Pricing

Costs are listed below and apply to estates where:

• There is a valid Will
• No more than one property in the estate
• Up to 10 beneficiaries
• No disputes between beneficiaries and division of assets – this can lead to increased costs
• There are no claims against the estate
• There are no assets outside the UK

One Standard Will – £275 to £350 + VAT

Two Standard Mirror Wills – £475 to £600 + VAT

One Complex Will – £700 to £800 + VAT

Two Complex mirror Wills – £850 to £1000 + VAT
Letter of Wishes – £275 + VAT

Severing joint tenancy* – £200 + VAT

VAT is chargeable at 20%.

The price range is given depending on the complexity of the instructions. A quote will be given during the instruction meeting.

*Sometimes property ownership type needs to be changed for a Will to work in line with your wishes. I’ll let you know if this is necessary.

As we are heavily regulated we charge £10 per person to run an anti-money laundering search for compliance purposes.

We anticipate this will take between 10-15 hours to complete and the costs will range from £2750 – £4125 plus VAT at 20% and disbursements.

We anticipate this will take between 20 to 40 hours to complete and the costs will range from £5500 to £11,000 and disbursements.

– £273.00 probate application fee

– £1.50 for each additional sealed copy

– 40% inheritance tax on the net estate over the nil rate band of £325,000.00 and any additional exemptions or reliefs available

– £3.90 Land Registry fee

– £2.00 bankruptcy search fee

– Trustee act notices vary from £250-£450 depending on deceased’s location

– Request relevant information from client.

– Inform the relevant parties.

– Assess the value of the estate.

– Prepare a summary Schedule of Assets and Liabilities as of Date of Death

– Prepare the application to apply for Grant of Probate – which includes a Legal Statement for the Executor(s) and complete the HM Revenue & Customs IHT400 form (if required) to assess Inheritance Tax Liability.

– Arranging payment if inheritance tax from the deceased’s bank account(s)

– Submit IHT400 to HMRC if required.

– Submit the application to the Probate Registry.

– Gathering /transferring assets of the Estate

– Preparing Estate Accounts

– Applying for clearances for inheritance tax and income tax or liaising with your accountant as required

– Arranging distributions

– Returning original documents to Executor(s)

The timescale to obtain Grant of Probate can range between 6-9 months.

The timescale for winding up the estate after the Grant has been issued a further 4-8 months.

Pardeep Bancil – LLB TEP: 9 years’ experience