How Much Will it Cost to Deal with an Estate when Someone Dies?
To deal with the basic Inheritance tax reporting requirements and application for a Grant of Probate or Grant of Letters of Administration (where all valuations are obtained by the clients and the whole of the administration of the estate is dealt with by the clients personally) our fixed fee is £850.00 plus VAT (£1,020.00 including VAT).
This would apply where the deceased has made a will and the estate is undisputed. It would not apply in any situation where a more complex inheritance tax IHT 400 form is required (for example but not limited to situations where there is any inheritance tax payable in respect of the estate, if a claim is needed for agricultural or business property relief if a claim is needed for the inheritance tax residence nil rate band, where there has been significant lifetime gifting or where the deceased made changes to their pension within two years of the date of their death).
Full Estate Administration
To deal with the administration of an estate in full to include obtaining valuations of assets from banks and building societies etc, completing the inheritance reporting requirements and probate/letters of administration application and thereafter collecting in the assets of the estate, paying the liabilities and preparing a statement of all monies received and paid out for approval by the executors and residuary beneficiaries. Based upon a standard estate with no complicating factors valued between £100,000 to £200,000 with up to five institutions holding accounts or assets our average charges are £2,500-£3,500 plus VAT (£3,000 to £4,200 including VAT). This does not include the conveyancing costs associated with a sale of house or property which was owned by the deceased.
The average costs are unlikely to be applied where: –
- A house sale is involved and the personal representatives wish us to liaise with the utility providers, insurers and estate agents throughout the sale process;
- The DWP commence an investigation into means-tested benefits claimed by the deceased in their lifetime;
- HMRC requires a full income tax return to be completed for the estate or in respect of the deceased’s lifetime tax
In these cases, a bespoke estimate will be provided upon request.
Our hourly rate charges are as follow:
- Solicitors with more than 8 years’ experience charge an hourly rate of £220.00 to £245.00 per hour plus VAT,
- Solicitors with between 4 and 8 years’ experience charge an hourly rate of £216.00 plus VAT
- Solicitors with up to 4 years’ experience charge an hourly rate of £179.00 plus VAT.
- Trainee solicitors and paralegals charge an hourly rate of £136.00 plus VAT.
In addition, there is a charge based upon the value of the estate (based upon guidelines issued by the Law Society) of 0.5% of the value of real property and 1% of the value of other assets.
In addition to both options set out above fees are payable to the Probate Registry of £273.00 plus £1.50 for every copy of the Grant that is required.
We have a team of Fee Earners who deal with Wills and Elderly Client Services and their details can be found by clicking on the links below: