £450 | £90 | £540 |
| Assent of Registered Property | £450 | £90 | £540 |
Complex cases
We charge on the basis of the time spent with an hourly rate of between £250 and £100 depending upon the seniority of the person undertaking the work. The firm’s charges will usually amount to between 1.5% and 2% of the gross value of the estate. VAT at the current rate of 20% will also be chargeable.
The exact cost will also 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.
The firm’s charges will be closer to 1.5% of the gross estate where the estate is more straightforward, for example where:-
- There is a valid will;
- There is no more than one property;
- There are no more than 3 bank or building society accounts;
- There are no other intangible assets;
- There are multiple beneficiaries;
- There are no disputes 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; and
- There are no claims made against the estate
In the event the estate doesn’t fall in line with the above guidance i.e. there are multiple properties, shareholdings and possible Inheritance Tax liability then the firm’s charge will realistically be closer to 2% of the gross value of the estate but we will agree costs with you at the outset before commencing any work on your behalf. We would also be happy to discuss fixed fees for Grant only applications.
Thus to give you an idea as to our costs, they will be in the region of:
| Estate Value (i.e. gross value) | Charges Range | VAT (20%) | Total |
|---|---|---|---|
| Up to £50,000 without a property and up to 4 bank accounts/ investments (based on 7 – 10 hours of time) | £1,400 – £1,900 | £280 – £380 | £1,680 – £2,280 |
| Between £50,000 to £100,000 without a property and up to 5 bank accounts/ investments (based on 9 to 16 hours of time) | £1,710 – £3,040 | £342 – £608 | £2,052 – £3,648 |
| Between £100,000 to £325,000 to include a property and up to 12 bank accounts/ investments (based on 16 to 30 hours of time) | £3,040 – £5,700 | £608 – £1,140 | £3,648 – £6,840 |
| Between £325,000 to £750,000 to include a property and up to 16 bank accounts/ investments (based on 20 to 38 hours of time) | £3,800 – £7,220 | £760 – £1,444 | £4560 – £8,664 |
| Between £750,000 to £2m to include a property and up to 30 bank accounts/ investments (based on 28 to 120 hours of time)* | £7,000 – £30,000 | £1,400 – £6,000 | £8,400 – £36,000 |
| Over £2m | By agreement | ||
*please note that with estates in this value range it is difficult to predict the precise cost since the complexity of the estate can have a substantial bearing upon the amount of work involved.
Please note also that it is very difficult to give a precise upper limit as it depends entirely on the estate and whether there are assets abroad and questions of foreign domicile etc. This will generally be charged charged on an hourly basis. Our hourly rates are:
- Partner/Consultant: £250 + VAT at 20% = £300
- Solicitor: £190 + VAT at 20% = £228
- Legal Executive: £190 + VAT at 20% = £228
- Paralegal: £100 + VAT at 20% = £150
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Probate Registry fees and search fees.
We will handle the payment of the disbursements on your behalf to ensure a smoother process. We may, however, ask you to pay those disbursements up front before they are actually incurred. They may include:
| Item | Amount |
|---|---|
| Probate Fee (estate over £5,000) | £273 (No VAT) |
| Extra Copies of Probate Document | £1.50 (No VAT) |
| Second Application | £20 (No VAT) |
| Land Registry Search Fee | £3 (No VAT) |
| Adverts in The London Gazette – Protects against unexpected claims from unknown creditors | £110 – £200 (+ VAT 20%) |
| Adverts in a Local Newspaper – This also helps to protect against unexpected claims | Varies |
| Valuation fees | Dependent entirely on the type of asset being valued (e.g., realty, shares, chattels, art works) |
| Other charges | Dependent upon the circumstances and will be notified to you before being incurred |
Other Potential Costs
If there is no will or the estate consists of any share holdings (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 £0.50 each.
Dealing with the sale or transfer of any property in the estate is not included. Please see our conveyancing fees for further information.
Examples
Example 1
Deceased died leaving a Will giving everything to his two children.
- House is worth £200,000.
- Cash assets of £80,000.
Our charges to administer the estate would be in the region of £1250 – £2,750 + VAT at 20%. The fewer assets there are, the less the charges are likely to be as less time will be required.
Disbursements (currently) would be:
- Probate Court fee of £273 + £1.50 per copy
- Bankruptcy searches of £4
- Statutory notices £100 – £200 (if required)
Example 2
Deceased died leaving a Will leaving everything to his two children. The children want to vary the Will. The property is being retained by the family.
- House is worth £400,000.
- Cash assets of £350,000.
- Lifetime gifts of £200,000
Our charges to administer the estate would be in the region of £7,000 – £30,000 + VAT at 20%. We might also charge the value element on the house and/or the cash assets depending upon the complexity of the estate. Plus:
- Deed of variation £450 + VAT at 20%
- Assent of registered property £450 + VAT at 20%
Disbursements would be:
- Probate Court fee of £273 + £1.50 per copy
- Bankruptcy searches of £4
- Statutory notices £150 – £200 (if required)
- Land registry fee (depending on the value of the property)
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Our Other Private Client Services
| Court of Protection |
| Disputed Wills and Estates |
| Inheritance Tax Planning |
| International Estate Administration and Probate |
| Lasting Powers of Attorney |
| Wills |