The administration of an estate would be dealt with primarily by Jonathan Barry, with the assistance of Susan Barry, Joanne Davison and a dedicated Probate assistant.
Our probate fees are charged on an hourly basis of £245.00 plus vat (presently 20%). The number of hours involved in dealing with an estate can vary considerably depending upon the number of assets and liabilities in the estate, however, following an initial consultation (without obligation), we are usually able to give an idea of the number of hours involved in the administration of the estate, which will depend upon:-
- Whether there is a valid Will
- The number of assets in the estate
- Whether there are any shareholdings
- The number of legacies to be paid
- How many beneficiaries there are
- Whether there is likely to be a claim on the estate
- Whether we can apply for the transfer of the IHT Nil Rate Band from a spouse
- Whether we can apply for the Residence Nil Rate Band
- Whether the deceased is a Beneficiary from another estate
- Whether there are minor beneficiaries
- Whether the Will creates a Trust
- Whether the estate is an excepted estate, or whether a full IHT 400 will need to be submitted to HMRC
- Whether there is any Inheritance Tax Liability
If we are instructed to act on behalf of the Executors in connection with the administration of any Estate, then our fees would include obtaining all the relevant details of the assets and liabilities of the estate, thereafter preparing the probate papers for swearing by the Executors, applying for probate and arranging to settle any IHT Liability on behalf of the estate, once the Grant is to hand, thereafter collect in the assets of the Estate, prepare full Estate Accounts and attend to the distribution of the Estate in accordance with the terms of the Will.
Scale of charges
- Up to £50,000 (estates of this size do not always require probate but other action may be needed for example registration of the death, making funeral arrangements, paying bills etc) – £1,000 to £1,500 plus VAT
- £50,001 – £200,000 £1,500 to £2,000 plus VAT
- £200,001 – £325,000 £2,000 to £3,500 plus VAT
- £325,001 – £500,000 £3,500 to £6,500 plus VAT
- £500,001 – £1,000,000 £6,500 to £10,000 plus VAT
- £1,000,001 – £2,000,000 £10,000 to £19,500 plus VAT
- Over £2,000,000 £19,500 minimum plus VAT
In addition to our fees, there may be disbursements to be paid for example:-
- Probate Fee of £162.50 payable to HMRC on the application for the Grant (includes 5 office copies of the Grant)
- Bankruptcy searches against beneficiaries (£2.00 per beneficiary)
- Publication of Notices in the Local Paper and London Gazette in respect of any creditors of the estate.
If we have been appointed as Executor by the Testator, we may also charge a value element, to reflect the additional responsibility placed upon the firm. This fee will have previously been agreed with the Testator at the time of appointment as Executor. We will advise at the outset of the administration of any Estate the basis upon which the charges will be calculated.
Depending upon the number of assets held, and the sale of any real property which may be included in the Estate, the administration of an estate can take anywhere from 6 months, but the usual timescale for the administration of an estate (on the basis that there is no claim against the estate,) is between 6 and 12 months.
If you would like to discuss any aspect of the administration of an estate, please do not
hesitate to contact our probate department.