Lucas & Wyllys Solicitors

Lucas & Wyllys Solicitors

 

 

Probate Costs

 

Applying for the grant, collecting and distributing the assets

 

We understand that this can be a difficult time. Our experienced probate lawyers are able to give you and your Executors clear and sympathetic advice. The information below is based upon a standard transaction. We will still have a detailed conversation with you relating to your specific matter at the time of our engagement and advise you of any anticipated additional costs.

Our Fees
Our fees cover the following work to obtain a grant of representation to administer the estate:

Ascertain the assets and liabilities of the estate;
Calculate taxes due;
Obtain a grant of representation;
Collect the assets;
Pay debts, taxes and administration expenses;
Sell assets, if necessary, to realise cash for the purposes of the administration;
Transfer the assets to those entitled;
Produce estate accounts; and
Provide statements of income and income tax paid to beneficiaries with an income entitlement.

This is not an exhaustive list as there may be other issues that arise during the administration.

Our fees are calculated by reference to time spent in connection with the estate and the value of the estate. Our current hourly charging rate is £175 plus VAT. In addition the following rates are charged based on the value of the estate:-

1% of the value of the estate (except for land and property)

½% of the value of the land or property if we transfer to a beneficiary

OR

¼% of the value of the land or property if we deal with a sale

You will appreciate at an early stage it is very difficult to estimate how much time will be taken in dealing with estate administration matters as there are many circumstances and factors that can change in the administration of the estate.

We anticipate the following:

Obtaining the Grant (1 to 2 hours) £175 to £350 plus VAT
Estate administration (2 to 5 hours) £350 to £875 plus VAT

Ordinarily, charges will be payable on conclusion of the administration of the estate although we reserve the right to submit interim accounts for payment by the estate from time to time during the administration of the estate if work involved is substantial.

Disbursements (monies we pay out to third parties on your behalf)
Usual disbursements include the following:

Commissioner’s fees of £7 per proving executor when the Oath for Executors is sworn
Probate Court fee of between £155.00 and £160.00 when the actual application for the Grant is submitted, including office copies of the Grant

Other disbursements may be payable depending upon the circumstances of the matter. We will discuss this with at the outset.

Disbursements will be paid from the estate in due course.

Potential additional 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. Additional copies of the grant will be charged at an additional cost and dealing with the sale or transfer of any property in the estate is not included.

We can give you a more accurate estimate of costs once we have more information.

How long will it take?

A “standard” matter usually takes approximately 2 months from the date of death to be ready to apply for the Grant of Representation. The Grant is usually issued within 10 days. Thereafter it should be a fairly straightforward matter to deal with encashment of assets such as bank accounts and shareholdings.

Once the Grant of Representation has been obtained it is good practice not to distribute the estate until a period of 10 months has elapsed. This is because anyone wishing to make a claim against the estate has a period of six months to do so, and has four months from the issue of the claim in which to serve it.

Clearly if all the executors and beneficiaries (provided they are over the age of eighteen) unanimously agree that an estate can be distributed earlier, if the terms of the Will are straightforward and/or uncontroversial, then an earlier distribution can be agreed.

Please appreciate that events can sometimes arise which cause unexpected delay.