Obtaining Grant and full estate administration (Hourly rates)
SCOPE OF WORK
We can undertake full administration work for an estate. The extent of the work required varies depending on the nature and value of the estate and the complexity of matters to attend to. We will discuss such matters with you on a case-by-case basis to provide a more accurate estimate of costs and timescales, but please find guidelines below.
Our service includes:
- Providing you with a dedicated and experienced private client lawyer or private client executive to work on your matter.
- Identifying the legally appointed executors or administrators and beneficiaries.
- Accurately identifying the type of Probate application you will require.
- Contacting all asset holders and debtors to report the death.
- Obtaining probate valuations for all assets and liabilities.
- Arranging insurance for unoccupied property.
- Placing statutory notices in The London Gazette and local newspapers to protect against unexpected claims and liabilities.
- Preparing and submitting the relevant Inheritance Tax forms (IHT205 or IHT400 with supporting schedules).
- Arranging payment of IHT if required.
- Preparing the Statement of Truth for the Personal Representatives/Executors to sign.
- Making the application for the Grant of Probate/Letters of Administration.
- Collecting in estate assets and paying liabilities.
- Preparing and submitting estate income tax returns.
- Preparing estate accounts.
- Undertaking bankruptcy-only Land Charges Department searches on beneficiaries.
- Distributing the estate to beneficiaries.
Our full estate administration service is based on our private client team hourly rates +VAT, plus disbursements, as follows:
Jennifer Beaujeux – Chartered Legal Executive – £250.00 +VAT per hour
Johanna Knott – Solicitor – £250.00 +VAT per hour
Lucy Pankhurst – Solicitor – £235.00 +VAT per hour
Elizabeth Leggett – Solicitor – £200.00 +VAT per hour
Rebecca Gurney – Private Client Executive – £175.00 +VAT per hour
Other Legal Assistants – £130.00 +VAT per hour
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.
For estates where there:
- is a valid will
- is no more than one property
- are no more than 5 bank or building society accounts
- are no other intangible assets
- are no more than 5 beneficiaries
- are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- is no inheritance tax payable and the executors do not need to submit a full account to HMRC
- are no claims made against the estate
We anticipate this will take between 6 to 20 hours. At Jennifer Beaujeux’s hourly rate of £250 +VAT per hour the total estimated costs would be £1500 to £5000 (+VAT).
- Probate court fee: £155
- Court sealed copies of the Grant: £0.50 (each)
- Bankruptcy-only Land Charges Department searches: £2 (per beneficiary)
- Statutory notices in The London Gazette and local papers – protects against unexpected claims from unknown creditors: £140–£200
Disbursements are costs related to your matter that are payable to third parties, such as court fees. They are in addition to our fees. We handle the payment of the 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 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.
- Dealing with the sale or transfer of any property in the estate is not included.
PLEASE NOTE: Inheritance Tax payable is in addition to our fees.
Non-IHT paying estates
On average, estates that fall within this range are dealt with within 4–6 months. Typically, obtaining the grant of probate takes 6–8 weeks. Collecting assets then follows, which can take between 2–4 weeks. Once this has been done, we can distribute the assets, which normally takes 2–4 weeks.
IHT payable estates
On average, estates that fall within this range are dealt with within 6–8 months. Typically, obtaining the grant of probate takes 8–12 weeks. Collecting assets then follows, which can take between 2–4 weeks. Once this has been done, we can distribute the assets, which normally takes 2–4 weeks. Timescales are heavily dependent on response times from third parties and HMRC issuing the IHT421.