There are two services we offer for Probate:
- Obtaining date of death valuations for the assets of the Estate
- Determining any debts and liabilities of the Estate
- Filling out necessary HRMC forms
- Preparing the Oath to obtain the Grant of Probate
- We would then give the Grant to the Executor who would then deal with the administration of the Estate themselves
- To do all the above plus;
- Once the Grant is obtained, to then arrange for the release of funds from bank accounts, investments, premium bonds, sell shares and instruct conveyances for the sale of the property
- Once all the assets have been gathered and Hepburn Delaney hold all of the funds on client account, any debts and liabilities of the Estate will be paid, bankruptcy searches against the names of the beneficiaries.
- Final distribution of the Estate is 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
To obtain the Grant only service, we anticipate this will take between 5 and 6 hours at £250 per hour. Total fee estimated at between £1,250 and £1,500 + VAT. This is an estimate and not a fixed fee.
For a full administration of the Estate, we anticipate this will take between 10 and 12 hours at £250 per hour. Total fee estimated between £2,500 – £3,000 + 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. We would expect to be obtaining a date of death valuation for such assets on your behalf.
We are finding that for this type of estate Grant of Probate costs are ranging between £3,500 and £5,000. For full administration costs are ranging between £7,000 and £10,000.
For estates where Hepburn Delaney find the deceased affairs are not known to others and have to investigate all the assets and liabilities ourselves then the costs will 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. with the full administration concluding at £20,000.