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Probate is the term commonly used to describe the process involved in administering the estate of someone who has died. The responsibility for this rests with the ‘personal representative’, who is the person appointed in the Will, usually an ‘executor’. Alternatively, where there is no Will, or if a Will appoints executors who cannot act, the responsibility falls to an ‘administrator’ – a person entitled in law to administer an estate – usually the next of kin.
If you are a personal representative, dealing with the administration of an estate can be a daunting prospect – complex and time-consuming. At Carpenter & Co, we understand how difficult it can be to try to deal with the complexities of estate administration whilst you are grieving and we can reduce the burden upon you by dealing with this on your behalf.
The administration process
The personal representative is responsible for valuing an estate and, paying debts, liabilities and taxes and, finally, distributing assets to beneficiaries.
At Carpenter & Co, our solicitors will take control of the estate administration for you. Our aim is to relieve the burden upon the personal representative after a bereavement and reduce the stresses estate administration can place upon them.
Grant of Representation
After valuing the estate, an application must be made to the Probate Registry for a Grant of Probate where there is a valid Will, or a Grant of Letters of Administration where there is no Will, or a Will, but no executors appointed (collectively, these Grants are known as ‘Grants of Representation’). Unless the estate is a very small one, only once a Grant of Representation has been obtained can assets be transferred, sold or collected in.
Full administration
We will ensure that all loose ends have been tied up and matters finalised for you. We will deal with all assets and pay all liabilities in the estate. We will also deal with HMRC on your behalf and settle the various tax positions. Full estate accounts will be prepared, detailing all financial affairs of the estate and we will distribute assets to the beneficiaries named in the Will, or those inheriting under an intestacy.
Intestacy
When someone dies without leaving a Will, or where a Will does not dispose of all their assets, the people entitled to benefit from that person’s estate are set out in law. Sometimes these may be distant relatives who require tracing. Our solicitors are experienced in dealing with intestacy and will use the services of genealogists to trace the entitled beneficiaries who are missing or unknown.
Prices for the services we provide
Our Probate Fees
The fees stated below are for the period commencing 1st March 2024. It is our policy to review our fees annually.
Fixed Costs for Probate with Will up to Grant of Representation
- £2,250.00 + VAT and disbursements for an excepted estate with online application and Legal Statement.
- £3,250.00 + VAT and disbursements for completing IHT400 including 4 schedules with online application and Legal Statement. If additional schedules are required, this will be charged at the fee earners hourly rate.
Fixed Costs for Probate without a Will (Intestacy) up to Grant of Representation
- £2,750.00 + VAT and disbursements for an excepted estate with paper application and Legal Statement.
- £3,750.00 + VAT and disbursements for completing IHT400 including 4 schedules with paper application and Legal Statement. If additional schedules are required, this will be charged at the fee earners hourly rate.
If additional schedules are required, the additional time spent will be charged in addition to the fixed costs set out above. In the event it is clear that additional time and costs will be required we will advise you accordingly and will provide you with a time estimate at the earliest opportunity.
Full Administration fees
Our firm’s costs for the full administration of the estate will start from £6,000 plus VAT. Our total cost for the administration of a straightforward estate is estimated at £6,000 to £8,000 + VAT and can be broken down as follows:
- First Stage – Collating all relevant information and applying for the Grant of Representation.
- Second Stage – Realising the assets and paying liabilities.
- Final Stage – Receiving clearance from HMRC for various Tax positions, full Estate accounts and distributions to the beneficiaries.
Our fees are based according to the time spent and calculated in units of 10 units per hour for letters and emails written, telephone calls, personal attendance, preparation of documents, reviewing documents, considering and drafting documents etc. Our hourly rates can vary dependant on the fee earner and their experience ranging from £190 + VAT per hour for a paralegal, and £250 – £265 + VAT per hour for a qualified solicitor.
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 several bank accounts, costs will be at the higher end. In the event there are additional applications such as dealing with a renunciation of a personal representative, appointing an attorney to act as a personal representative or tracing missing personal representatives or beneficiaries, we reserve the right to charge in accordance with our hourly rate based on our time spent in this regard. Our fees are based on estates where there are no claims against the estate and no disputes between beneficiaries or personal representatives and the division of assets. If a claim is made or disputes arise, we will charge in addition to dealing with the administration of the estate.
Where the partners of the firm are the executors we reserve the right to make an additional charge to reflect the professional responsibility involved. This will be based on the gross probate value of the estate at 0.5% of the value of real property in which the deceased resided and 1% of the value of other assets (including any foreign assets).
Disbursements
There will be disbursements in addition to our fees and we do require monies on account in order to make payment. We usually anticipate the following disbursements:
- Probate application fee – currently £300.00;
- Official copies of the Grant of Probate – £1.50 per copy, and we recommend obtaining at least 5 copies depending on the number of assets in the estate;
- Online ID check – £6 per person;
- Official copies of a property title – £3 per title
- Bankruptcy searches – £2.00 per personal representative/beneficiary. Additional charges for bankruptcy searches against beneficiaries overseas will arise;
- Carpenter & Co’s fees for dealing with ID, Compliance and AML checks, to include retrieval of files, administration and auditing will be £50.00 + VAT.
How long will this take?
On average, the administration of a straightforward Estate is dealt with within 12 to 18 months but there may be circumstances where it is prudent to delay the final distribution (e.g. potential Inheritance Act claims against the estate). Typically, we aim to complete the Probate application and the relevant HMRC forms within 3 to 4 months. Once the application has been submitted, the Probate Registry take approximately 16 – 20 weeks to issue the Grant of Representation. Once the Grant is received, we will realise the assets, pay any liabilities, settle the various taxes and distribute the funds to the beneficiaries which normally takes between 6 to 9 months depending on the complexity of the estate.
Please note that should you or any authorised person (i.e. attorney/executor/trustee etc.) request your original Will/Codicil/LPA(s) or any other original documents, such as property title deeds or other deeds, be released from our storage and you or they (or any agent you or they have authorised) are unable to collect the same from our office then our firm charges an administration fee of £100 plus VAT to have the original document(s) posted out which includes the cost of Recorded Delivery.
Please contact our probate team by email at probate@carpenterssolicitors.co.uk or telephone 020 8669 5145 for further information.
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Wills & Probate
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