Applying for the grant, collecting and distributing the assets
Applying for the grant, collecting and distributing the assets Cost Information The exact costs in administering an estate will depend on the individual circumstances and vary depending on the value and complexity of the estate, […]
Applying for the grant, collecting and distributing the assets
Cost Information
The exact costs in administering an estate will depend on the individual circumstances and vary depending on the value and complexity of the estate, the number of assets and liabilities and the number and type of beneficiaries. No estate is the same, and so it is very difficult to accurately predict costs. For example, if there is only one beneficiary and no property, the costs will be lower than if there were several beneficiaries, a property and multiple bank accounts. For this reason, we ask that you contact us so that we ascertain full details of the estate and advise you of the scope of work required. By way of an example, below is an estimate of costs for dealing with the full administration of an uncontested estate with the following variables: –
• There is a valid Will with no Codicils and WBW Partners are not Executors
• There is no more than one property
• There is no more than one bank or building society account
• There are no other intangible assets
• There are no more than two beneficiaries and both are living in the UK.
• There are no disputes between beneficiaries and / Executors. If disputes arise this will lead to an increase in costs
• There is no inheritance tax payable and an IHT400 is not required.
• There are no claims made against the estate
• There are no foreign assets
| Type of Cost | Cost (£) | VAT if applicable (£)* |
|---|---|---|
| WBW Solicitors Legal Fees Hourly rates between £170 – £425 per hour depending on the legal expert providing the service | 6,300.00 – 14,400.00 | 1,260.00 – 2,880.00 |
| Disbursements Probate application fee | 526.00 | N/A |
| Bankruptcy-only Land Charges Department searches (per beneficiary) | 6.00 | 0.40 |
| ID Verification Search (per Executor and beneficiary) | 25.00 | 5.00 |
| Land Registry Office Copy Entries (not including a plan) | 7.00 | 1.40 |
| Special Postage for Grant Application | 10.95 | 2.19 |
| Further Recommended Searches | ||
| Financial Assets Search – This searches for dormant or unknown assets | Approximately 210.00 | 42.00 |
| Digital Assets Search – This searches for digital assets | Approximately 35.00 | 7.00 |
| Post in the London Gazette and Local Newspaper – Protects against unexpected claims from unknown creditors | Approximately 250.00 | 50.00 |
| Will Search – This protects the Executors from the possibility that there is a more recent Will | 60.00 – 104.00 | 12.00 – 20.80 |
| Estimated Total Cost | 6,300.00 – 14,400.00 + Disbursements + VAT | 1,260.00 – 2,880.00 |
| Our legal fee if we are to deal with only obtaining the Grant of Probate (disbursements will be applicable as above). | From 1,800.00 + VAT | 360.00 |
*VAT is charged at 20% on Services and Disbursements.
Service Information
Our factsheet which is available here, provides information on the likely key stages undertaken and an estimate of the timescales.
| Any services not included in the price that you might reasonably be expected to pay for | Estimated Cost (£) | VAT if applicable (£)* |
|---|---|---|
| 1. Additional copies of the grant (if required, usually one per asset). | 2.00 | N/A |
| 2. Dealing with the sale or transfer of any property in the estate is not included in the price. | See Conveyancing Costs | |
| 3. If there is no Will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information. | ||
| 4. Preparing tax returns and dealing with all taxation issues. We can give you a more accurate quote once we have more information. | ||
*VAT is charged at 20% on Services and Disbursements.
Legal Terminology and Definitions
Disbursements – Costs related to your matter that are payable to third parties, such as the probate application fee. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Please note that the estimated costs quotation above is based upon the variables mentioned above. It may be that not all of the steps listed are necessary to be carried out. An administration requiring all of these steps will not therefore comply with the variables and costs will need to be amended as necessary.
