Wills and Probate Questions

Applying for the grant, collecting and distributing the assets

We anticipate this will take between 15 and 50 hours work at £250 per hour. Total costs estimated at -£3,750-£12,500 (+VAT).

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.

We will handle the full process for you. This quote is for estates where:

• There is a valid will
• There is no more than one property
• There are no more than 2 bank or building society accounts
• There are no other intangible assets
• There are 1-4 beneficiaries
• There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
• There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
• There are no claims made against the estate

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

Disbursements included in this fee:

• Probate application fee of £215
• £7 Swearing of the oath (per executor)
• Bankruptcy-only Land Charges Department searches (£5 per beneficiary)
• £84.60 Post in The London Gazette – Protects against unexpected claims from unknown creditors.
• £75 Post in a Local Newspaper – This also helps to protect against unexpected claims.

 

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. We can give you a more accurate quote once we have more information.

If any additional copies of the grant are required, they will cost £10 (1 per asset usually).

Dealing with the sale or transfer of any property in the estate is not included.

 

How long will this take?

On average, estates that fall within this range are dealt with within 6-12 months. Typically, obtaining the grant of probate takes 8-16 weeks. Collecting assets then follows, which can take between 8-50 weeks. Once this has been done, we can distribute the assets, which normally takes 2-4 weeks.

 

FIXED FEES IN PROBATE

We can help you through this difficult process by obtaining the Grant of Probate on your behalf. We will also undertake the collecting and distributing of assets.

How much does this service cost?

TOTAL: from £3750 fixed fee or 2% of the value of the estate (to which vat has to be added)whichever is the greater

This includes: obtaining the grant, collecting assets and distributing them.

 

Breakdown of costs:

Legal fees £3750 minimum or 2%  of the value of the estate whichever is the greater

VAT on legal fees 20% of our charges

 

Disbursements:

• Probate court fee of £215.
• £7 Swearing of the oath (per executor).
• Bankruptcy-only Land Charges Department searches (£5 per beneficiary).
• £84.60 Post in The London Gazette – Protects against unexpected claims from unknown creditors.
• £75 Post in a Local Newspaper – This also helps to protect against unexpected claims.

 

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

As part of our fixed fee we will:

• Provide you with a dedicated and experienced probate solicitor to work on your matter
• Identify the legally appointed executors or administrators and beneficiaries
• Accurately identify the type of Probate application you will require
• Obtain the relevant documents required to make the application
• Complete the Probate Application and the relevant HMRC forms
• Draft a legal oath for you to swear
• Make the application to the Probate Court on your behalf
• Obtain the Probate and securely send two copies to you
• Collect and distribute all assets in the estate

On average, estates that fall within this range are dealt with within 6-12 months. Typically, obtaining the grant of probate takes 8-16 weeks. Collecting assets then follows, which can take between 8-50 weeks. Once this has been done, we can distribute the assets, which normally takes 2-4 weeks.

Do I need to have a will? Legally no, there is no legal requirement for you to have a will.

However as a matter of common sense you should definitely have a will. If you die without a will, you will have had no say in what happens to your body ie cremated or buried. You will have had no say in what happens to anything you would wish to leave to family or friends.

Your legal estate will be dealt with in the way the law wants which is not necessarily what you would have wanted.

In terms of making plans you will not have the chance to avoid swinging taxation on legal estates.

For all of these reasons MAKE A WILL NOW!

It is inexpensive and once you have made it you can simply file it away.

Contact us at TM LAW for advice and assistance on wills and probate.