In simple terms, probate means dealing with a person’s affairs after their death in accordance with their Will or intestacy (where there is no Will). We fully understand this can be a difficult time for the person’s family and friends.
At Hudsons Solicitors, we can handle every aspect of probate, from simply applying for the Grant of Probate on behalf of the executors, to dealing with all aspects of the administration of an estate, such as informing banks and utility companies of the person’s death, arranging valuations of property, shareholdings, land etc, completing HM Revenue & Customs paperwork, calculating inheritance tax, applying for the Grant of Probate, closing accounts and realising assets, and finally distributing the estate to the beneficiaries.
We will be happy to discuss various fee charging structures to suit you, including fixed fees, or fees calculated by reference to an hourly rate. We find that where matters are relatively straightforward an agreed fixed fee is preferable, although we reserve the right to review this should additional assets or beneficiaries etc come to light.
As a guide, our fees in probate matters are
- Application for Grant of Representation only, where you provide all required details such as valuations of assets and liabilities etc:
- Non taxable estates: Completion of HMRC IHT205, drawing up Oath, application for Grant of Representation: £850 + VAT plus disbursements (probate application fee £155 plus £0.50 per copy);
- Taxable estates: Completion of HMRC IHT400 and schedules, application for Grant of Representation: from £1,500 + VAT plus disbursements (probate application fee £155 plus £0.50 per copy);
- Full administration of the estate, where we inform assets holders of the death, ascertain the values and balances of assets and liabilities, complete HMRC forms as required, calculate IHT due, deal with the application for the Grant of Representation, draw up estate accounts, distribute the estate to the beneficiaries, pay legacies etc: – our fee will depend on the complexity of the estate, including for example the number of assets that need to be dealt with, the number of beneficiaries, the number of legacies, how organised the deceased’s paperwork was, etc – we can agree a fixed fee with you based on our experience of working in this field, or our fee can be based on an hourly rate, which will depend upon the experience of the person dealing with the particular task in hand. Generally our fee is in the region of 1% – 2% of the gross value of the estate.
Throughout the process, we’ll keep you fully informed, and deal with any questions or concerns promptly and sympathetically.