Private client work usually involves matters that are not disputed. Grant Stephens Family Law strongly believe that it is important to plan for the future and take all steps to try to ensure that matters are dealt with as easy as possible when either a loved one dies or loses the mental capacity to make decisions for themselves. We offer the following services within our Private client department:-
- Probate and estate administration
- Lasting Power of Attorney documents
- Deputy Orders
Probate fees and services
If we are instructed in relation to the administration of an estate, our services can include the following:-
- Collecting information to ascertain the value of assets within the estate
- Advising on inheritance tax payable on the estate
- Drafting the necessary tax return to HMRC, which is required regardless of whether there is any tax to pay
- Preparing the application for the Probate Registry
- Collecting in all the assets held within the estate from the various asset holders or transferring them to the relevant beneficiaries
- Drafting the final estate accounts for the executor / personal representative
- Arranging the distribution of the estate to the beneficiariesOur costs for acting in an estate matter will be charged on an hourly fee basis. The solicitor undertaking this work will be one of our Partners Eleri Jones and her hourly fee is £200 plus VAT. The time it takes to obtain a Grant of Probate and administer an estate will depend on various factors including the size of the estate and the amount of work required to be done.
On average the cost of administration is as follows:-
an estate valued under £150,000 will have charges of £1,500 plus VAT
An estate valued between £150,000 and £300,000 will have charges of £3,000 plus VAT
An estate valued between £300,000 and £600,000 will have charges of £6,500 plus VAT
An estate valued between £600,000 and £800,000 will have charges of £10,000 plus VAT
The above costs are average costs, however we will endeavour to provide a more detailed quote once we obtain detailed instructions in relation to your specific estate.
The average cost will increase if claims are made against the estate or if there is a dispute between the beneficiaries, or if a deed of variation is needed to vary the terms of the Will.
There will be disbursements incurred in any administration matter and are not included in the above-mentioned costs. The disbursements usually incurred in an estate matter are as follows:-
Probate registry fee – £160 (includes 10 copies of the Grant)
Oath swearing fee – £7 per executor
Bankruptcy search fee – £2.40 per name
Statutory advertisements – £216.00
The timescale to administer an estate will vary with each matter depending on the value, the number of assets to be dealt with and the number of beneficiaries. On average an estate with a value of less than £150,000 takes 10 – 12 weeks to conclude whereas an estate with a larger value takes an approximate 5 – 6 months.