Estate administration Grant of probate
A Grant of Probate is the legal document evidencing the right granted to a person (or a trust corporation) to deal with someone else’s property, money and possessions, after they die. There are different types of Grants which may be applied for, depending on the particular circumstances, but generally a Grant (of some sort) is required to enable someone’s estate to be dealt with after they die.
It can be a particularly difficult time following someone’s death. However, our legal professionals are on hand to help you obtain the Grant, and then, deal with the estate, by collecting in and distributing the person’s assets, either in line with their Will or if there is no Will, in line with the intestacy rules.
What does it cost to obtain the Grant and to help with the administration of someone’s estate after they die?
Each estate is different and therefore the work involved and our fees will very much depend on the particular circumstances of the estate and the extent to which you want us to help.
We will always offer our clients two pricing options, so they can choose their preferred approach. These are:
- A time spent option
- A fixed fee option
OPTION 1 – TIME SPENT
This option is based on the time spent by the person(s) doing the work, at their hourly rate. Our current hourly rates from March 2024 are as follows:
- Partner – £375 – £450 plus VAT
- Senior Associate – £315 plus VAT
- Associate – £300 plus VAT
- Solicitor/ CILEX – £275 plus VAT
- Estate executive – £250 plus VAT
- Trainee Solicitor/ Paralegal/ Legal Administrator – £150 plus VAT
If you choose this option, while you will be charged for the time actually spent on the matter, we would always aim to provide you with an estimate of our fees, as soon as we are able to. This will usually be when we have full details of the estate. In other words, when we have seen a copy of the Will (if there is one) and we know the assets and liabilities in the estate, and who the beneficiaries are. We will agree the ‘scope of works’ we are to do for you, and then provide you with our best estimate of what we believe the overall costs will be.
Of course, because this is a fee estimate, then the actual cost of the service will be governed by the actual time it has taken us to carry out the work.
Some Examples of our ‘Time Spent’ charges for dealing with the full estate administration – based on an average hourly rate of £290 plus VAT
- A straightforward estate that is not taxable – in the region of 25 – 35 hours – £7,250 to £10,150 plus VAT and disbursements
- A straightforward estate that is taxable – in the region of 40 – 60 hours – £11,600 to £17,400 plus VAT and disbursements
- A more complex estate – in the region of 60 – 100 hours – £17,400 to £29,000 plus VAT and disbursements
OPTION 2 – FIXED FEE
We appreciate some clients prefer the certainty of a fixed fee. We therefore offer this as an alternative option, and our fee is largely based on the value of the estate. Again we would provide you with a ‘scope of works’ setting out what work is covered, and we would prefer that our Trust Corporation is appointed as an ‘attorney’ under this arrangement. This means that the Grant would be issued in the name of the Trust Corporation, and our firm will take full responsibility for carrying out the entire estate administration.
Our fixed fee is ordinarily calculated based on the gross value of the estate at death (but excluding any jointly owned assets passing automatically to the surviving joint owner) at the following rates:
- 2% on the first £500,000
- 1.5% on the next £500,000, and
- 1% on the excess over £1,000,000
- Minimum fee of £3,000
- All fees are subject to VAT.
Where the gross value of the estate is over £5,000,000, our fixed fee quotation is done on a bespoke basis.
If however there are complex issues arising in the estate, then we would draw your attention to these issues, and after discussion with you, propose an alternative fee structure, which might lead to the ‘complex’ element being charged on a ‘time spent’ basis.
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