New regulations are soon to come into force which apply to landlords, tenants and local authorities on electrical safety standards in the private rented sector. The Regulations will apply from 1 July 2020 to a tenancy agreement which was signed on or after...
Grant of Probate
The work which we will do will vary depending on the circumstances of an estate and no two estates are precisely the same. However, typically, our tasks will be divided into three stages.
Stage one will consist of establishing the assets and liabilities of the estate, securing the property and establishing outstanding property costs, confirming the executors’ responsibilities, placing the statutory advertisement to protect the executors, and notifying the beneficiaries of the estate. Typically, this will take 3 – 4 months.
Stage two will consist of drafting the probate papers, to include the inheritance tax return, and overseeing their signing, submitting the relevant paperwork to obtain the probate, and arranging the payment of any inheritance tax. Typically, this will take 2 – 3 months.
Stage three will consist of gathering the financial assets and items of the estate, paying all liabilities, to include the preparation of an income tax return, if appropriate, carrying out necessary searches to protect the executors, distributing the estate and preparing estate accounts. Typically, this will take 3 – 4 months.
We believe the three stages set out above cover the services that you may reasonably expect to be included in this type of work. Typically, the time involved overall would be between 15 and 20 hours, although a very straightforward estate would be less. We charge for this work on the basis of hourly rates ranging from £115 to £275 per hour (plus VAT at 20%). Higher hourly rates will apply to more experienced Legal Advisers who may be able to carry out the work more quickly so the final cost of the work which we do should not vary depending on the Legal Adviser.
The total costs for the work set out above are, therefore, typically, £3,000 - £5,000 (plus VAT at 20%).
Apart from our own costs, there are payments which we have to make to other people which are known as disbursements. The first of these is taxes due to the Government. If an estate is liable to inheritance tax, that tax has to be paid before the Grant of Probate is issued and please visit here so you can carry out a tax assessment. There may also be income tax due on an estate.
Other expenses are likely to be as follows:
- Probate application fee - £155 plus £1.50 per sealed copy Grant of Probate (VAT is not applicable)
- Bankruptcy search - £2 per beneficiary of a significant amount (VAT is not applicable)
- Adverts in the London Gazette and a local newspaper to protect the Executors - £300 approximately (plus VAT at 20%)
We also offer a range of services for clients who only wish us to obtain a Grant of Representation. These vary depending on the complexity of the application. Please contact us for details of such fixed fee prices.
You can see the legal advisers who work in our Private Client Team here.