Our goal is that all our clients should have made a Will. Putting your affairs in order is very important. Without a Will, the law will decide what happens to your money and home when you die.
There can be some unpleasant surprises when this happens. When a person dies, their assets must be valued and collected and their liabilities and taxes assessed and paid. The person responsible for this is the Executor appointed by the Will, or the Administrator when there is no Will. It can be a simple matter when there are few assets and no tax to pay. In other cases, it can become extremely involved.
We recognise that this can be a major worry at a sad and stressful time for the family of the deceased and we strive to be sympathetic and understanding: we believe we can often relieve the family of a great deal of worry.
We have experienced solicitors in this area of law who can help draft your will and administer yourestate as you intend for them to the administered.
Immigration Fees
Cost of Applying for the grant of Probate, collecting and distributing the assets
Estates below the threshold for Inheritance Tax
We will handle the full process for you. This quote is for estates where:
- All the assets are in the UK
- 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 up to 10 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 is no inheritance tax payable and the executors do not need to submit a full account to HMRC
- There are no claims made against the estate
We anticipate the process will take between 4 and 30 hours work at £175 per hour. Total costs are therefore estimated at between £700 and £5,250 (+VAT). The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.
Please note, VAT is currently charged at 20% hence 20% should be added to any fee or disbursement that includes VAT.
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. Disbursements payable in addition may include: –
- Probate application fee currently £155
- Office copies of the Grant of Probate – 50p each
- £5 Swearing of the oath (per executor) plus £2.00 if there is an exhibit such as the Will
- Bankruptcy-only Land Charges Department searches (£2 plus VAT per beneficiary)
- £64.25 Post in The London Gazette – Protects against unexpected claims from unknown creditors.
- Post in a Local Newspaper – This also helps to protect against unexpected claims – price varies according to Paper.
Potential additional costs
- If there is no will
- If there are complications in identifying the beneficiaries
- 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.
- Preparation of income tax returns
- Preparation of Deed of Variation
As part of our fee, we will
- Provide you with a dedicated and experienced probate solicitor who will work on your matter.
- Identify the legally appointed executors or administrators and beneficiaries.
- Accurately identify the type of probate application you will require.
- Obtain the relevant documents required to make the application.
- Complete the probate application and the relevant HMRC forms.
- Draft a legal oath for you to swear.
- Make the application to the probate court on your behalf.
- Obtain the probate and securely send two copies to you.
Collect and distribute all assets in the estate
How long will this take?
On average, estates that fall within this range are dealt with within 3-12 months. Typically, obtaining the grant of probate takes 8-12 weeks. Collecting assets then follows, which can take between 4-12 weeks. Once this has been done, we can distribute the assets, which normally takes 4-6 weeks.
Larger Estates
We also deal with larger estates which are above the threshold for Inheritance Tax (and therefore require more detailed IHT returns) and/or are complex and must be registered with HMRC as such. Our hourly charge in dealing with these estates is £195.
The process is likely to be longer, usually between 30 and 100 hours. Costs are between £5,850 and £19,500 plus VAT. The exact cost will depend on the individual circumstances of the matter, such as number of different assets and beneficiaries.
The disbursements will be as above.
Complex estates take longer to wind up, usually between one and two years.
Who will handle my matter
Our team has over 20 years’ experience in delivering high quality work in all matters relating to wills and estate administration. We have four members of the team who may work on your matter. Regardless of who works on your matter, they will be supervised by Femi Joshua, partner and Head of Probate and Estate Administration.
Mr Femi Joshua – Partner- with over 20 years’ experience in private client wok including Wills and Probate.
Mrs Bimpe Femi-Gureje – Partner- with over 20 years’ experience in private client work including wills and Probate.
Ms Ama Norman – Partner-with over 15 years’ experience in private client work including wills and probate.
Mr Femi Lot – Consultant – Femi has an LLM from UCL University of London. He has over 20 years’ experience in private client work including wills and probate.