Making sure that loved ones receive our assets after death is something of importance to most people. The best way of achieving this is by leaving a well drafted Will, setting out your wishes and appointing the right individuals to handle your affairs after your death. At Slater Bradley & Co we can advise you on the best way to structuring your Will to ensure that your wishes are fulfilled. We can also advise on Powers of Attorney, an important part of planning for clients and their families.
We are very experienced in dealing with the administration of estates of deceased persons, which can often prove to be complex.
John Slater heads the Wills, Powers of Attorney and Probate part of the practice and can be contacted at John.slater@slaterbradley.co.uk.
Probate Fees
The costs of dealing with estate administration and probate, depends upon the complexity of the estate and also the level of assistance and expertise that you require from us. In order to provide you with an estimate we need to know from you details of the estate. This will include:-
Whether or not there is a valid will
Whether there will be any inheritance tax payable on the estate
The nature of the assets of the estate and any debts which are owned by the deceased
The potential number of beneficiaries
Whether there has been any pre-death tax planning
Whether there are any assets held abroad
Our charges are based partly on the time spent on the matter in accordance with hourly rates which vary from person to person dealing with the matter and partly on a value element in line with guidance from the Law Society. If Slater Bradley & Co are appointed as executors then the guidance from the Law Society is that we can charge a percentage of the gross value of the personal estate – that is money in banks and building societies, shares, national investments and other liquid assets at the rate of 1.5% and on the value of any land or property at 0.75%. If we are not appointed as the executors, the relevant percentages to be applied are 1% and 0.5% respectively.
The exact cost will depend on the individual circumstances of the matter. For example if there is one beneficiary and no property, costs will be at the lower end of the range but if there are multiple beneficiaries, a property and multiple bank accounts costs will be at the higher end.
We will handle the full process for you. This quote is for estates where
There is a valid will
There is no more than one property
There are no more than four bank or building society accounts
There are no other intangible assets
There are 1 to 4 beneficiaries
There are no disputes between beneficiaries on completion of assets. If disputes arise this is likely to lead to an increase in costs.
There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
There are no claims made against the estate
Disbursements i.e money spent on your behalf include:-
Probate application fee (including 10 office copies) £160.00 (this is likely to increase substantially in the near future if government plans go ahead)
Bankruptcy searches against beneficiaries £2 per search
Advertising for unexpected claims from unknown creditors in the London Gazette and local paper, (approximately £240 including VAT)
These disbursements are costs relating to your matter that are payable to third parties and we will be able to let you know the exact amount on enquiry
As a general guidance where we are instructed to apply for the grant of probate in straightforward cases our fees might be in the region of £3000 - £4500 plus VAT