Probate

Probate

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The probate process involves transferring the assets of the deceased to their executors or administrators depending upon whether the deceased made a Will.

In both circumstances we offer advice and assistance to Executors and Administrators. We also advise on who can apply for letters of administration in the event the deceased left no will. If the deceased’s assets are greater than £20,000 an executor or administrator cannot deal with those assets until a grant of probate or letters of administration have been obtained.

We advise clients throughout the whole process to ensure the assets of the deceased are distributed in accordance with their wishes or the law.

Areas covered:

  • Wills
  • Obtaining Grant of Probate
  • Obtaining Letter of Administration
  • Deeds of Variation

 

Probate – Price and Service Information

Our fees in dealing with probate and estate administration are based on the time spent on the matter. These charges are subject to VAT and do not include disbursements relating to the work which are also payable. Our current standard hourly rates are as follows (exclusive of VAT):

Partners                     £395 to £550

Consultants              £300 to £350

Associates                 £250 to £275

Trainee Solicitors     £175

We anticipate that a standard, straightforward UK estates typically leads to an overall charge falling within the range of £5,000 to £10,000 (plus VAT and disbursements).

It may be necessary to revise an initial estimate as matters develop, in which case we will inform you.

A standard, straightforward estate is one where:

  • There is a valid undisputed will;
  • We are not acting as executors;
  • There is no more than one property;
  • There are no more than three bank or building society accounts;
  • There are no intangible assets;
  • All the deceased’s assets are in the UK;
  • There are no more than three beneficiaries;
  • There are no disputes between beneficiaries on division of assets. If disputes arise this will 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;
  • There are no outstanding income tax or capital gains tax problems;
  • The deceased made no lifetime gifts which are reportable to HMRC or any reporting requirements in this regard are straightforward;

Disbursements: the typical disbursements payable on a standard straightforward estate are:

  • Oath Swearing fees (typically between £15 and £30);
  • Probate Court fee (currently £215 but these may substantially increase in future); the fee is normally displayed on https://www.gov.uk/applying-for-probate/apply-for-probate
  • Additional copies of the Grant (£1.50p per sealed copy);
  • Bankruptcy-only Land Charges Department searches (£2 per beneficiary)
  • Fees for publication of statutory notices (typically in the region of £250 – these protect against unexpected claims from unknown creditors).
  • We do not charge disbursements for sending money to beneficiaries unless they are abroad.

Potential additional costs:

  • If there is no will or the estate includes any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending whether the shares are listed on a public exchange or private company shares. 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.
  • Any taxation liabilities will be payable in addition.
  • Any professional costs (such as accountancy fees for preparing accounts filing tax returns or valuation fees) will be payable in addition.

On average, estates that fall within this range are dealt with within six to twelve months. Typically, it takes four to five months to obtain the Grant of Representation. Collecting assets then follows, further to which any legacies can be dealt with and the liabilities of the estate discharged, which can take between two to four months. Following this, the appropriate tax clearances need to be obtained and estate accounts prepared and approved before the balance can be distributed to the residual beneficiaries.

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Kyriakides & Braier is regulated by
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