What We Will Do For You, Timescale and Costs
Host an initial meeting to discuss the size and nature of the Estate in question.
Offer any assistance we can in regards to the funeral.
Go through the deceased papers and prepare a provisional schedule of assets and liabilities.
Write to various financial institutions to request valuations at the date of death and establish the full extent of the Estate.
Prepare the inheritance tax returns and draft a Statement of Truth.
Arrange a meeting with you for the final Statement of Truth to be signed and authorise for the release of the assets to be sign for the purpose of collecting in the Estate.
Apply for the Grant of Probate.
Advertise or offer any advice we can in regards to advertising for debtors.
Collect in the Estate and arrange for the transfer or sale of assets. If the Estate consists of residential property we will be happy to act in the sale of the property.
Arrange payment of any outstanding liabilities, the legacies and make interim distributions of the Estate if necessary.
Prepare final accounts to be approved by you make the final distributions to beneficiaries of the Estate.
Obtain closure letters from HMRC in connection with inheritance tax, capital gains tax and write to you to confirm that the administration has been completed.
What Would We Charge?
Probate work can be very complex and that ultimately makes it difficult for a fee earner to say how many hours of work each matter will take upon receipt of instructions. If the deceased has foreign assets this will make the matters more complex.
Due to this, we feel the only way in which pricing can be organised is through the value of the Estate. The fee earner at your first meeting will decide upon a fee between 2% and 5% of the value of the Estate.
If the matter is more complex, or in the case where foreign assets are involved, the we may suggest we charge at our hours rate than the percentage. Our hourly rate for probate work is £250.00 plus VAT.
How Long Does the Process Take?
Obtaining a Grant of Probate can take up to 2-3 months and is dependant on how quickly the registrar can respond to us. The administration of the Estate can take on average 6-9 months. However, this can vary depending on the legal and financial complexities of the deceased Estate. Complex Estate can take 12 months or longer.