Our expertise and service
We appreciate that the loss of a close relative or friend can be very difficult, particularly if you have been appointed to deal with the estate (their financial affairs). We can help you through this difficult process as we have experienced lawyers in each of our four offices. The qualifications and experience of the key contacts in each office can be seen by clicking here and then on the individual lawyer’s name.
We would encourage you to telephone and speak to one of our lawyers. They will find out some brief details about the estate, provide you with an estimate of our likely fees, explain the process involved and how long it is likely to take. By speaking to us we can tailor this information to the circumstances of the particular estate.
The information below is specifically for the work involved in relation to a straightforward uncontested probate (where there is a valid will), or administration (where there is no valid will), and the assets are all in the UK.
What are the costs likely to be?
Our costs are based on the length of time (usually between 5 and 15 hours) it takes one of our lawyers to obtain the grant, collect the assets, and distribute them either in accordance with the terms of the will, or under the intestacy rules where there is no valid will. The hourly rates of our lawyers are based on their levels of experience and range between £160 and £250 per hour plus VAT.
In addition to our costs there are various expenses (sometimes called disbursements) which are charges related to your matter that are payable to third parties (not Bower Bailey), such as the probate fee. We handle the payment of these expenses on your behalf to ensure a smoother process. The expenses will vary depending on the estate, the number of executors and the number of beneficiaries, so those shown below are illustrative only.
The illustration of costs and expenses below is based on one of our lawyers with an hourly rate of £200 plus VAT, taking seven hours to deal with an estate with a gross value of say £300,000.
| Our costs | £1400.00 | |
| VAT at 20% | £280.00 | |
| Costs re telegraphic transfer | £40.00 | |
| VAT at 20% | £8.00 | |
| Costs re identity verification | £40.00 | |
| VAT at 20% | £8.00 | |
| Expenses | ||
| Probate fee | £155.00 | |
| Oath swear fee (per executor) | £7.00 | |
| Certainty will register search | £90.00 | |
| VAT at 20% | £18.00 | |
| Bankruptcy search (per beneficiary) | £2.00 | |
| VAT at 20% | £0.40 | |
| Statutory advertisements fees | £185.00 | |
| VAT at 20% | £37.00 | |
| TOTAL | £2270.40 | |
The exact costs will depend on the individual circumstances of the estate. For example, if there is one beneficiary and no property, costs will be lower than if there are several beneficiaries, one or more properties and various bank accounts and other assets. If we are also instructed to sell or transfer an asset e.g. a house, there will be additional costs which we will discuss and agree with you in advance and confirm in writing.
Where the value of the assets exceeds £325,000 the estate may have to pay inheritance tax. However, this is a complex area and there may be various reliefs that can be claimed to mitigate the tax payable. This is one of the reasons why we encourage you to speak to one of our lawyers as soon as possible as this may help allay concerns about this from the outset.
Where a partner in the firm is appointed to act as an executor our costs may also include a modest additional value element (e.g. 0.5% of the gross value of the estate), to reflect the complexity of the matter and the responsibility imposed on the firm. We will always discuss and agree this element with you in advance and confirm in writing.
In straightforward estates we offer a fixed fee service of £750 plus VAT (plus the costs for telegraphic transfer, identity verification, expenses, and VAT where applicable, as set out in the illustration above), for taking all steps up to and including applying for the grant of probate or administration. You will then deal with the remaining steps (as outlined in the process below). Again, you may find it helpful to speak to one of our lawyers for guidance as to whether the fixed fee service is appropriate for the estate you have been asked to deal with.
What is the process involved in dealing with the administration of an estate?
Below is a broad outline of the various steps we will undertake:
- Taking your instructions to enable us to help with the immediate tasks to be dealt with such as registering the death, locating and explaining the terms of the will, if there is one, or explaining what will happen if there is no valid will;
- Taking steps to find out what the assets are and what they are worth and also what liabilities (debts) there are;
- Advising on inheritance tax, capital gains tax and income tax;
- Applying for the grant of probate or administration if there is no valid will;
- Selling, transferring or collecting in the assets;
- Paying any debts, expenses or inheritance tax due from the estate;
- Paying what is left to the beneficiaries under the will or under the intestacy rules if there is no valid will.
How long will it take?
Applying for a grant of probate or administration only in a straightforward estate usually takes up to 3 months. Applying for a grant and then dealing with the administration of a straightforward estate usually takes between 3 to 6 months. More complex estates can take up to 12 months.
