Probate

Probate

Wadsworths Solicitors offer a full estate administration service. Our specialist Probate Lawyers can assist you with every aspect of a person’s estate.

This assistance might include making initial enquiries, dealing with the payment of an Inheritance Tax liability, obtaining a Grant of Probate and distributing assets.

The purpose of this page is to help you understand the costs involved in dealing with a person’s estate.

FULL ADMINISTRATION OF ESTATE

It is common for Wadsworths Solicitor to assist an Executor in administering every aspect of a person’s estate. This would include making, initial enquiries with banks, building societies and other third parties associated with the deceased. We would also assist the Executor in obtaining a Grant of Probate and then distributing the deceased’s assets as per the terms of their Will or if they don’t have a valid Will in line with the Intestacy Provisions of England and Wales.

On average this entire process takes between 12 and 40 hours’ work at £200 per hour, plus VAT (£240.00 inc VAT).

Total costs estimated at £2,500 to £7,500 plus VAT (£3,000 to £9,000 inc VAT).

The exact cost will depend on the individual circumstances of the matter.

The estimate given is for estates where:-

• There is a valid Will
• All Executors are in agreement
• There is a single property
• There is no inheritance tax payable and the Executors do not need to submit an Inheritance Tax Account to HMRC
• There are no claims made against the estate

We anticipate that the following disbursements (payments to others) will be payable on a typical estate:

• Probate application fee of £155 plus £1.50 per copy Grant required (no VAT charged)
• Bankruptcy-only Land Charges Department searches (£2 per beneficiary) (no VAT charged)
• £80-200 (inc VAT) Statutory Notices to creditors (these protect against unexplained claims from unknown creditors)

The fee quoted above may be increased if it is found that the estate contains any of the following:

• If there is no Will
• If the estate consists of any share holdings (stocks and bonds),
• If the estate consists of investments
• If there are a higher number of beneficiaries (or the whereabouts of a beneficiary is unknown),
• If there are multiple properties or foreign assets,
• If the deceased made substantial lifetime gifts or had an interest in a trust,
• If the Will contains a trust

We can give you a more accurate quote once we have more information.

TIMESCALES

On average, simply estates that do not include any of the additional problems outlined above can be dealt with within 6 -12 months.

It is common for a Grant of Probate to be received within 8 – 14 weeks after we have obtained all of the necessary information.

We strive to have liquid assets collected within 6 – 10 weeks of the Grant being obtained.

The distribution of the estate after approval of the estate accounts generally takes 2-3 weeks.

OBTAINING A GRANT OF PROBATE

Wadsworths Solicitors also offer a fixed-fee service where we obtain the Grant of Probate on behalf of an executor.

Once the Executor has provided us with the relevant information we can then prepare the Inheritance Tax return and Legal Statement that will be sent to the Probate Registry.

The Executor then undertakes the process of collecting in and distributing the assets.

Our fees start at £1000+VAT and depend upon which HMRC forms need to be completed and whether there is any Inheritance Tax payable.

HMRC Form IHT205 only

• 1000+VAT (£1,200 inc VAT)
• Value of estate is less than £325.000 or less than Lim and spouse/charity exemption applies.

HMRC Forms IHT205 & IHT2l7

• £1500+VAT (£1,800 inc VAT)
• Value of estate is less than £650,000 and 100% of Inheritance Tax Nil Rate Band of first spouse is available to transfer.

HMRC Inheritance Tax Account IHT400 (all other scenarios)

• £2,000 to £2,500+VAT (£2,400 to £3,000 inc VAT)

Disbursements (payments to others) also payable:

• Probate application fee of £155 plus £1.50 per copy Grant required (no VAT charged)

TIMESCALES

Obtaining the Grant of Probate typically takes 8 – 14 weeks.

If an Inheritance Tax Account IHT400 is required and/or Inheritance Tax is payable, we will need to obtain clearance from HMRC before our application can be sent to the Probate Registry, this will add a further 4 – 6 weeks to the timescale.

THE TEAM

Our Probate Department consists of Richard Dundee (Head of Private Client), Charlotte Cramp (Solicitor), Michelle Harvey (Court of Protection and Probate Caseworker), Victoria Wadsworth (Probate Caseworker), Louise Williams (Probate Assistant), Lily Franklin (Probate Assistant) and Kate Walker (Probate Assistant).

The department is supervised by Richard Dundee who, in turn, is supervised by John Wadsworth (Managing Director). Please visit “meet our team” to find out more about our Probate team.