Transparency Probate

/Transparency Probate
Transparency Probate2018-11-30T05:38:24+00:00

Probate

Applying for a Grant of Probate, collecting and distributing the assets.

We can help you through this difficult process by obtaining the Grant of Probate on your behalf and ‘administering the estate’. Before you are able to deal with a deceased person’s assets such as their bank accounts you need to obtain legal authority to act, called a Grant of Probate.

A Grant of Probate gives you the authority to deal with the estate of someone who has died (property, money and belongings) which includes tidying up their affairs and distributing their assets (administering the estate).

Legal Costs;

The above work would usually take between approximately 10 to 15 hours at £200 per hour. Costs therefore estimated at between £2,000 to £3,000 not inclusive of VAT and disbursements.

Disbursements;

Disbursements 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. Anticipated disbursements are as follows;

  • Probate application fee of £155.00
  • £7.00 to £11.00 Swearing of the Oath (per Executor)
  • Bankruptcy-only Land Charges Department searches (£2.00 per beneficiary)
  • £165.00 (approx.) To post in The London Gazette (Protects against unexpected claims from unknown creditors) and to post in a Local Newspaper (This also helps to protect against unexpected claims)

The exact total cost would 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 costs quote is for estates where:

  • There is a valid will
  • There is no more than one property
  • There are no more than 5 bank or building society accounts
  • There are no other intangible assets
  • There are 2 – 4 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

The work that we will undertake for you:

  • Provide you with a dedicated and experienced Probate Solicitor to work on your matter
  • Identify the legally appointed executors or administrators and beneficiaries
  • Accurately identify the type of Probate application you will require
  • Obtain the relevant documents required to make the application
  • Complete the Probate Application and the relevant HMRC forms
  • Draft a legal oath for you to swear
  • Make the application to the Probate Court on your behalf
  • Obtain the Probate and securely send two copies to you
  • Collect and distribute all assets in the estate

Potential additional costs;

  • If there is no Will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
  • If any additional copies of the grant are required, they will cost £0.50 (1 per asset usually).
  • Dealing with the sale or transfer of any property in the estate is not included.

How long will this take?
On average, estates that fall within this range are dealt with within 6 – 12 months. Typically, obtaining the Grant of Probate takes 6 – 12 weeks. Collecting assets (closing bank accounts etc.) then follows, which can take between 2 – 4 weeks. If the sale of property is required then this timescale will be revised and we will give you a more accurate quote once we have more information. Once this has been done, we can distribute the assets, which normally takes between 2 – 4 weeks.