Probate & Estate Administration
Probate is the process whereby someone acts on behalf of the deceased to collect any money or assets that form part of the deceased’s estate.
When there is a Will in place there will be a named Executor to carry out the administration and distribution of the Estate. When there is no Will, then someone close to the deceased can apply to the probate registry to deal with the estate.
When a loved one dies, it’s clearly an emotional time. However, the formalities of administering, distributing and winding up the estate still have to be completed.
We have considerable experience of acting either as the executors appointed under a Will or, alternatively, as advisors to the appointed family executors. We are also experts in dealing with intestate estates, where the deceased has made no Will and advice is needed on the various issues which arise.
Dealing with an estate can be a complicated business, and may involve the settlement of the deceased’s tax affairs, payment of the debts of the deceased, arranging for valuations of the assets of the deceased, tracking missing beneficiaries, administration of ongoing trusts, dealing with the Probate Registry and the department of Work & Pensions, preparing full estate accounts, calculating Inheritance Tax and liaising with the Capital Taxes Office.
Probate – Price Transparency
On 6 December 2018, the SRA introduced new pricing transparency rules for various areas of law requiring firms to publish their prices online. One of the areas is Probate (uncontested cases with all assets in the UK).
The costs associated with Probate – applying for the grant, collecting and distributing the assets varies based on the circumstances of the individual and the complexity of each matter making it difficult to give a ‘standard’ price for the cost of administering an estate. We offer a no-obligation initial telephone consultation for all new enquiries free of charge to help us understand your requirements, wherever possible we will agree a fixed fee at the outset.
The average Probate matter costs £2,250 + VAT. The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be lower. If there are multiple beneficiaries, a property and multiple bank accounts costs will be higher to reflect the level of work involved.