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Probate - Full Administration
HCB will deal with the full administration of the estate. We will liaise with the Executors on the day to day administration, liaise with Third parties on closing accounts, collate funds, inform creditors and distribute fuind to the beneficiaries.
This is dealt with on an hourly rate basis.
Where our Probate fee earners work on an hourly rate basis, this means that they will accurately record time spent on dealing with any matter and produce a monthly invoice for the time spent in dealing with the administration of the estate. These invoices will then be deducted from these estate assets meaning the executors do not pay these personally.
Although we work on an hourly rate, all Fee Earners provide a full costs estimate for the estate.
These prices assume that the estate is uncontested (not disputed) and where all assets are within the UK.
£3000 - £4000 plus VAT
Where the value of the estate is below the £325,000 inheritance tax threshold.
And/ or, where the deceased leaves everything above the £325,000 threshold to a spouse, civil partner, a charity or a community amateur sports club
RNRB pushes value under IHT threshold
£4000 – £6000 plus VAT
Where Residence Nil Rate Band/s can be claimed and the remaining value of the estate then falls under the Inheritance Tax threshold (£325,000).
HCB would deal with the application for RNRB and deal with the Government on the exception to inheritance tax
£7000 - £15,000 plus VAT
Although RNRB could still apply the value of the estate would still be above the Inheritance Tax threshold.
Examples of estates of this nature are usually where the deceased owns multiple properties, or has a business
What does this cost include?:
- Make initial enquiries to enable me to value the estate assets and collate liability information
- Conduct a Certainty Search for a Will or later Will (if instructed)
- Draft the paperwork required to apply for a Grant of Probate
- Deal with the Revenue in relation to the Inheritance Tax position
- Attend on you to sign the Probate and Tax papers
- Advise you regarding your personal liability as an executor and take steps to mitigate your exposure to risk; implement searches/checks, as required or as instructed by you.
- Apply to the Probate Registry for a Grant of Probate/Letters of Administration
- Collect in the Assets
- Settle liabilities
- Draft Estate Accounts
- Finalise the Income Tax position up to date of death
- Deal with any income tax arising during the administration period
- Identify all named beneficiaries
- Distribute the Estate according to the Will
Timescale – Full Admin
On average, estates that fall within this range are dealt with within 8-12 months. Typically, obtaining the grant of probate takes 3 - 6 months. Collecting assets then follows, which can take between 2-4 months. Once this has been done, we can distribute the assets, which normally takes 2 – 4 weeks once the Estate Accounts have been approved by the Executors of the estate and we hold all identifications and clear bankruptcy searches on the beneficiaries of the estate.
Disbursements – Full Admin
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.
Listed below are the most common disbursements incurred in a probate matter. Some costs and required in all cases, other may not be applicable and other costs may vary depending on other circumstances as listed below.
Certainty Will Search
plus VAT@ 20%
Probate Court Fee
(applications from 26/01/2022)
Further copies of the Grant
Local Valuers Fee for Valuing Assets
Office Copies of Property Title
Per property/ title
Registration of Transfer of Property
dependant on Property/ Properties
Missing Asset Search
Missing Beneficiary Insurance
May be required if a beneficiary cannot be traced
Money Laundering & ID Verification - Client
plus VAT@ 20%. per executor
|Money Laundering & ID Verification - Beneficiary|
plus VAT@ 20%. per beneficiary
File storage Fee
London Gazette Advert
Local Paper advert
Depending on Publication
|TT Fee (if required)||£40.00||plus VAT@ 20%|
|BACs Fee (if required)||£12.50||plus VAT@ 20%|
|Cheque post fee (if required)||£5.00||plus VAT@ 20%|
The hourly charging rates (excluding VAT) of the lawyers involved in your matter are:
£250.00 - £280.00
£250.00 - £260.00
£235.00 - £236.00
Solicitors & Legal Executives
£195.00 - £235.00
Trainee Solicitor/Legal Executive
£185.00 - £190.00
£160.00 - £170.00
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 we are asked to take responsibility for visiting a property in the estate in order to maintain the house insurance company’s requirements then we charge a set fee of £50 plus VAT per visit
Dealing with the sale or transfer of any property in the estate is not included.