Wills and Probate Pricing

Wills:

Wills can vary significantly in their simplicity and complexity. We would always discuss with you your requirements in person and would wish to see you. As a general guideline, a straightforward single person’s Will would start at £200 plus VAT. A married couple’s set of mirror Wills, for example leaving everything to each other and then to children, would start at £450, plus VAT.

These are guidelines and in some cases fees may be less than this (in very simple cases) and in other instances fees could be significantly more if there were, for example, complex family arrangements etc. and taxation questions to address.

Sometimes when preparing Wills clients will wish to complete Lasting Powers of Attorney as well. We would be able to quote on packages depending on your requirements.

The VAT rate is currently 20%.

Probate:

Probate and administration of an Estate is the process by which a deceased person’s affairs are finalised and any assets/inheritance passed to the beneficiaries named in a Will or if there was no Will (known as an intestacy) under specific intestacy rules.

Each situation is different and this process can be very straightforward and be dealt with quite quickly (for example an Estate in which all the assets were held with a surviving spouse and everything is passing to that spouse) or can be complicated and last for some years (where Trust situations arise). Generally, a formal document (known as a Grant of Probate) is required to be obtained from the Probate Registry. It is this document that gives the person who is administering the Estate (likely to be the Executors named in the Will or a range of persons laid down by the intestacy rules) authority to deal with that deceased person’s Estate. Usually in order to obtain a Grant the following steps would be undertaken:-

1. Ascertain whether there is a Will and who are named as the Executors.
2. If there was no Will, ascertain who may benefit under the intestacy rules and therefore who is entitled to take out the Grant (usually a family member).
3. Ascertain what assets and liabilities are included in the Estate.
4. Once this information is gathered appropriate HMRC forms are completed and sent to HMRC and an online application is then made to the Probate Registry with the original Will being sent (if there is one). If there is inheritance tax to pay, the total amount or a first instalment needs to be paid at the time the application is made.

Fees and costs will depend on the level of service required and complexities. This work is generally charged out at an hourly rate. The rate will depend on the nature of the work.

Some of the work can be of significant complexity, for example preparing variations and detailed inheritance tax calculations; such work will be charged out at our Mr Bayer’s hourly rate of £240 plus VAT. Other work can be very administrative in nature, for example writing to asset holders for valuations and completing forms. That work is generally carried out at lower hourly rates of £150 plus VAT or £90 plus VAT, depending on the individual carrying out the work.

Total costs will also depend on the type of service that is required. In some cases clients are able to do a lot of the ground work themselves and can come prepared with a list of assets and liabilities that simply need to be inserted into the forms. In other cases the administration will involve this firm contacting the various asset holders and liaising with formal valuers.

As a general rule, our fees for obtaining a Grant of Probate for a single Estate (few assets and low value not requiring IHT forms) would start at £800 plus VAT. If a full set of inheritance tax forms are required, then fees would start at £2,750 plus VAT. It should be stressed that if there are complex inheritance tax calculations needed or multiple assets to administer then fees would be higher. We would ask that you contact us to discuss your requirements in detail. Total fees would depend on the extent of your instructions and whether you wish us to simply obtain a Grant or undertake a full administrative service.

Once the Grant of Probate is obtained there can be various post Grant steps needed for winding up the Estate. These can include encashing assets, distributing the Estate to the beneficiaries and closing off the tax position. We would be able to assist you with these matters.

In addition to our fees, there would be a probate fee (currently £273 and £1.50 for each sealed copy (no VAT is charged on probate fees)) and there are also other potential expenses, including:-

1. formal valuations (if required);
2. statutory adverts – usually allow about £220 plus VAT.

It is difficult to estimate a timescale for probate, which will depend on how long it takes to obtain information on the Estate ( which can sometimes take a few months). However once an application is submitted, the timescale is usually up to 16 weeks. If Inland Revenue forms need to be submitted first, then 21 working days must be added to that timescale. Exact timings very much depends on the Probate Registry and do fluctuate.

Where VAT is charged on fees or expenses , the current rate is 20%.

We would request that you contact our Mr John Bayer to discuss your specific situation and requirements so that a detailed quote can be given.