Estates / Administration Pricing

The cost of administering an Estate can vary greatly but usually this is comparable with the size of the Estate. However, this can also be dependent on the complexity of the assets involved, for example if there are multiple shareholdings or assets overseas, there is going to be more work involved than if there is just one property in joint names and a small number of bank accounts.

Our fees to obtain a Grant of Probate or Letters of Administration only:

In some cases, the personal representatives can deal with most of the work themselves and only need us to obtain the Grant of Probate or Letters of Administration. The cost for this will depend on the type of HMRC return or account needed.

The amount of VAT applicable to the fees and disbursements above is the current rate of 20%.

For the simpler IHT205 Return or where no return is required the cost is £2,000 + £400 VAT which does not include any disbursements.

For the more complex IHT400 Account the cost is £2,500 + £500 VAT which does not include any disbursements.

These fees are based on the personal representative providing us with the required information to complete the forms relevant to the individual Estate which we would then submit to the probate registry to obtain the Grant of Probate or Grant of Administration. The personal representatives could then deal with the collecting in and distribution of assets to the beneficiaries.

We can also assist with the gathering of the Estate information and the ongoing administration of the Estate to whatever degree the personal representative requires. This additional time will be charged at the relevant fee earners hourly rate at the time.

Fee Earner Hourly Rates

Full Estate administration:

We offer a free no obligation initial meeting with personal representatives at which we can give a bespoke quote based on the specific information about the Estate. In our experience this is usually a maximum of 2% of the value of the Estate plus disbursements. This will be confirmed at the initial meeting.

The general fees quoted are for Estates where:

• There is a valid will
• There is no more than one property
• There are no more than 10 bank or building society accounts
• There are no other intangible assets
• There are 1-5 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 are no claims made against the Estate

Estimated timescale

On average, the full administration of an Estate takes 6-12 months to be completed. Typically, the application for the Grant of probate can be submitted within 4-10 weeks from initial instructions, but the Grant being received is dependent on the probate registry’s turnaround and at the current time is around 16 weeks from submission. Collecting assets then follows, which can take between 2-12 weeks depending on the type of assets involved. Once this has been done and any tax returns have been filed and paid by the Estate, we can look to distribute the assets.

Potential Probate disbursements

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.

• Swearing oaths and statutory declarations: There is a statutory charge of £5 for the oath and £2 for any extra document that has to be certified.
• Probate Fee:In addition to the sworn oath, there is a fee charged by the Probate Registry of £273 plus £1.50 per sealed copy of the Grant.
• Personal Representative’s Advertisement: It is advisable for the personal representatives to place an advert in the local press and the London Gazette so that any creditors of the deceased come forward within two months of the notice. This usually costs between £160 (+ £32 VAT) and £200 (+ £40 VAT).
• Bankruptcy only Land charges search: £2 per beneficiary
• Electronic money Transfer Fee: £60 (inc £10 VAT) A transfer will arise when a Grant has been obtained and we distribute the Estate. This fee includes our time in setting up and arranging the transfer with our Bank.
• File archive Storage Fee: £30 (inc £5 VAT) This is to cover the costs of retaining your file off site. This fee includes scheduling documents and liaising with our storage provider and is a one-off payment.
• Probate accounting Set up Fee: £120 (inc £20 VAT)
• Land Registry documents: £36 (inc £6 VAT) This covers requesting office copy entries for the property and any supporting documentation such as conveyances and transfers applicable to the title of the property. This fee includes our time in reviewing and reporting on the documents.

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.
• Dealing with the sale or transfer of any property in the Estate is not included.
• Dealing with a Deed of Variation
• Dealing with a resulting trust
• Inheritance Tax if relevant to the Estate
• Income Tax up to the date of death and for the administration period

For further information about our Estate Administration service please contact Natalie Smith (TEP) on 01242 801748 or natalie@franksmithandco.com

We have taken all reasonable steps to ensure the price information set out on our website provides an accurate and realistic indication of the costs of obtaining certain legal advice today, but we may update the information at any time in the future. Whilst we hope this information is helpful as an initial guide, we will provide you with a specific fee proposal and a copy of our standard terms of business when you instruct us to undertake work.