When someone has died, the executor(s) appointed in their Will, or a family member, if there is no Will, often need to go through the difficult process of obtaining a Grant of Probate (if there is a Will) or a Grant of Letters of Administration (if there is no Will), so that they can collect in the financial assets, sell any property, settle any debts, expenses and Inheritance Tax, and then share the remaining estate out between the beneficiaries. Prestige Solicitors can help you with that process, either by just obtaining the Grant for you, or by dealing with the full administration of the estate if you prefer.
At Prestige Solicitors we appreciate what a stressful time this is and aim to provide a professional and caring service to assist you in administering the estate.
We will meet with you as soon as possible to guide you through what is needed and how to take the matter forward.
The temptation to save money by applying for probate personally instead of seeking professional advice is understandable. However, there may be unwanted complications and costly mistakes created by a “DIY probate”.
We can offer a fixed fee service for just obtaining the Grant on your behalf or we can provide a full estate administration service.
Grant Only
We can deal with the application for the Grant for a fixed fee if you are able to provide us with date of death values and balances for all the estate assets and details of any debts and expenses. Once the Grant has been obtained, you would deal directly with the financial institutions in collecting in the assets and paying the debts and expenses, and then distributing the remaining estate between the beneficiaries.
Fees
Legal Fees (from) £500 + VAT
Probate Court Fee £300 (+ £16 for each copy Grant required)
Timescale
It usually takes approximately 8 weeks to obtain a Grant of Probate but can take substantially longer if the matter is complex.
Services
As part of our fee we will:
• Provide you with a dedicated and experienced probate practitioner to work on your matter
• Identify the legally appointed executors or administrators and beneficiaries
• Identify the type of Probate application you will require
• Obtain the relevant documents required to make the application
• Prepare the Probate Application
• Make the application to the Probate Court on your behalf after you sign the forms
• Obtain and provide you with the Grant of Probate/Letters of Administration
Dealing with the full administration of the estate (Non-fixed fees):
We also offer a service where we will act on your behalf in dealing with the whole of the administration process. This takes the stress and burden away from you when dealing with the estate of a loved one. We will liaise with the financial institutions on your behalf, obtain the Grant of Probate, collect in the assets, pay any taxes or debts and then distribute the estate in accordance with the terms of the Will or (in the event that the deceased did not leave a will) in accordance with the Intestacy Rules.
Fees
In circumstances where we deal with the full administration, our charges are calculated based on time spent working on the matter. We also charge a separate fee based upon a percentage of the gross value of the estate. We handle the payment of the disbursements (costs related to your matter that are payable to third parties).
Work is charged for on a time basis, at an hourly rate of £282 for a senior solicitor and £196 for a junior solicitor/non-qualified probate practitioner. VAT is then added.
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary, 1 or 2 bank accounts and no property, costs will be lower than if there are multiple beneficiaries, a property and multiple bank accounts. If there is no Will or the estate consists of any share holdings (stocks and bonds) or there are many different bank and savings accounts, 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. If a full Inheritance Tax Account has to be prepared, this will involve additional work. Any disputes between beneficiaries, or any claims against the estate, will result in additional costs. Where the additional percentage of the estate value is charged, this is 0.25% of the value of any land or property in the estate and 1.0% of the gross value of the rest of the estate, both plus VAT.
Disbursements in addition our fees:
· Probate Registry application fee of £300.00 (plus £16 for each additional sealed copy Grant required)
· Bankruptcy Searches (£6.00 per beneficiary)
· Land Registry fee for up to date copy of the property Register of £7 per Title Number
If you require protection against unexpected claims from unknown creditors or beneficiaries who consider they have a claim against the estate, Statutory Notices can be posted in the London Gazette and a local newspaper. The typical cost is usually approximately £250 for these Notices.
Timescale
The timescale for finalising the administration of an estate varies considerably depending on many factors. In most cases the administration will be finalised within 6 to 12 months of the date of death but in complex cases, or if properties are to be sold, it can take much longer.
Services
As part of our fee we will:
• Provide you with a dedicated and experienced Probate Practitioner to work on your matter
• Identify the legally appointed executors or administrators and beneficiaries
• Identify the type of Probate application you will require
• Obtain values or balances for the estate assets
• Obtain the relevant documents required to make the application
• Complete the Inheritance Tax forms and arrange for payment of any Inheritance Tax due (where applicable)
• Draft the Probate application and prepare forms to collect in the assets
• Make the application to the Probate Court on your behalf after you sign the forms
• Obtain and provide you with the Grant of Probate/Letters of Administration
• Advertise for creditors (if required)
• Collect in the assets and pay any debts and legacies
• Prepare the final estate account for your approval and then distribute the estate