When someone close to you dies somebody has to deal with their "estate". A person's estate is considered to be made up of the money, property and any possessions they had at the time of their death. The process of Probate involves collecting any money that is owed, settling any debts due (including outstanding taxes) and dividing the estate amongst the respective beneficiaries.
All assets (including property) in an estate will remain frozen, until the Probate Registry gives the authority (via a document know as a Grant of Representation) to the individual(s) nominated in your Will, the "Executor". If you have no Will, then it is up to the most appropriate member of the family member to act on behalf of the estate.
If there is a Will the estate will pass to the people named in the Will. If there is no Will certain rules known as the Rules of Intestacy will apply.
Whether you are an Executor or the next of kin, we can provide practical guidance to help you deal with the administration of someone's estate. We can help you determine the size of an estate for Probate and Inheritance Tax purposes. We can prepare an application for the Grant of Representation on your behalf and help you lodge the required forms with the relevant organisations to collect monies due to the estate and settle any outstanding debts.
We can arrange the transfer or sale of any shares and work with our residential property team to handle the sale of any property or land owned by the deceased.
Probate and Administration of an Estate Fees
1. Obtaining a Grant of Probate only where all of the information is provided to us:
For Estates with a gross value of up to £325,000.00 which do not require an IHT or a transferable spouse exemption | £650.00 plus VAT of £130.00 total £780.00 |
| For Estates with a value between £325,000.01 and £500,000.00 | £1,500.00 plus VAT of £300.00 total £1,800.00 |
In addition to the fees above there will be a Probate Court Fee of £273.00.
2. Dealing with the full administration of an Estate
It is not possible to give a fixed fee price for this type of matter. The fees will be calculated on an hourly rate plus VAT plus any disbursements such as the Probate Court Fee as stated above. The hourly fee for matters of this type is £250.00 plus VAT of £50.00 total £300.00. On average the fees for an administration of an Estate are between £2,000.00 and £10,000.00 plus VAT of £400.00 to £2,000.00 giving a total of between £2,400.00 and £12,000, but this will depend on the amount of work required in each case and the total value of the estate.
We are very aware that when a loved ones dies all the administration which follows is at times unbearable for those left behind. We are able to take the burden of this from you and deal with these affairs in an efficient and compassionate manner.
All probate matters are dealt with by Julie Ashley, Director and Solicitor who has 36 years experience of dealing with probate matters.
Timescale
It is difficult to say how long it will take to deal with a probate matter as the time taken depends on a number of factors. However, most straightforward matters can be dealt with in around 6 to 12 months. Other more complicated matters can take longer.
Key stages of a probate matter
- Receiving your instructions
- Obtaining values of the various assets held in the Estate
- Contacting beneficiaries
- Submitting Trustee Act Notices
- Paying Inheritance Tax within the time limits
- Preparing the Probate Application
- Submitting the Probate Application
- On receipt of the Grant submitting applications to cash assets
- On receipt of all sums due to the Estate preparing Estate Accounts
- Making payments to the beneficiaries and finalising the Estate