Garstang: 01995 603142
Longridge: 01772 781580

The Probate Process

Administering the Estate of someone who has died is an important yet daunting step to undertake. It can also be emotional and extremely time consuming. However, we can guide you through the process – whether that person died leaving a Will or no Will and we can answer any questions you may have about the process.

What Does the Probate Cost?

Obtaining a Grant of Probate or Grant of Letters of Administration ONLY:

  • Gross Estate less than £325,000 - £600 plus VAT
  • Gross Estate more than £325,000 - £1,000 plus VAT

Applying for a Grant, collecting and distributing the assets.

We anticipate that the total costs will not exceed 2% of the gross value of the Estate (excluding VAT). However, the exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property costs will most likely be below 2%. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be closer to the 2% mark. (Once we have a clearer picture as to what assets are in the Estate we will provide you with a more accurate quote). This quote is for Estates where there are no disputes between beneficiaries on division of assets. If disputes arise, this is likely to lead to an increase in costs.

If it appears the costs will exceed the 2% mark we would inform you before carrying out additional work.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as court fees.

We handle the payment of the disbursements on your behalf to ensure a smoother process.

On each administration there are usually the following disbursements:-

  • Probate Registry application fee £155 plus £1.50 per copy Grant
  • Bankruptcy search against each beneficiary - £2 per beneficiary and potential additional costs:-
  • S27 Trustee Act Notices Advert – this is a legal notice advertising for unknown debtors to come forward within a two month period and protects the executors against unexpected claims for unknown debts. (£150-£350).
  • Where the Estate consists of any shareholdings (stocks and bonds) there are likely to be additional costs i.e. stockbrokers’ charges for preparing probate valuation of the share portfolio.
  • Dealing with the sale or transfer of any property in the Estate is not included. (We will quote separately for this).
  • If there is no Will or if there is any difficulty tracing beneficiaries there will likely be extra costs depending on the Estate and how it is to be dealt with.

How Long Will it Take?

Estates can be complex and can include unexpected problems. For example, disputes between beneficiaries and personal representatives, tax issues and business interests. We are also reliant on third parties responding to our correspondence in a timely and accurate manner.

Estates which are relatively simple to deal with e.g. there is a valid Will, there is no more than one property and five bank accounts, no more than five beneficiaries who are identifiable and living in England and Wales, no disputes between the beneficiaries, there is no Inheritance Tax to pay and no claims against the Estate, then we would ordinarily expect the administration to last between three and six months from our instruction.

In Estates, where there are complicating factors and IHT to pay some cases can last up to twelve months from instruction.

When we meet with you and have obtained the information we require, we will be able to provide you with a likely timescale.

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solicitors garstang
solicitors garstang