View Storrar Cowdry fees for: Probate
Probate
At Storrar Cowdry, our fees are calculated on a time spent basis, unlike some other firms who charge a fixed percentage which includes an ‘uplifted amount’ known as the value element.
Our Probate Team charge at the hourly rate agreed with you at the beginning of the matter and you only pay for work actually carried out on your behalf.
Our hourly rates for the members of the Probate Team who would carry out this work are as follows:
- Partner – £378 (inc. VAT)
- Solicitor – £302.40 (inc. VAT)
- Paralegal – £234 (inc. VAT)
Our rates are reviewed annually and any changes notified to clients.
Unless otherwise stated all fees include VAT at the current standard rate of 20%.
Key stages and scope of work covered
The key stages of the work involved in administering an estate are as follows:
- Valuing the assets and liabilities in the estate;
- Completion of the relevant inheritance and income tax forms and payment of tax;
- Obtaining the Grant of Representation;
- Collecting in the assets of the estate;
- Settling any debts and liabilities of the estate;
- Preparation of estate accounts; and
- Distribution of the assets.
The average timescales involved are as follows:
- From initial instruction to receipt of the Grant of Representation: 3-6 months
- Collecting and distributing the assets: 3-6 months
Total timescale therefore is normally 6-12 months for the whole process.
There are a number of factors which affect both overall cost and timescale for the administration of the estate.
Below are the most typical of these:
- Whether or not inheritance tax is payable;
- The nature and number of assets comprised in the estate;
- Whether all beneficiaries are easy to trace;
- If there is a property in the estate and if so, how long it takes to obtain a sale of this property;
- Whether complicating factors arise (see below for more detail on these).
It is therefore difficult for us to give an accurate estimate of the costs involved and the timescale without an initial face to face or telephone meeting where we can take more detailed information from you. Storrar Cowdry offer the first meeting on a no obligation basis. If you decide to instruct us then the cost of that meeting is then factored into
the overall cost estimate.
We are able to give some broad guidance on estate costs, where all of the deceased’s assets are located entirely within the UK and no disagreement has arisen, or will arise, between any potential recipients of assets of the estate. Please note the costs for the sale of a property are additional to the costs quoted below.
Additional factors which will affect the fees involved
There are a number of issues or additional pieces of work which can arise during or out of estate administration which will incur additional costs and mean the timescale for completion will be affected.
If any of these points arise during the course of the matter, we will contact you and agree a costs estimate and give a likely timescale to deal with the issues:
- Investigation into the estate by the Department of Work and Pensions. This is automatic where a deceased person has been in receipt of Pension Credit or any means tested benefit prior to their death;
- Missing beneficiaries;
- Missing assets;
- Problems with overseas assets;
- Complex assets such as publishing or intellectual property rights;
- Disagreements between executors and/or beneficiaries;
- Claims brought against the estate;
- Claims pursued on behalf of the estate to recover assets;
- Complex tax issues;
- Variations or alterations to the terms of the Will, intestacy or any trusts arising under the Will;
- Establishment and administration of an ongoing Will trust;
- Additional tax planning advice for beneficiaries of the estate.
Disbursements
You may have to pay certain expenses, taxes and other costs. To the extent that such costs relate to amounts that we must pay to third parties, they are known as “disbursements”.
The costs and expenses most likely to arise are as follows:
- Probate Court Fee – £273.00
- Additional copies of the probate for each asset holder – £1.50 each
- Land Registry search – £3.00
- Missing asset search – £162.00 (inc. VAT)
- Legal notices to creditors – est £240.00 (inc. VAT)
- Bankruptcy searches – £2.00 per name searched
Payment of our fees
Once we are instructed in the administration of an estate, we send detailed client engagement letters to the executors of the estate for agreement.
Our first invoice is not submitted until we make the application for the Grant of Representation. After that the file will normally be invoiced monthly.
Examples – Administration of an estate
Example 1
A case where there are assets in the deceased’s sole name and we help with the application only for a Grant of Probate. Our work would be:
- The preparation of the short form of declaration to H M Revenue and Customs for Inheritance Tax
- The application to the Court for the Grant of Probate (an Oath for Executors or Administrators)
- Sending the Executors the Grant of Probate for them to continue to collect in the deceased’s assets.
