Estate administration - Applying for the grant, collecting and distributing the assets
We anticipate this will take between 12 and 18 hours of work at £210.00 per hour plus VAT.
Total costs are estimated at £2,520.00 to £3,780.00 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.
We will handle the full process for you from start to conclusion. This quote is for estates where:
- There is a valid will which is produced on instruction by the executor/s
- The death has been registered
- There is no more than one property
- There are no more than 5 bank or building society accounts
- The assets are held in the UK
- There are no loans or other arranged debts to settle
- There are no other intangible assets such as shares and life policies
- There are between 1 and 4 beneficiaries
- There are no disputes between beneficiaries regarding the division of assets. If a dispute arises, 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
Disbursements to be added to this fee:
- Probate application fee of £155.00
- £7.00 Swearing of the oath (per executor)
- Bankruptcy - only Land Charges Department searches (£2.00 per beneficiary)
- Approximately £82 to post in The London Gazette – Protects against unexpected claims from unknown creditors (not always applied for)
- Approximately £110.00 to post in a Local Newspaper – This also helps to protect against unexpected claims (not always applied for)
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 an efficient process.
Potential additional costs
- Where the estate falls outside of the scope above there are 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. For example, additional costs may arise where:
- there is no will;
- the estate consists of various share holdings (stocks and bonds), foreign and other intangible assets; and
- there is Inheritance Tax to pay.
- If any additional copies of the grant are required, they will cost £0.50 (1 per asset usually);
- The cost of dealing with the sale or transfer of any property in the estate is not included.
- The cost of dealing with the setting up and administration of any trusts which arise from the Will is not included.
How long will this take?
On average, estates that fall within this range are dealt with within 4 to 6 months. Typically:
- obtaining the grant of probate takes 8 and 12 weeks;
- collecting assets then follows, which can take between 5 to 6 weeks; and
- once this has been done, we can distribute the assets, which normally takes 3 to 6 weeks.
This timescale is on the basis that:
- where there is a property to sell, the sale process runs in tandem with the probate administration;
- there is no requirement to correspond with HMRC other than to receive confirmation that there is no requirement to submit an income tax return; and
- the third parties with whom the deceased dealt correspond within a reasonable timeframe