Probate Pricing
 
At Barrett and Thomson, your matter will be attended by an experienced and fully qualified Solicitor who works exclusively within the Private Client Department covering Wills, Probate, Power of Attorney, Trusts, Tax and related matters. We fully appreciate that administering an estate throughout such a difficult time can be challenging and our specialist dedicated team will be available to guide you through the legal procedure from the outset. We will provide advice and clarity as to the issues involved in dealing with a loved one’s estate together with providing clear guidance as to likely costs and timescales involved. Please note that hourly rates at the time of writing range from £250 plus VAT at 20% to £200 plus VAT at 20% depending on the experience of the Solicitor with conduct of the matter.

Probate Applications Only

Fixed fee option for making a formal application for a Grant of Probate only which will include:

• Identifying the most suitable probate application which is required.
• Making initial enquiries on behalf of the estate to obtain date of death balances
• Drafting the appropriate Inheritance Tax account (IHT 205) and if applicable Form (IHT 217)
• Submit the application to the Probate Registry
• Once the Grant has been issued, we will provide you with official sealed copies

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• Deal with any post grant administration unless instructed to and we will provide a revised cost estimate for such work
• Liaise with any external parties regarding valuations of property or assets of the estate
• Liaise with any beneficiaries on behalf of the estate

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As Executor or Personal Representative making a formal application to the Probate you will need to provide the following information:

• Full details of the assets on behalf of the estate together with any liabilities known at date of death
• All supporting documentation to make a formal application to the Probate Registry including Death Certificate, original Will, and Marriage Certificate (if required)

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Our professional charges for the above are as follows:

• IHT 205 only – £1,000 plus VAT at 20% plus Probate Application Fees of £300 plus £1.50 for each sealed copy required of the Grant
• IHT 205 plus IHT 217 only – £1,250 plus VAT at 20% plus Probate Application Fees of £300 plus £1.50 for each sealed copy required of the Grant

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If it is the case that the estate will require a more in-depth application to be lodged namely IHT 400 together with supporting schedules ( we will advise if any Inheritance Tax liability is payable), our service would include the above and professional fees would be as follows:

• IHT 400 together with supporting schedules ( no Inheritance Tax liability) – £1,500 – £2,000 plus Probate Application Fees of £300 plus £1.50 for each sealed copy required of the Grant
• IHT 400 together with supporting schedules (Inheritance Tax liability)- £2,000 – £2,500 plus Probate Application Fees of £300 plus £1.50 for each sealed copy required of the Grant

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Complete Probate Administration:

It is always very difficult at the outset of the matter to know how much time and work is likely to be required due to the individual nature surrounding the administration of an estate. Our professional charges tend to commensurate with the size of the estate, if the estate includes a property and savings for example we would usually suggest an approximate fee structure of 1%-2% of gross value of the estate plus VAT at 20%. However, if the estate comprises of multiple properties, various products held with financial institutions, overseas assets, disputes between beneficiaries/Executors, or complexities surrounding an invalid or missing Will, our costs are likely to be at the higher end of 2%-3% of gross value of the estate plus VAT at 20% plus probate fees of £300 plus £1.50 for each sealed copy of Grant.

By choosing our complete probate service, our dedicated team will be on hand to advise of the following:

• Formally identify the Executors/Personal Representatives on behalf of the estate
• Advice and guidance as to the roles and responsibilities to the Executors or Personal Representatives
• Provide clarity as to the interpretation of the Will or intestacy provisions
• Liaise with financial institutions on behalf of the estate to obtain date of death valuations
• Deal with any deceased’s income tax affairs prior to death
• Obtain any professional valuations for assets on behalf of the estate including property or chattels
• Place statutory notices in the London Gazette and local newspaper
• Prepare the suitable Inland Revenue Forms and settle any Inheritance Tax liability if applicable
• Lodge the application with the Probate Registry for a Grant to be issued

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• Cashing in the assets of the estate
• Prepare estate accounts accounting for all funds received together with liabilities settled for approval
• Dealing with any formalities with HM Revenue and Customs including obtaining a clearance certificate if required
• Setting any administrative costs on behalf of the estate
• Settling any legacy payments which may arise on a Will
• Deal with Executors income tax affairs and capital gains tax which may arise on sale
• Undertake bankruptcy searches against all beneficiaries
• Distributing the estate to the respective beneficiaries and ensuring confirmation of payment has been received

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Additional costs:

• Probate Application Fees of £300 plus £1.50 for each sealed copy required of the Grant
• Swearing of Affidavits if required at £10.00
• Bankruptcy searches of each individual at £2.00 for UK based residents, this will differ if an individual is an oversees resident and a quote will need to be obtained
• Funeral costs will vary and subject to VAT at 20%
• Professional valuation of chattels, collections, jewellery, paintings, and other valuables will vary, and a quote will need to be obtained and will be subject to 20% VAT
• Land Registry Fees including Office Copies of £3.00 per search together with assent or transfer requirement will depend on value of the property and therefore vary
• Statutory Notices ( adverts being placed in London Gazette together with local paper) will vary depending on location but approximately £350 plus VAT of £20%
• Certainty Will Search ( if required) approximately £105 plus VAT of 20%
• Dealing with the sale or transfer of any property in the estate will be quoted separated by our conveyancing department.
• Deed of Variation of an estate or intestacy will vary but in region of £250 plus VAT of 20%