The costs anticipated for this would be £1,440.00 (inc. VAT)
For all applications there will be the standard external fees of
- the Commissioner to “swear” the court application £7.00 per Executor and
- the Court fees of £273.00 plus £1.50 per additional copy Grant (if obtained at the same time)
- H M Land Registry search fees to check registered titles of £3.00 per search
If this estate has an on-going trust, such as a Nil Rate Band Discretionary Trust, to administer then additional advice and work relating to this trust would likely to be in the region of £1,920 (inc. VAT)
Example 2
A case where there are assets in the deceased’s sole name and the need for a Grant of Probate would involve:
- The preparation of the short form of declaration to H M Revenue and Customs for Inheritance Tax
- The application to the Court for the Grant of Probate (an Oath for Executors or Administrators)
- Collecting in the assets once a Grant of Probate is issued
- Accounting to the beneficiaries for the assets in the estate including income paid after the date of death
- Preparing full estate accounts and making distributions to the beneficiaries
The costs anticipated for this would be in the region of £2,400.00 to £4,800.00 (inc. VAT). The variation in fees may depend on the number of assets involved and the complexities of these assets. For all applications there will be the standard external fees of
- the Commissioner to “swear” the court application £7.00 per Executor and
- the Court fees of £273.00 plus £1.50 per additional copy Grant (if obtained at the same time)
- H M Land Registry search fees to check registered titles of £3.00 per search
If this estate has an on-going trust, such as a Nil Rate Band Discretionary Trust to administer then additional advice and work relating to this trust would likely to be in the region of £1,920.00 (inc. VAT).
Example 3
A case where there are assets in the deceased’s sole name and a need for a Grant of Probate would involve:
- The preparation of a full declaration to H M Revenue and Customs for Inheritance Tax but where no Inheritance Tax is actually payable
- The application to the Court for the Grant of Probate (an Oath for Executors or Administrators)
- Collecting in the assets once a Grant of Probate is issued
- Accounting to the beneficiaries for the assets in the estate including income paid after the date of death
- Preparing full estate accounts and making distributions to the beneficiaries
The costs anticipated for this would be in the region of £2,400.00 to £6,500.00 (inc. VAT). The variation in fees may depend on the number of assets involved and the complexities of these assets. For all applications there will be the standard external fees of
- the Commissioner to “swear” the court application £7.00 per Executor and
- the Court fees of £273.00 plus £1.50 per additional copy Grant (if obtained at the same time)
- H M Land Registry search fees to check registered titles of £3.00 per search
If this estate has an on-going trust, such as a Nil Rate Band Discretionary Trust to administer then additional advice and work relating to this trust would likely to be in the region of £1,920.00 (inc. VAT).
Example 4
A case where there are assets in the deceased’s sole name and a need for a Grant of Probate would involve
- Corresponding with all asset holders and creditors
- The preparation of a full declaration to H M Revenue and Customs for Inheritance Tax with Inheritance Tax being due
- Advising on the payment of Inheritance Tax before the Grant of Probate can be issued.
- The application to the Court for the Grant of Probate (an Oath for Executors or Administrators)
- Collecting in the assets once a Grant of Probate is issued
- Negotiations with H M Revenue for Inheritance Tax or adjustments to the Inheritance Tax calculations
- Accounting to the beneficiaries for the assets in the estate including income paid after the date of death
- Preparing full estate accounts and making distributions to the beneficiaries
The costs anticipated for this would be in the region of £14,400.00 to £20,000.00 (inc. VAT). The variation in fees may depend on the number of assets involved and the complexities of these assets. For all applications there will be the standard external fees of
- the Commissioner to “swear” the court application £7.00 per Executor and
- the Court fees of £273.00 plus £1.50 per additional copy Grant (if obtained at the same time)
- H M Land Registry search fees to check registered titles of £3.00 per search
If this estate has an on-going trust to administer then additional advice and work relating to this trust would likely to be in the region of £1,200.00 – £3,000.00 (inc. VAT).
