Probate

What is probate and do i need it?

Probate is the legal and financial process of dealing with the administration of an estate (property, money, and possessions) of a person who has died. The administration roughly breaks down into four stages, some of which may overlap:

Gathering the Assets

Registering the grant of probate once it has been issued by the Court with the various asset holders and cashing in the assets of the estate and gathering them together; bank accounts, shareholdings and any property to be sold.

Winding Up and Distribution

Once all of the assets of the estate have been gathered and the liabilities and tax affairs resolved then the executors can wind up and distribute the estate to the beneficiaries. To do this they will need to prepare the estate accounts showing the assets and how they have been dealt with, ready for distribution.

What work does the pricing information below relate to?

Solicitors in the UK are required by the Solicitors Regulation Authority (SRA) to provide pricing information to potential clients in relation to certain types of work, including Probate.  If it is necessary to obtain a Grant of Probate or a Grant of Letters of Administration then we can assist in the following circumstances: –

• There is a valid Will
• The Executors referred to in the Will can act and there is no requirement for Deeds of Renunciation to be executed
• There is one property in the sole name of the Deceased person
• There are no more than 3 bank or building society accounts
• There are no other assets
• There are no claims against the Estate and no disputes between beneficiaries on the division of the assets. If disputes arise this is likely to lead to an increase in the costs and separate advice may be necessary for the Executors
• There are no more than 2 pecuniary legacies in the Will, no more than 3 residuary beneficiaries and the whereabouts of all beneficiaries are known
• The beneficiaries all have UK bank accounts and are individuals or Charities registered in the UK

My Prices

Application for a grant of probate

Fixed fee £1800* +VAT (+Court Fees) – A grant of representation for an Estate that has no inheritance tax due

Fixed fee £2700* +VAT (+Court Fees) – Application for probate or confirmation if there’s inheritance tax to pay, or if the deceased’s estate does not qualify as an ‘excepted estate’

Full Administration of Estate 1.5% of the Estate (plus and disbursements)

*Please note that we can only confirm a quote and provide a clear indication of costs when we know the full details of the estate.

Disbursements

During Probate various fees may be payable on your behalf (known as disbursements) to other organisations as part of the process.  These would include:

• There may be professional valuation fees – for chattels and property – but these will vary depending on the value of the estate.

• Probate Registry fee (for issuing the Grant) £155.00 (No VAT) plus £1.50 for each Court sealed copy.  

• Commissioner’s fee £5.00 per Applicant (no VAT) Plus £2.00 per exhibit (no VAT).

• Unclaimed Assets Register Search fee £25 (including VAT).

• Bankruptcy Searches against each beneficiary prior to a payment being made to them £2.40 per name searched (including VAT).

• Statutory Advertisements (based on adverts being placed in the London Gazette and one local paper) £180 – £264 (including VAT).

• Office copy entries £3.60 per property (including VAT).

• Certainty Will search (if required) £114 (including VAT).

The timeframe for assisting you with Grant of Probate and Letters of Administration outlined in this illustration will depend on a number of factors. We will be in close contact with HM Revenue & Customs, HM Courts & Tribunals Service and all of the financial institutions relevant to the Estate to progress matters as quickly as possible. Obtaining the Grant typically takes at least XX months, depending upon the assets involved. 

Oliver Saxon will handle all matters relating to your Grant of Probate. You can find out more about Oliver here. 

At Tyto Law you will have a single dedicated person assigned to you, ensuring that they are familiar with all aspects relating to your legal matter and can provide you with continuity We offer clear communication, will keep you informed at every stage of the process and can meet with you personally should you wish to discuss any issues. For more information on the probate process, please contact Oliver on T: 01724 642 842 or E: info@tytolaw.co.uk