Probate

We offer the following two services:

– Application for Grant of Probate only

– Full estate administration.

Application for Grant only

If the estate is straightforward and you are happy to undertake some of the work yourself, then we can assist you with the completion of paperwork and application for the Grant on your behalf.

With this option, you make contact with all asset companies, banks, building societies etc and obtain the information required and we will prepare the legal and tax paperwork on your behalf for signing.

After issue of the Grant, we conclude our work and you undertake the estate administration and distributions independently. We can of course continue to advise you after issue of the Grant if you change your mind and wish to engage us in further work.

Fees

Charges are calculated on a time spent basis at our hourly rate of £230.00 per hour plus VAT plus a value element of the estate. We estimate that an application for the Grant once all information is received will take approximately 6 hours, which equates to £1,200 plus VAT. The value element of the estate is 0.25% of the gross probate value of the deceased’s assets. This estimate assumes the following:

– There is a valid will and the deceased died domiciled in England and Wales

– You have obtained all of the information needed to complete the paperwork

– There is no tax liability and the shorter form tax account can be used

– All assets are situated in England and Wales

– There are no stocks, shares or intangible assets

– DMD Solicitors are not appointed as executors

– There are no disputes or claims /potential claims on the estate

– The deceased did not complete a self assessment each year.

Third party payments payable which are payable in addition to our legal fee are:

– Land registry title deeds £6.00

– Probate application fee of £155.00 plus £1.50 for additional copies of the Grant.

Timescales

On receipt of all the information needed to complete the paperwork, a Grant can be applied for within about 4 weeks and the Probate Registry take between 6-8 weeks to issue the Grant.

Full Estate Administration

We can undertake all matters relating to the finalisation of a deceased’s estate, from initial meeting with you to ascertain what matters need to be carried out, to final distributions of assets in the estate.

Charges are calculated on a time spent basis at our hourly rate of £230.00 per hour plus VAT plus a value element of the estate.

The value element for a full estate administration is 0.5% of the gross probate value of the deceased’s assets.

The time spent depends on the individual circumstances of the matter as every case is unique.

We would estimate 8-12 hours for an estate with the shorter form inheritance tax account up until issue of a Grant and 12-16 hours administering the estate, which equates to £4,000- £5,600, plus VAT.

If a longer inheritance tax account is required, we would estimate 12 -16 hours up until issue of the Grant and 16-20 hours administering the estate, which equates to £5,600 – £7,200, plus VAT.

We handle the whole process for you. This estimate is for estates where the following assumptions apply:

– There is a valid will and the deceased died domiciled in England and Wales

– There is no more than one property

– There are no more than 8 bank or building society accounts

– All assets are situated in England and Wales

– There are no other intangible assets

– There are no more than 8 beneficiaries

– DMD Solicitors are not appointed as executors

– There are no disputes between beneficiaries on division of assets. If disputes arise this will likely lead to an increase in costs

– There is no inheritance tax payable and the executors do not need to submit a full amount to HMRC

– There are no claims made against the estate.

The estimates are only very approximate and you should contact us to discuss your individual circumstances. We can provide you with cost estimate based on what matters need to be undertaken.  For example, if there is one property, a bank account and one beneficiary, the time and costs will be at the lower end of the range,  but if there are multiple beneficiaries, a property and multiple other liquid assets to be administered,  this will incur more time.

Third party payments which are payable in addition to our legal fee are:

– Land registry title deeds £6.00

– Probate application fee of £155.00 plus £1.50 for additional copies of the Grant

– Bankruptcy searches £2.00 per name

– London Gazette and statutory advertisements – approx. £300

– Bank transfer fees £36.00.

Timescales

On average, estates falling within the above assumptions can be dealt with in 6-12 months.

The initial enquiries and collation of information may take 4-6 weeks but it is dependent on how quickly companies reply to our enquiries. On receipt of all the information needed to complete the paperwork, a Grant can be applied for within about 4 weeks and the Probate Registry take between 6-8 weeks to issue the Grant.

The collection in or sale of assets and payment of liabilities may take between 12-24 weeks, depending if there is a property to be sold. Once all assets have been sold or collected in, and all liabilities paid, we can seek tax clearance and distribute the assets, which normally takes 8-12 weeks.

We will provide you with timescales for the estate administration when the Probate is issued.

Potential additional costs

The above estimate makes various assumption which are likely to change if any of the following matters apply:

– If there is no will

– If the estate consists of multiple shareholdings (stocks and bonds)

– If there is inheritance tax, income tax or capital gain tax applicable to the estate

– If the Will has a trust contained in it, or a trust needs winding up as a result of death

– If there is a potential dispute or claim against the estate

– If there are more than 8 beneficiaries in the Will receiving gifts or a share in the estate

– If the deceased held foreign or non-tangible assets

– If there are multiple properties to be sold or transferred

– If the deceased held an interest in a business, as sole trader, partner or Ltd Company.

The sale or transfer of any property in the estate is not included in the estimate but our conveyancing solicitors are able to handle any sale and can provide a quote for this separately. Also, please refer to our costs information on residential conveyancing on our website.

Stages

An estate administration  will typically involve the following key stages:

– Initial meeting with you to discuss and take instructions

– Advice to you on the role of executor and on the terms of the deceased’s Will

– Initial notification to all asset and liability companies

– Arranging valuation of any personal possessions and effects

– Notifying property utility companies

– Preparing the tax account and statement of truth and sending to you for signing

– Submission of probate application

– Update to you on

– Placing a statutory advertisement

– Contacting all asset and liabilities companies with the Grant and seeking closure or transfer paperwork from each

– Collecting in estate monies and assets

– Dealing with the sale of estate property

– Liaising with HMRC’s as to any tax matters

– Payment of liabilities and expenses

– Dealing with distributions of legacies in the Will, and arranging interim distributions

– Tax clearance

– Preparation and approval by executors of draft estate accounts

– Arranging final distributions.

To discuss your individual needs, circumstance and requirements, please get in contact with us to arrange an initial consultation with one of our Solicitors.