Probate and Estate Administration
What is a Probate
Our Exclusive Private
Client Services
Provided by wills & probate specialists, this can be a big help if you are an executor or administrator with a large and complex estate made up of assets and investments. With an experienced team of probate specialists, Probate LLP will take you through all phases of the probate process, which include the following roles:
- Gathering and evaluating the assets, which includes those jointly owned by the estate, including bank accounts, investments, and properties.
- Accounting for claims and quantifying the estate’s liabilities, including credit card debts, utility bills, and loans
- Apply to open probate if there is a valid will naming executors; otherwise, apply for letters of administration
- Prepare and submit an inheritance tax return
- Gather the estate’s assets
- Discharge the estate’s debts
- Preparing a full estate account of all monies received and paid out together with a suggested plan for distribution to the beneficiaries for approval
- Actually distribute the funds to the beneficiaries
Our team of tax and wealth management experts are at hand to assist with the following:
- Personal taxation: This will be particularly applicable if you have inherited income producing assets.
- Investment strategies: Especially useful if you’ve inherited a lump sum.
- Life assurance: You should plan for additional financial provision for children until they are 18 or 21 years old.
To help you maximize the benefits that, usually, your family receives from your estate, we could also:
- Advise on estate planning and inheritance tax
- Draft your will in accordance with that advice
- Act as executor or administrator of your estate
- Provide probate services and administer your estate to the beneficiaries
If you need more information or if you would like to speak directly to one of our tax experts please use the enquiry form below.
Probate fees
The following details supplement those given on our probate services page. Our charges for estate administration are made on an hour time-costed basis, not as a percentage of value of the estate. Our current rates, plus VAT, for the staff members typically involved are as follows:
- Senior: £175 plus VAT
- Manager: £230 plus VAT
- Director: £615 plus VAT
- Partner: £620 plus VAT
Below, we give a rough example of how our fees would scale by classifying probate work as basic, complex or very complex.
Cases classed as basic
These would normally be described as:
- No Inheritance Tax Situation
- Up to two beneficiaries
- Up to five bank accounts
- Minimal dividend holdings
- No intangible or business assets involved
- No potentially exempt transfers or gifts made out of income
For this type of estate our charges would normally come within the range of £8,000 plus VAT to £12,000 plus VAT.
In very straight-forward cases our charges may be as low as £4,500 to £8,000 plus VAT.
Complex cases
These would normally fall within the following criteria:
- IHT to pay
- Multiple beneficiaries
- Multiple bank accounts
- Multiple investments
- Multiple properties
- Life assurance policies
- Potentially exempt transfers
- Gifts out of income
- Business property
For estates such as this one, our fees will, in general, be circa £12,000 plus VAT to £24,000 plus VAT.
Very high complexity cases
These cases would involve most aspects of complex cases, along with multiple high-value assets, foreign assets, probate, Lloyd’s underwriters, and estate accounts. Such cases would be charged in excess of £24,000 plus VAT for our fees. We cannot provide a capped estimate because such cases may go on and on for years.
Disbursements
Probate court fees and other connected third-party disbursements would be on top of the above fees quoted.
Other services
We are also able to offer other ancillary services including:
- Estate accounts
- Estate administration that is, arranging settlement of the debts of an estate and the distribution of bequests
- Executor Bank Accounts
- Resealing foreign grants
We will, on request, provide our prices for estate planning services. We do not conduct contentious probate. If a case in which we are instructed becomes contentious, we would instruct solicitors to litigate the issue and only when this has been resolved would we resume work, and this would be at additional cost.
Testimonial for our Private Client Probate Services
Our probate had added complications of trust involved, among other things. The wills & probate specialist team were very kind and patient during the initial, more consultative stages, which gave us peace of mind for our family at a very difficult time. This professionalism and empathetic approach remained throughout. They remained sensitive to our situation at all times, always giving helpful guidance and clarification where needed. We also commend their efficiency in the way they managed the process through to completion in just over a year. We wholeheartedly recommend Wills & Probate Specialist without hesitation.