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Probate Fees and Services: Grant Only Work and Full Administration, Lecture notes of Acting

Greater Brighton Metropolitan CollegeActing

Information about the fees and services offered by a law firm for grant only work and full administration of estates that do not involve disputes. The fixed fees for applying for a grant of probate or letters of administration, the costs for preparing inheritance tax forms, and the disbursements that will be charged in addition to the firm's fees. It also explains the difference between a simple estate and a complex estate and the typical costs and timeframes for each.

What you will learn

  • What are the typical costs for a Simple Estate and a Complex Estate?
  • What is the difference between Grant Only Work and Full Administration of an estate?
  • What disbursements are typically required in the administration of an estate?

Typology: Lecture notes

2021/2022

Uploaded on 09/27/2022

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FEE INFORMATION IN RELATION TO PROBATE WORK
We offer two fee structures in respect of Probate work which does not involve any element
of dispute:
1) A fixed fee in respect of applying simply for the Grant of Probate or Administration,
and preparing the relevant inheritance tax forms IHT205 or IHT400 (“Grant Only
Work”); or
2) The fee in respect of acting in the full administration of the estate (“Full
Administration”).
The information set out below does not form a binding quote for services but is provided in
the hope that it gives our clients or potential clients information about the likely charges for
this type of work.
Grant Only Work
As an alternative to acting in the administration of an estate we can simply apply for a Grant
of Probate or Letters of Administration (“a Grant”) on behalf of the personal
representatives. There are two fixed fee charges in respect of applying for a Grant. These
are:
1. Applying for a Grant when a simple inheritance tax (“IHT”) return is required. The
fixed fee for this is £500 plus VAT. This fee includes:
an initial meeting;
preparing the IHT return form IHT205;
preparing the grant application for submission to the Probate Registry;
attending you for signature of the grant application;
making the application to the Probate Registry; and
Obtaining the Grant and sending copies to you.
There will be additional costs if we are asked to:
provide advice about the administration of the estate;
actively obtain information about the estate for the personal representatives;
collect assets of the estate;
distribute the estate; and/or
prepare forms in addition to the form IHT205 such as a form IHT207;
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FEE INFORMATION IN RELATION TO PROBATE WORK

We offer two fee structures in respect of Probate work which does not involve any element of dispute:

  1. A fixed fee in respect of applying simply for the Grant of Probate or Administration, and preparing the relevant inheritance tax forms IHT205 or IHT400 (“Grant Only Work”); or
  2. The fee in respect of acting in the full administration of the estate (“Full Administration”). The information set out below does not form a binding quote for services but is provided in the hope that it gives our clients or potential clients information about the likely charges for this type of work. Grant Only Work As an alternative to acting in the administration of an estate we can simply apply for a Grant of Probate or Letters of Administration (“a Grant”) on behalf of the personal representatives. There are two fixed fee charges in respect of applying for a Grant. These are:
  1. Applying for a Grant when a simple inheritance tax (“IHT”) return is required. The fixed fee for this is £500 plus VAT. This fee includes:  an initial meeting;  preparing the IHT return form IHT205;  preparing the grant application for submission to the Probate Registry;  attending you for signature of the grant application;  making the application to the Probate Registry; and  Obtaining the Grant and sending copies to you. There will be additional costs if we are asked to:  provide advice about the administration of the estate;  actively obtain information about the estate for the personal representatives;  collect assets of the estate;  distribute the estate; and/or  prepare forms in addition to the form IHT205 such as a form IHT207;
  1. A fixed fee of £1,000 plus VAT will be charged if a full IHT return is required to be completed. This fee includes:  an initial meeting;  preparing the IHT400 and supplemental schedules;  preparing the oath for submission to the Probate Registry;  attending you for signature of the documents;  sending the necessary IHT forms off to HM Revenue & Customs (“HMRC”);  assisting you with third parties if IHT needs to be paid to HMRC;  making the application to the Probate Registry; and  obtaining the Grant and sending copies to you. Disbursements will be charged in addition to our charges. Disbursements are costs related to the matter that are payable to third parties. We will sometimes pay disbursements for our clients to ensure a smoother process and these will then be charged in addition to our own fees. Typical disbursements are:  probate fee of £155 plus £0.50 per additional copy; and  £5 to £7 swearing of the oath (per executor or administrator); On average, estates that fall within the fixed fee are dealt with within one month of us having received the relevant information. If IHT is payable or an IHT form is required then the time estimate increases to between two and three month’s dependent upon IHT payments being made and HMRC processing times. Full Administration The exact costs for Full Administration will depend on the individual circumstances of the matter. No one estate is the same as another. Our costs are charged for by reference to hourly rates and our charges will be at the lower end of the scale if it is a very simple estate to administer and there are a small number of assets and beneficiaries (“a Simple Estate”) but they will be at the higher end of the scale if there are multiple beneficiaries, multiple assets and/or complicated compliance issues to attend to with HMRC regarding inheritance tax (“a Complex Estate”). We would generally define a Simple Estate as fulfilling the following criteria:  there is a clear valid Will or undisputed intestacy;  there is no more than one residential property in the estate;  there are no more than four bank or building society accounts;  there are no more than three shareholdings in companies held as investments (this does not include shareholdings in private limited companies);  there are no more than four beneficiaries;  there are no business interests;

Our charge out rates range from £105 plus VAT to £200 plus VAT per hour and depend upon the skills, experience and qualifications of the advisor concerned. Details of our Private Client team members and their experience can be found at https://www.awbclaw.co.uk/our-team/ Typical disbursements required in the administration of an estate are as follows:  probate application fee £155 plus £0.50 per copy;  £5.00 to £7.00 swearing of the oath (per executor or administrator);  bankruptcy only land charges department searches (£2.00 plus VAT per beneficiary and one for the deceased) and  £250 to £350 for Trustee Act notices in the London Gazette and local newspaper which protects against unexpected claims from unknown creditors; There may be other potential additional disbursements depending on the nature of the estate. Examples of these disbursements are:-  Stockbrokers fee  Estate agents valuation fee  Land registry fee if the property is to be transferred  Chattels valuation fee  Conveyancing fee on the sale of the property IHT is not a disbursement. It is a liability of the estate which is deducted before the net value of the estate is calculated for the beneficiaries. We do not fund IHT for our clients. How long will it take? On average a Simple Estate will be dealt with within four to six months. Obtaining the Grant usually takes four to six weeks depending on the relevant information being available. This can be delayed when documents are needed from HMRC before needed before the application can be submitted to the Probate Registry. Once the Grant is obtained, collecting assets then follows which can take between four to six weeks. Assets like a residential property which depend on a purchaser being found can take longer. We normally advise that estates should not be distributed until six months from the date of the Grant in case there are any claims made by third parties. This issue will be discussed with clients when we take instructions from them. There may be some cases where the estate is delayed because of outstanding issues with HMRC.