We often hear from people curious to know if it’s too late to claim compensation for serious injuries which were sustained several years ago. The answer to this is that...Read more
At Novum Law, we know it can be difficult and stressful managing a loved one’s estate after they’ve died and the last thing you need is any uncertainty about the legal costs of your probate solicitor.
Being executor of an estate can be particularly challenging when you are dealing with your grief while negotiating the complexities of the probate process. That’s why we are always open and transparent about the costs involved right from the start.
All probate and estate administration fees are communicated and agreed with our clients in advance before we get to work.
We may be able to agree a fixed price at the outset or we will provide you with an estimated cost based on the work involved and the time it takes to deal with the estate, including resolving any complex issues.
The estimated cost will be calculated on a ‘time spent’ basis at an hourly rate of £250 plus VAT.
However, all cases are different and costs can vary significantly depending on the number of estate assets, liabilities and their values.
We are happy to be led by you so all you need to do is decide how much help you would like us to provide.
We will keep you fully informed throughout the process and take great care to tailor our probate and estate administration service to meet your specific, individual needs.
The information below will give you an indication of costs and timescales based on the work involved:
- Basic, straightforward estate
A basic estate is when:
- There is a valid Will
- There is no more than one property to be transferred direct to beneficiaries
- There are no more than two bank or building society accounts together with two other investments or savings accounts
- There are no other assets owned solely or jointly with anyone else
- Personal possessions are dealt with by the beneficiaries
- The spouse is the sole beneficiary
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
|Estimated likely fees for applying for the grant and collecting & distributing assets of a basic estate||£1,500 – £5,000 plus VAT & disbursements*|
- Medium-sized estate
A medium-sized estate is when:
- There is no more than one property to be sold or transferred
- There are no more than five bank or building society accounts together with three other investments or savings accounts
- There are stocks and shares managed by a stockbroker
- Assistance is required in dealing with personal possessions
- Lifetime gifts made by the deceased need to be fully established so as to be included in the paperwork
- There are no more than five legatees and four residuary beneficiaries
- There is no inheritance tax payable but the executors need to submit a full account to HMRC to include a claim for the transfer of a deceased spouse’s full inheritance tax allowances
|Estimated likely fees for applying for the grant and collecting & distributing assets of a medium estate||£7,500 – £12,000 plus VAT & disbursements*|
- Large estate
A large estate is when:
- There is more than one property to be sold or transferred
- There are more than five bank or building society accounts together with three other investments or savings accounts
- There are various stocks and shares held in certificated form and not managed by a stockbroker
- Assistance is required in dealing with the personal possessions and arranging for the sale, distribution and clearance of such items
- Lifetime gifts made by the deceased need to be fully established so as to be included in the paperwork and some of these exceed the inheritance tax allowances
- There are more than five legatees and four residuary beneficiaries
- There is inheritance tax to pay and the executors need to submit a full account to HMRC to include a claim for all relevant inheritance tax allowances
- There are on-going trusts created in the Will
|Estimated likely fees for applying for the grant and collecting & distributing assets of a large estate||£15,000 – £25,000 plus VAT & disbursements*|
The above examples make some general assumptions to provide you with the estimated likely fees. The assumptions are:
- All executors are known
- All beneficiaries are known
- The deceased was domiciled in England & Wales
- The deceased’s assets are easily identifiable and their personal records are in good order
- There are no business or agricultural assets
- There are no foreign assets
- There are no claims against the estate
- There are no disputes between beneficiaries
- Third parties do not add any unnecessary delay in dealing with paperwork
*A note about disbursements
Disbursements are costs related to your case that are payable to third parties, such as court fees. These usually include:
- Probate application fee of £155 plus 50p for each additional copy
- Bankruptcy-only Land Charges searches (£2 per beneficiary)
- Notices placed in The London Gazette and a relevant local newspaper to protect executors against unexpected claims from unknown creditors – approximately £180
These will also need to be paid by the estate as the matter progresses, as well as any separate valuation or transfer fees.
Potential additional costs
- Dealing with the preparation and filing of income tax returns
- Preparing a Deed of Variation to re-direct any individual beneficiary’s entitlement
- Dealing with any Inheritance Act claims made against the estate
- Dealing with any separate but related trust, including the on-going administration of any trusts created by the Will
- Dealing with the sale or transfer of any property in the estate
We offer a comprehensive probate and estate administration service that can reduce your workload and stress at a very difficult time in your life.
Once we know the full details of your individual case, we can give you a more accurate quote and agree a fee structure.
As your matter progresses, you will be kept informed of the position relating to the fees, particularly if there is any material change in circumstances which may necessitate a review of the original quote. Your agreement will be obtained before any changes are made in such circumstances.
To find out more information or to make an appointment to see us, call Freephone 0800 884 0777 or complete our form.