Wills and Probate Costs
Drafting a simple Will will cost £600 (including VAT of 20%).
If your affairs are more complex, possibly in the use of trusts to mitigate inheritance tax or involving a wide range of different assets then the fees could be considerably more. We can advise you of more detailed costs once we have all of the information. If your affairs require complex trusts or tax planning, we may recommend you also require the services of an independent financial advisor who specialises in inheritance tax planning or a specialist tax accountant.
Administering an Estate
We will assist you in gathering assets, dealing with wills and HMRC, paying inheritance tax, applying for probate and the distribution of assets.
Normally we based our charges on 2.4% of non-property assets and 0.9% of property assets. Both are subject to a minimum fee of £2500 (including VAT of 20%).
For example, an estate worth £1.1 million (£600,000 of property and £500,000 of non-property assets) then our legal fee would be £17,400 (including VAT of 20%).
- Probate court fee- Its costs £215 (no VAT) to apply for probate if the value of the estate is more than £5,000. It is free if the value is less.
- £10 (including VAT of 20%) Swearing of the oath (per executor).
- Bankruptcy-only Land Charges Department searches (£2 per beneficiary- no VAT).
- If any additional copies of the grant are required, they will cost £1.50 (no VAT) (per asset usually).
How long will this take?
Once we have obtained all the necessary information it can take anywhere between 4-6 months to obtain the grant of probate.
The first step in applying for probate is to deal with the inheritance tax forms. These need to be completed regardless of whether any tax is due on the estate. To complete these forms, we first need to gather information on all the assets and liabilities within the estate.
Once the IHT forms are completed, these are sent off to HMRC to be processed.
After HMRC has finished processing these forms, the next step is to complete and submit the application to the court to obtain the grant of probate. Both HMRC and the Court usually take anywhere between 4-12 weeks to process each application.
However, probate is sometimes disputed which makes matters more complicated and less straightforward. We would therefore have to advise on an individual basis depending on the case to help you understand the process and complexities of your situation.
Lasting Power of Attorney
If you become incapable of looking after your own affairs you need to think about how you would like your affairs managed and who is involved in this process. It should be someone you trust to make decisions on your behalf. Appointing an individual will avoid the difficulty of dealing with the court of protection.
There are two types of Power of Attorneys. Firstly, there is a Health and Welfare power of Attorney who deals with your health decisions when you are unable to which attracts a public guardian fee of £82 (no VAT). Secondly, there is a Property and Financial affairs power of Attorney to deal with financial affairs with a £82 (no VAT) public guardian fee. The public guardians are the public body that manage the process.
We will assist you on appointing a power of attorney and completing the relevant forms. We will charge £625 (including VAT of 20%) plus the £82 (VAT free) (public guardian fee) for both Power of Attorneys.
Persons responsible for the work:
- Stephanie Kleyman (admitted as a solicitor in 1997)
- Caoimhe Leece (admitted as a solicitor in 2022)
To view their profile, please see the Meet the Team section of the website for details.
More information on our Wills & Probate service.