The procedure of gathering a deceased person’s assets, paying debts and taxes, and allocating what remains to those named as inheritors in the will or under the laws of intestacy (dying without a will) is known as probate, and it is overseen by the court.
Below is information about our legal fees, costs, and the estimated time it will take to finish your case.
A Comprehensive Guide to Probate Fees and Costs
Losing a loved one is a difficult time, and dealing with their estate can be a complex and daunting process. This is where probate comes in. Probate is the legal process of administering a deceased person’s estate, including gathering assets, paying debts and taxes, and distributing what is left to beneficiaries.
In the UK, probate fees and costs can vary depending on several factors, including the complexity of the estate, the size and value of the assets, and the location of the deceased. This article will provide a comprehensive guide to probate fees and costs in the UK, helping you understand what to expect and how to manage these expenses.
How Much Do Probate Solicitors Charge?
Solicitors typically charge for probate services in one of three ways:
- Hourly rate: This is the most common method, with hourly rates varying depending on the solicitor’s experience and location.
- Percentage of the estate: Some solicitors charge a percentage of the value of the estate, typically ranging from 1% to 5%.
- Fixed fee: This is a set fee for the entire probate process, regardless of the complexity of the estate.
The average cost of probate in the UK can range from £1,000 to £10,000, depending on the factors mentioned above.
Factors Affecting Probate Costs
Several factors can affect the cost of probate, including:
- Complexity of the estate: If the estate is complex, with multiple assets or beneficiaries, or if there are disputes over the will, the probate process will be more time-consuming and expensive.
- Size and value of the estate: The larger and more valuable the estate, the higher the probate fees are likely to be.
- Location of the deceased: Probate fees can vary depending on the location of the deceased.
- Method of probate: Applying for probate through a solicitor will generally be more expensive than doing it yourself.
Typical Probate Costs in the UK
Here is a breakdown of typical probate costs in the UK:
- Solicitor’s fees: £1,000 to £10,000
- Probate application fee: £273
- Inheritance tax: This depends on the value of the estate and the beneficiaries.
- Other expenses: These may include court fees, advertising costs, and professional fees for tasks such as asset valuation.
How to Reduce Probate Costs
There are a few things you can do to reduce probate costs:
- Do it yourself: If the estate is relatively simple, you may be able to apply for probate yourself without the help of a solicitor. This can save you a significant amount of money.
- Shop around for a solicitor: Get quotes from several different solicitors before choosing one. This will help you ensure you are getting the best value for money.
- Plan ahead: Making a will and keeping it up-to-date can help simplify the probate process and reduce costs.
Additional Considerations
Probate costs can be a significant expense, so it is important to understand the factors that affect them and how to manage them. By doing so, you can ensure that the estate is administered efficiently and that the beneficiaries receive their inheritance as quickly as possible.
Here are some additional considerations to keep in mind:
- If the estate is complex or you are unsure about the probate process, it is advisable to seek professional advice from a solicitor.
- You may be able to claim back some of the probate costs from the estate.
- The government offers a number of resources to help people with probate, including the GOV.UK website and the Citizens Advice Bureau.
Probate can be a complex and expensive process, but it is an essential step in administering a deceased person’s estate. By understanding the factors that affect probate costs and how to manage them, you can ensure that the process is as smooth and efficient as possible.
Frequently Asked Questions
Q: How long does probate take?
A: The probate process typically takes around 6-12 months to complete, but it can take longer if the estate is complex.
Q: Who is responsible for paying probate costs?
A: The probate costs are usually paid from the estate’s assets.
Q: Can I claim back any of the probate costs?
A: You may be able to claim back some of the probate costs from the estate, such as the cost of advertising for creditors.
Q: What happens if I can’t afford to pay the probate costs?
A: If you can’t afford to pay the probate costs, you may be able to apply for legal aid.
Q: Where can I get more information about probate?
A: You can find more information about probate on the GOV.UK website or from the Citizens Advice Bureau.
Professional Probate Fees and Disbursements
You will be required to pay Professional Legal Fees for all work completed by us in carrying out your instructions, from the beginning to the end of your case.
Our fees are determined by the estate’s complexity, size, and value. For an uncontested probate matter, our typical standard legal fees range from £2,2750 to £2,2750. 00 – £8,250. 00 plus Vat at an hourly rate £275 plus Vat.
Our fees are primarily determined by the amount of time we spend on each case (though other factors, like the complexity of the work involved and the value of the assets being handled, may also be taken into account).
In order to make sure we are as open and honest as possible with you regarding the probate fees, we don’t charge a 20% commission fee based on the estate’s value.
Different Stages of Probate Costs
To transfer or liquidate assets held in the deceased’s sole name only, a grant of probate (or a grant of representation) is necessary.
Your first meeting with one of our committed probate solicitors will reveal the many facets and potential complexities of the probate process. However, the work can be split simply as follows:
- Work prior to and up until the grant (Application for Grant of Probate only) comprises calculating the size of the estate, filling out the relevant HMRC forms, applying to the HMRC with or without the need to pay inheritance tax, and submitting an application for probate to the probate registry.
- Post-grant work includes drafting and finalizing estate accounts, distributing assets to beneficiaries, handling the transfer and/or liquidation of assets, and handling corrective HMRC accounts (if applicable).
We have outlined some fairly typical probate scenarios with a range of probate costs to help you get an idea of the likely costs:
Application for Grant of Probate Only
This is for a single property with a maximum of five shares or accounts.
This is for one property, up to five accounts/shares
Application for Grant of Probate and Administration of Estate
This is for a single property with three beneficiaries and up to five accounts.
This applies to one property with up to five accounts or shares, or in the absence of a valid will.
The particulars of each case will determine the precise cost. For instance, expenses will be at the lower end of the range if there is only one beneficiary and no property. Costs will be on the higher end if there are numerous beneficiaries, a property, and numerous bank accounts.
Our Standard Fee estimate above is for estates where:
- There is no more than one property
- The total amount in bank or building society accounts is not greater than £350,000.
- There are no additional intangible assets, and the beneficiaries listed above are the only ones.
- There are no disputes between beneficiaries on division of assets. Should conflicts emerge, this is probably going to result in higher expenses.
- There are no claims made against the estate
- Neither inheritance tax nor income tax clearance is pending.
We will notify you and go over the reason(s) if our probate fees need to change at any point.
This usually happens when you give us different instructions or when your case becomes more complicated than expected.
Our average probate fees assume that:
The deal is completed on schedule and without any unanticipated issues.
Everybody involved in the transaction is cooperative, and nobody has been unduly slow to provide the necessary paperwork.