When someone dies usually there will be certain formalities that you will need to deal with to administer their estate and make sure their assets pass to the correct beneficiaries. This process is referred to as 'Probate' work.
Many firms and banks carrying out probate work will charge clients on a “value element” basis – which means that they charge a fee based upon a percentage of the value of the deceased's estate. At Neves, we do not believe that this is a fair way to charge for our fees and instead we charge our clients on a time spent basis by our experienced probate solicitors and executives. Each probate matter is different and therefore we provide a cost quote at the start of the matter to give you a good indication of what the final cost will be. We will then update you on the ongoing costs on a regular basis and let you know if the quote needs amending. In some circumstances we can also offer a fixed fee service where we are simply obtaining the Grant of Probate for you. In almost all cases the probate costs are paid by the deceased’s estate.
Details of our team are available by clicking on the images at the bottom of the page. Most of our team members are qualified members of the Society of Trust and Estate Practitioners (STEP).
For estates where a full Inheritance Tax return is not required and it is an uncontested estate administration we anticipate the time that we will spend in dealing with this for you this will take between 5 and 20 hours work.
The rates charged by our probate solicitors vary on experience however the average fees are £250 per hour plus VAT and by our probate executives £175 per hour plus VAT. Our charges will therefore be between £1250 and £5000 plus VAT depending upon the complexity of the matter and which members of our team carry out the work.
VAT is currently charged at the rate applicable at 20%.
In addition to our charges, certain costs will be payable to third parties, which are called 'disbursements'. We handle the payment of the disbursements on your behalf to ensure a smoother process. Examples of the common disbursements payable in connection with obtaining a Grant of Probate are:
The total costs (including disbursements and VAT at 20%) for estates where a full Inheritance Tax return is not required are therefore in the range of between £1,914.00 - £6,642.00.
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.
We will handle the full process for you. This estimate is for estates where:
On average, estates that fall within this range are dealt with within 3-5 months. Typically, obtaining the grant of probate takes 6-8 weeks. Collecting assets then follows, which can take between 3-4 weeks, (excluding dealing with the sale of any property). Once this has been done, we can distribute the assets, which normally takes 4-8 weeks. Although in some circumstances we advise (in order to protect the executors against third party claims) that the estate assets are not distributed earlier than 10 months from the date of Grant of Probate.
If a full Inheritance Tax Return is required then our costs will be higher. We anticipate the time we will spend will be between 15 and 30 hours. Our charges (at the rates mentioned above) therefore will be between £3,750 and £7,500 plus vat depending upon the complexity of the matter and which members of our team carry out the work.
Disbursements
In addition to our charges, certain costs will be payable to third parties, which are called 'disbursements'. We handle the payment of the disbursements on your behalf to ensure a smoother process. Examples of the common disbursements payable in connection with obtaining a Grant of Probate are:
Whilst for more complex estates additional costs may be incurred, such as valuation fees and specialist tax advice, for estates where a full Inheritance Tax return is required, the total costs (including disbursements as detailed above and VAT) are estimated at between £4,845 and £9,535. However, the exact cost will depend on the individual circumstances of the matter.
We will handle the full process for you. This estimate is for estates where:
On average, estates that fall within this range are dealt with within 6-18 months. Typically, obtaining the grant of probate takes 6-8 weeks. Collecting assets then follows, which can take between 3-4 weeks, (excluding dealing with the sale of any property). Once this has been done, we can distribute the assets, which normally takes 4-8 weeks. Although in some circumstances we advise (in order to protect the executors against third party claims) that the estate assets are not distributed earlier than 10 months from the date of Grant of Probate.
If you do not require us to help with the distribution of the estate and if a full Inheritance Tax return is not required then we can help you through the process of obtaining the Grant of Probate on your behalf. You will then deal with the collecting and distributing of assets. (Although we can assist with this if required).
This includes: obtaining the grant only
Legal fees - £1,200
VAT on legal fees - £240
Disbursements (these 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 - £162 to £172 in total.
TOTAL: fixed fee of between £1,602 and £1,612 (incl. VAT) - where there is a single executor.
As part of our fixed fee we will:
We require you to complete a schedule of assets and liabilities and their values as at the date of death.
This does not include:
On average, estates that fall within this range are dealt with within 6-8 weeks to obtain the grant of probate.
Note: The above timescales are typical but these are being adversely affected by the current Covid 19 situation.
January 2021
Members of our Probate Team