There are six stages in probate which are as follows:
- Valuing and collating the estate
- Paying Inheritance Tax, if applicable
- Applying for Grant of Probate or Letters of Administration if there is no Will
- Informing interested parties
- Gathering the estate assets and then paying any debts from the estate
- Distributing the estate in line with the Will or rules of intestacy if there is no Will
- 75% of the value of the property plus
- 5% of the value of other assets
- Value of estate £500,000+ = approximately £10,000+VAT
- Smaller estates i.e. below £500,000 = between £2,000-£3,000+VAT
- Average fees for probate are around £5,000+VAT
- Disbursements to be paid in addition to the above fees include:
- Swearing Oath = £7
- Probate Fee = £155
- Additional Copies of the Grant = 50p each
Dealing with the winding up of the affairs of someone who has died can take a long time. It is not unusual for it to take up to 12 months, longer if it is a large estate or if things are not straightforward. Winding up an estate involves dealing with many organisations, for example banks, building societies, insurance companies, share registrars and HM Revenue and Customs.
The estate cannot be dealt with until all claims to it have been received. Individuals have a period of six months from the date when probate is granted to make any claims against the estate.
Other factors that may affect the time taken to administer an estate include whether the financial affairs of the deceased person were in order, or whether they had an interest in a business, whether there are any legal disputes for example, claims against the estate or claims by the estate and any arguments between family members, beneficiaries or executors/personal representatives. All of these factors are issues which have to be resolved before the affairs of the deceased can be settled.
In residential conveyancing and in some other cases we can agree a fixed fee for the whole case or certain stages in a case. We will be able to give you an indication as to whether your case is suitable for a fixed fee after an initial consultation
We are obliged to provide you with detailed information in relation to costs for work undertaken in certain areas of law. Please click on the links below and feel free to contact us should you have any queries.