What is Probate?
This is the legal term given to the process involved in sorting out a person’s property and finances when they have died. Our experienced staff handle all aspects of Probate and Estate Administration whether there be a Will or an Intestacy.
We gather details of all assets and liabilities, complete the requisite inheritance tax forms and attend the Executor/Administrator on signing the Statement of Truth to apply for the Grant of Probate/Letters of Administration to enable us to administer the estate (gather in the assets (to include selling or transferring any property), pay the liabilities, settle the tax affairs and then distribute the estate in accordance with the Will or Intestacy provisions).
Timescales – how long does Probate take to complete?
The timescale of dealing with the probate of an estate is dependent upon timely responses to enquiries raised. Our policy is to ensure, as far as possible, that we achieve a distribution of assets swiftly. The average period of this is between 3 months – a year.
Our fees can either be calculated on the time involved where the hourly rate charge for a Solicitor is £200 per hour plus VAT or a percentage charge based upon the value of the gross estate.
The cost of dealing with the probate of an estate is between 1.5% – 2% of the value of the estate according to the complexity of the matter. Our fees usually range from £1,000 plus VAT – £10,000 plus VAT.
Our probate matters are dealt with by Anthony Wade whose hourly rate is £200 plus VAT per hour. He is the Principal of the firm and has been qualified as a solicitor for over 50 years. He is assisted by Mrs Jo Roscoe who has over 30 years’ experience of probate matters. Her charge out rate is £150 plus VAT per hour. Rosy Holyer also specialises in probate matters and is an Associate Solicitor who has been qualified for over 10 years. Her hourly rate is £200 plus VAT per hour.
There are other expenses (known as ‘disbursements’) payable which include the following:
Probate fee currently £155
Copy Grants of Probate/Letters of Administration 50p
Our fees include dealing with the probate of an estate from start to finish. This consists of:
- Interview with the executor(s)/administrator(s)
- Collection of all documents and evidence of assets
- Writing to asset holders
- Communication with client throughout
- Preparation of the HM
- Revenue & Customs forms to account for the value of the estate
- Calculation of Inheritance Tax liabilities
- Agreeing Inheritance Tax liabilities with client
- Dealing with payment of Inheritance Tax liability
- Preparing application for Grant of Probate
- Attending upon Administrator
- Signing of the documentation
- Lodging documentation at the Probate Registry
- Receiving Grant of Probate/Letters of Administration
- Obtaining payments of assets
- Dividing payments according to the Will
- Preparation of Estate Accounts
- Obtaining approval from executor(s)/administrator(s) of account
- Distributing Estate according to the terms of the Will/Intestacy provisions
Valid as at 9th December 2019