Our approach is to fully understand you, your challenges and what you require from us so we can agree and deliver a result that meets your needs.
A key part of that is to ensure that you understand what probate fees consist of and how they are calculated.
You will know:
- What is included
- What is not included
- What anticipated disbursements may be
- What the estimate of costs are to complete your case
Our estimate may be by way of a Fixed Fee or an Agreed Hourly Rate.
A Fixed Fee gives you some certainty as to the cost of your case and can be agreed in stages to provide you with flexibility and reassurance.
An Agreed Hourly Rate is a more traditional approach, which means we will assess your case and provide you with an estimate based on the hourly rate charged by the solicitor who will act for you. You will receive monthly invoices or updates to ensure you do not get any surprises and you know how things are progressing against the estimate we gave you.
Our Probate & Estate Administration Fees
(Uncontested cases with all assets in the UK)
You are honoured to have been chosen by the friend or family member, but you may feel a burden of responsibility to ensure their wishes are met when you are also grieving for your loss. It can be demanding to deal with the deceased’s personal affairs and other members of the family at a time that can bring out the worst in people.
Our probate solicitors in St Albans offer a bespoke probate service depending on your needs. This means we only help you with the aspects of the estate administration with which you require help, therefore keeping legal costs at a minimum for you. The work we carry out for you could range from anything starting from an hour’s advice to make you aware of what you as Executor need to do, to completing the Grant of Probate application and dealing with the IHT aspect, to dealing with everything from the outset such as managing the clearance and sale of the deceased’s property to collecting in all of the monies, paying the liabilities and legacies and drawing up estate accounts.
We offer support, ensuring all the money due to an estate is collected, the right amount of tax and any debts are paid. We can also advise on whether the terms of a will or distribution of an estate can be varied after death for the benefit of the family using a Deed of Variation.
Additional information will be required if the will is contested and a separate quote will be provided.
Our experienced Probate solicitor Josie Birnie will discuss your case with you to enable her to make an initial assessment about what you will need. This will largely depend on the number and type of assets held by the deceased.
We will then provide you with an estimate of costs which may be a fixed fee or on an agreed hourly rate basis depending on the initial assessment.
Generally, probate fees, if we deal with all of the administration of an estate, are approx. 2.5/3% of the gross value of the estate for estates up to £500,000 and 1.5/2% for estates with a gross value of over £500,000. You need to bear in mind that this guide will be affected by the number of assets as stated earlier.
Both costs and timescales can be affected by the number and type of assets which in turn affect whether a full IHT return is required but we would usually expect to be in a position to apply for a grant of probate/representation within 4-16 weeks.
The longer estimate applies when a full IHT return is required as we need to wait for a receipt from HMRC before being able to apply for probate. The receipt can take 8 weeks or more to arrive (included in the 16 weeks), possibly even longer if IHT is payable.
There is also a large difference in the estimated timescale depending on how much information about the estate you can provide and how much we need to obtain ourselves.
Once the grant of probate/representation has been received, it usually takes between 4 and 8 weeks to realise all the assets (excluding the sale of a property the completion of which will largely be dependent on third parties) and then a further 4 -6 weeks to pay the liabilities and legacies, to produce estate accounts for the Executors approval and then to pay the residuary estate to the beneficiaries or to the Executors.
50% of our fees will be charged once the Grant of Probate has been issued, this can be paid from the assets as they are realised.
It may also be possible to make an interim payment to you from the estate, again subject to how quickly assets are realised.
For more detailed fee information please click here.