There are two services we offer for Probate:
- Advising you on the information which will be required to prepare the application
- Using the information which you have collated and passed over to us to complete the necessary HRMC inheritance tax forms and other Grant application papers
- Submitting the papers to HMRC and the Probate Registry and obtaining the Grant of Representation
- Passing the copies of the Grant over to you so that you can complete the rest of the administration yourself.
Full administration of the Estate, which would include collating all the necessary information, obtaining the Grant of Representation, gathering in the assets of the estate, discharging any debts, dealing with any tax matters, and distributing the estate to the beneficiaries. This involves:
- Registering the death with all the asset holders and collating the necessary valuations;
- Dealing with the HMRC and Probate Registry forms and making the application for the Grant;
- Once the Grant is obtained, arranging for the encashment of the assets, including the release of funds from bank accounts, the sale of share and investments, the sale of any property etc. The funds would be collected into our client account, saving you the need to open a designated executors account with your bank;
- Once all the assets have been collected, any debts and liabilities of the estate will be paid.
- All the deceased’s tax matters will be finalised and any necessary tax returns filed. This will include finalising their inheritance tax income tax, and capital gains tax, if necessary;
- We will also prepare a detailed set of Estate Accounts showing all the money which has been collected in and paid out on behalf of the estate and this will show each beneficiary how the share due to them has been calculated.
- Once all the above matters have been dealt with, the final distribution of the estate can be made.
If we assume all the paperwork is provided to Hepburn Delaney and;
- There is a valid will
- There is no more than one property
- There are no more than 2 bank or building society accounts
- There are no other intangible assets
- There are 1 to 2 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
For the Grant only service, we anticipate this will take between 5 and 6 hours at £270 per hour. Total fee estimated at between £1,080 and £1,6200 + VAT. This is an estimate and not a fixed fee.
For a full administration service, we anticipate this will take between 10 and 12 hours at £270 per hour. Total fee estimated between £2,700 – £3,240 + VAT to conclude the full administration of the estate. This is an estimate and not a fixed fee.
The above scenario is the most straight forward example of Probate we can give.
However many probates are more involved. For example, the deceased may have held shares, premium bonds, investment funds, private pensions etc. There are often a number of beneficiaries, or charitable gifts, and quite often a trust in the Will which adds a further layer of complication. If the deceased made gifts during their lifetime then this will also give rise to another avenue of investigation, as all gifts must be disclosed on the application papers.
Therefore, where there are any additional complicating factors then the costs will be more than those estimated above. For estates where Hepburn Delaney find the deceased affairs are not known to others and we have to investigate all the assets and liabilities ourselves then the costs will also be higher. As an example, Hepburn Delaney has recently completed a Probate where our tasks not only included establishing the extent of the estate, but also registering the deceased’s death, arranging the funeral/memorial service, house clearance, auction of valuables and arranging the sale of the property. The cost to obtain grant of probate was £14,000 Plus VAT and disbursements with the full administration costs concluding at £20,000 plus VAT and disbursements.
We can be flexible in our approach and can agree with you which elements of the estate administration we will carry out on your behalf, and which elements of the work you wish to do yourself in order to keep costs to a minimum. Please therefore always contact us directly to obtain a specific estimate of our costs for dealing with your particular matter.