Applying for the grant, collecting and distributing the assets
No two estates are the same and there are many different variables which impact costs so it is therefore difficult to provide a general formula for estimating time costs. please refer to our Service Options for more details.
In all cases we will wish to meet with you at the outset to discuss the nature and extent of the estate and the likely time costs. However we hope that the following example quote may assist you in understanding the costs associated with applying for the grant, collecting and distributing the assets of an ordinary estate:
This example quote is relevant to estates where:
- There is a valid will
- We are not dealing with the “initial steps” such as arranging the funeral or obituary
- 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 no more than 5 cash legacies
- There are no more than 3 residuary beneficiaries (that is those entitled to the estate after payment of all debts and other legacies)
- 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
We anticipate this will take our team between 15 and 20 hours work at our hourly rates (see our Full Estate Administration page for further details). Total costs estimated at £3,000 to £4,000 plus VAT.
The exact cost will 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.
These are payments which are likely to be made by us on your behalf and then claimed back from you.
- Probate Court fee £243
- Sealed copy of Grant (per copy) £1.50
- Bankruptcy searches: £2 per individual
- Statutory adverts: £55-300 plus VAT
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, this will be an additional charge payable to the Probate Registry £X (1 per asset usually).
- If more than one income tax return is outstanding to the date of death.
- Dealing with the sale or transfer of any property in the estate is not included.
- Please remember that the administration of estates will often include the calculation and payment of taxes and these are of course entirely distinct and in addition to our costs. In particular inheritance tax (see HMRC’s website for details), income and capital gains tax both to the date of death and during the estate administration period may be payable.
We would expect an estate of this nature to be dealt with within 6 – 12 months. In such cases the grant of representation may be expected within 3-6 months and access to liquid funds (such as bank account proceeds) to be available within 2 – 3 weeks of receiving the grant. Matters such as selling assets (such as properties), dealing with estate income tax, the DWP and other such institutions will often delay the formal completion of the estate beyond the initial receipt of monies. However, funds can become available for beneficiaries by way of interim payments prior to the formal completion of the estate administration.