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Probate and estate administration pricing transparency

Pricing transparency

Wright Hassall offer a range of fixed fee and time-based services depending on the activities required.

 

Fixed fee only services – where a full IHT return is not needed

  • Obtaining a Grant of Probate (IHT205 form) - £1,500 plus VAT
  • Obtaining a Grant of Probate claiming a double nil rate band (IHT205 and IHT217) - £2,000 plus VAT

Time based services

Fees are based on hourly rates (excluding VAT, which is charged at the prevailing rate) which range from £155 to £325 depending on the seniority and experience of the individual advising. We will always ensure that the right person at the right level manages your matter with the appropriate level of supervision.

NB: This fee scale is a guide only. We will send you a questionnaire to complete so we can establish how much work will be involved in administering the estate before giving you an accurate estimate. In most situations, we are able to offer you the choice of a time based estimate range or a fixed rate quote to meet your specific circumstances..

  • Obtaining a Grant of Probate where a full IHT return is due but no tax is payable (IHT400) - £2,000 to £3,000.
  • Obtaining a Grant of probate where a full IHT return is due and tax is payable (IHT400) - £2,400 to £4,000.
  • Full estate administration – based on simple estate example – in the region of £5,000 to £7,000.
  • Full estate administration – based on complex estate example – in the region of £7,000 to £15,000.

Simple estate example – (could include the following)

Valid Will with 1-2 executors acting Up to 5 pecuniary legacies
Up to 5 residuary beneficiaries No trusts/disputes or claims
Up to 8 bank/building society/liquid assets Up to 1 property
Up to 3 shareholdings No inheritance tax to pay

HMRC shorter return (IHT205) required

  


Complex estate example – (could include the following)

Valid will with up to 4 executors Straightforward intestacy position
Over 5 pecuniary legacies Over 5 residuary beneficiaries
Trust in the will or a connected lifetime trust              Minor beneficiaries
Multiple cash assets 1 or more property
Investment portfolio/ number of shareholdings  
HMRC full return (form IHT400) required Inheritance tax payable

Income tax returns to be completed

  

Complex estate accounts/devolution

  

It is often difficult to know whether any of these factors will be relevant at the outset of the matter and they may only become known once a quote has been provided and a degree of work has already been undertaken on your behalf.

As soon as we are aware of any factors that will impact the level of professional fees and/or disbursements (see below) payable, we will notify you and provide you with an indication of the likely impact.

 

Matters in all estate administrations which may give rise to additional costs

  • No Will (intestacy) or proving a missing or damaged will Registering the death or arranging the funeral.
  • Large number of individual shareholdings or managed portfolios.
  • Arranging property insurance and managing the utility accounts until a property is sold.
  • Complex inheritance tax situations, including claims for agricultural or business assets.
  • Missing beneficiaries.
  • Disputes between executors and/or beneficiaries.

Disbursements – third party costs which may be incurred during the administration. We will handle the payment of these disbursements on your behalf to ensure a smoother process (all figures inclusive of VAT charged at 20% if applicable)

Probate Court fees (£300) and office copies (£1.50 per copy) Will and Financial asset searches (£136.80 and £186)

Bankruptcy searches (£2.40 for UK, £100 estimated for overseas) Statutory notices (£170 estimated)

Depending on the nature of the estate there may also be valuation fees, estate agents commission and conveyancing costs, and any taxes payable to HMRC in the estate. For more information on taxes, please see the Gov.UK website.

 

 

Timescales – how long will it take?

For our obtaining a Grant of Probate services, we would expect the executors to provide us with all valuations of the estate assets and liabilities and we would expect to draft the papers for signing and apply in 2-3 weeks following receipt of the information. The Grant of Probate should be issued 6-18 weeks after that if a full IHT return is not required, or if a full return is required, the time to issue should be 10-24 weeks, subject to Probate Court and HMRC turnarounds.

For full estate administrations, where we will notify companies, and beneficiaries and arrange valuation of the assets and liabilities, we would expect to be able to apply in 4-10 weeks depending on the complexity of assets. The issue of the Grant would then be as detailed above, subject to making any arrangements for payment of inheritance tax required.

Once the Grant of Probate is issued, we would arrange to collect the assets, pay any liabilities and expenses, pay any legacies, and distribute the estate. This can take between 2-4 months for simple estates and can take between 6-18 months for more complex estates where delays can be encountered through agreeing the inheritance tax position, selling the property, dealing with the investments, and settling the income and capital gains tax position.

