Applying for a grant of probate, collecting in and distributing the assets
The Work We Undertake: We will
This work done by our Probate Team does not include dealing with Tax Returns for the Estate or the final Tax Return for the deceased, but our tax group can handle this if you so require and would let you have an estimate for their work.
Our Fees and Disbursements
We generally charge on an hourly basis for the time spent by our personnel working on the matter.
Our standard hourly rates for probate work of this kind are:
Partners/Consultants: £400 – £450
Associate Solicitors: £275 – £325
However, these hourly rates may be reduced in the case of a small Estate which is not subject to the payment of Inheritance Tax and dependent upon the number of assets that have to be dealt with.
The exact cost will depend on the position in relation to each individual estate. For example, if there is one beneficiary and no real estate, the amount of time we have to spend will be much lower than if there are multiple beneficiaries, a property, insurance or life policies and multiple bank accounts.
We can only give you an estimate of our fees once we know the details of the assets within the Estate and the liabilities but we will give you an indication of these when we meet with you at an initial meeting (free of charge) and will provide a more accurate estimate as soon as we can thereafter.
Where there is no valid will or there are assets outside the UK, or where there are disputes between beneficiaries on division of assets, or claims are made against the estate we will have to carefully consider the position with you before giving you any estimation of our fees in relation to that work.
Alternative method of charging: percentage fees based on the value of the Estate
We can usually also undertake this Probate work for you on a percentage fee basis if you prefer. The percentage differs for (a) real estate (which is at a lower rate) and (b) the other assets and the liabilities of the estate. We can advise you of these percentages after determining what are the assets and liabilities.
Disbursements are costs related to your matter which are payable to third parties, and are payable by you in addition to our fees. We will handle the payment of these disbursements on your behalf to ensure a smoother process.
Disbursements for which you are liable will be:
How long will this take?
We are generally in a position to apply for Probate within 2 to 3 months where there is no Inheritance tax to pay, and where there is we are generally in a position to complete the HMRC Forms within 4 to 6 months and we apply for Probate immediately after we receive the HMRC stamp. Typically, obtaining the grant of probate thereafter takes about 3 to 5 weeks. During the Covid-19 pandemic, these time estimates are not reliable because, whilst we make every effort to move things along speedily and efficiently, all entities holding assets and the Probate Registries are taking longer to deal with matters.
Collecting in the assets then follows, and this can take between 4 to 6 weeks and then we can pay the liabilities of the estate and distribute the assets to the beneficiaries who are entitled and this is usually done very quickly..
Brian Eagles is a Consultant with the firm who has been dealing with Estates and Probate, and also Wills and Private Client matters generally, over many years.
Lydia Mills is an Associate Solicitor with the firm, who also trained at Burlingtons. Lydia assists Brian Eagles on probate matters, trusts and wills.
If you wish to discuss the above further, or wish to arrange a meeting, please contact Brian Eagles: email@example.com.