A full set of estate accounts will be produced for the executor’s approval at the end of the administration before final distribution which will be sent to the residuary beneficiaries when making final distributions.

Examples of full administrations undertaken Simple estates

For an estate valued at £350,000 passing to two residuary beneficiaries which included one property and seven bank accounts we charged an administration fee of £3,100 plus VAT.

For an estate valued at £480,000 which had six pecuniary legacies and passed to one residuary beneficiary and included, one property, nine bank accounts, bonds and policies, and one shareholding, we charged an administration fee of £5,400 plus VAT.

Complex estates

For an estate valued at £600,000 with no inheritance tax due which passed to one pecuniary legacy, a mixture of twenty-five charitable and non-charitable residuary beneficiaries in unequal shares and included one property and nine bank accounts and policies, we charged an administration fee of £7,500 plus VAT.

For an estate valued at £500,000 which was subject to inheritance tax, had seven pecuniary legacies and passed to three residuary beneficiaries and included one property, four bank accounts and eight investment holdings we charged an administration fee of £9,200 plus VAT.

For an estate valued at £1,000,000 which was subject to inheritance tax, had three pecuniary legacies and two residuary beneficiaries and included two properties, 5 accounts, nine investment holdings, claims for agricultural and business property relief and a partial transferable nil rate band we charged an administration fee of £12,300 plus VAT.

Quality assured: Wright Hassall is Lexcel accredited, the Law Society’s legal practice quality mark for practice management and client care.

 

 

The details

*Grant of probate

Work involved Timescales
Review of the Will and executor’s duties At initial meeting/1 week
Review of the assets and liabilities/ Consider any appropriate nil rate bands, allowances and exemptions and gifts affecting the inheritance tax position / Prepare IHT400 and statement of truth, calculate any tax owed, advise on timings and options for payment 2-3 weeks from when information received from executor
Arrange for signing of inheritance tax forms and statement of truth/ Submission of IHT400 and request receipt for payment of IHT 1-2 weeks dependent on meeting arrangements
Submit application to the Probate Court, with tax receipt to obtain the Grant of Probate 3-4 weeks after above
Issue of the Grant of Probate by Probate Court and requisite number of office copies to pass to executors to collect and distribute the assets of the estate Currently 6-18 weeks from submission (would usually be 2-3 weeks)
Consider IHT loss relief claims on assets sold by executors, report any corrective figures to HMRC, deal with any HMRC queries and obtain IHT clearance 2-3 months once details provided by executors

 

 

*Full estate administration

Work involved Timescales
Review of the Will and executor’s duties At initial meeting/1 week
Prepare and submit statutory notices to claimants in the London Gazette and local press and undertake Will and asset searches for later Wills or unknown assets in the deceased’s name. Review of assets and liabilities and obtain valuations 3-6 weeks depending on assets
Contact all beneficiaries and advise them of their entitlement 3 weeks unless later contact agreed with executor
Consider any transferable nil rate band etc.   4-6 weeks once asset details known
Prepare the relevant tax forms (IHT205 or IHT400) and provide Statement of Affairs to executor/ Calculate any tax owed, advise on timings and options for payment   5-8 weeks depending on asset information received
Arrange for signing of IHT papers and statement of truth   1-2 weeks after above
Pay any IHT due, submit the IHT form and obtain receipt from HMRC   4-6 weeks after above
Apply to the Probate Court to obtain Grant of Probate and requisite number of office copies   Currently 6-18 weeks after above (would usually be 2-3 weeks)
Collect assets, pay outstanding liabilities, reimburse Executors’ expenses and pay legacies Up to 8-10 weeks from issue of Grant
Send a Beneficiary Statement of Affairs to the residuary beneficiaries and correspond with executors and beneficiaries regarding the transfer of assets and distribution of the estate. Up to 8-10 weeks from issue of Grant
Consider IHT loss relief claim on assets sold by executors, report any corrective figures to HMRC, deal with any HMRC queries or additional payments including income tax and capital gains tax and obtain IHT clearance. Depending on realisation of assets timescales, e.g. sale of property
Prepare estate accounts for executor approval, pay balance to beneficiaries and prepare tax deduction certificates 2-4 weeks of administration being complete