At Stephen Murrary & Co. we understand that dealing with a deceased estate is one of the more difficult challenges in life. From mountains of paper work to legal jargon and simmering family disputes, they’re the last things you want to deal with when you’re grieving the loss of someone important in your life.
So, let us help you by:
- Interpreting the Will of the deceased in terms of estate laws
- Advising executors and trustees in regard to their duties and rights
- Informing government bodies
- Applying for Probate of the Will
- Dealing with intestacy (where there is no Will)
- Applying for administration rights if the Will is deemed invalid or is absent
- Identifying estate assets and liabilities
- Obtaining valuations of estate property
- Collecting estate financial assets including superannuation, bank funds, shares, outstanding loans, and insurance payouts
- Selling or transferring estate property including estate auctions
- Paying estate debts including mortgages, funeral costs, and testamentary expenses
- Advising in regard to family and testamentary trusts
- Administering trust funds
- Distributing bequests and inheritances to beneficiaries
- Organising information for estate tax returns
Probate & Estate Administration Fees
Stephen Murray and Co have always sought to be transparent about our fees and always ensure that you know from the outset the extent of the charges which you are likely to meet. As your matter progresses with us we will keep you updated in the event that those original estimates should change.
The legal professions regulator the SRA has issued Transparency Rules which require all firms under their supervision to publish information about their prices. Accordingly the following information is provided in order to comply with that regulation and we would stress that this does not replace the personal quote that we will provide for you before you confirm your instructions to us to act on your behalf.
PROBATE AND ESTATE ADMINISTRATION WORK
Your matter will be handled throughout by the Principal of this firm, Mr Nigel Penzer who has many years’ experience in private practice in dealing with Wills, Trusts and Probate work. Probate matters can vary greatly in terms of the size and extent of the estate and issues involved. Some matters may only have one Executor and one beneficiary for example there may be no inheritance tax to pay, whilst another may involve the Directors of our firm as Executors with multiple beneficiaries and multiple properties to sell and a significant tax liability. It is, therefore, important at the outset that we meet with you and assess the extent of the estate as best we can and discuss with you which of the following charging structures and appropriate for your individual case. To enable us to do this, we offer an initial meeting of up to 30 minutes charged at a fixed fee of £100.00 plus VAT. If you decide to proceed with our firm, then payment of this fee will be deferred until an interim bill is raised during the progress of your matter. If you decide not to proceed, then this fee is payable at the meeting. We will then be following up the meeting, by sending out our client care letter, charging information and a cost estimate, so that our clients are fully aware of what their matter is likely to cost.
Three Charging options for Probate matters
- Our most commonly used charging structure is based on the Law Society’s Guide for charging in non-contentious matters and takes into account complexity, skill, documents required, risk factors and the expenses incurred which are normally reflected in an hourly rate.
Charges for non-contentious probate work are, therefore, most often based on a part-time and part-value basis.
Value Element
In line with the Law Society guidelines, therefore, in probate matters the following percentages are applied:-
- Gross value of main residence: 0.5%
- Gross value of the rest of the estate 1%
*VAT is charged on the value element at relevant rate – currently 20%
Time Element
In order to take account of this value factor, our firm’s hourly charging rates are reduced as follows (effective from 1st September 2024):-
With value factor Without value factor
£225.00 plus VAT £300.00 plus VAT
- Hourly charging rate only
In certain cases, particularly where there is a high level of complexity, but relatively low value estate or in cases where the client only wants our firm to undertake smaller discreet elements of work – we would generally charge purely on a time-spent basis in which case the fees will be based on the figures shown in the right-hand column.
- Fixed Value percentage of the estate only (not time factored)
In limited circumstances and depending on the extent of the work required and size and complexity of the estate, we can discuss with you, if appropriate, at our initial meeting, a fixed fee arrangement based on a flat percentage of the total gross value of the estate for example 2% plus VAT.
The fees referred to in this section include the following services:
- Identifying the Executors and Administrators and Beneficiaries.
- Ascertaining the extent of the assets and liabilities.
- Completing the relevant IHT forms and advising on potential reliefs available.
- Preparing application for Probate including calculation of Inheritance Tax.
- Liaising with asset holders.
- Obtaining Grant of Probate and completing all tax formalities with HMRC.
- Day to day administration of the estate.
- Gathering in assets and arranging disposals where necessary.
- Preparing, agreeing and distributing full estate accounts.
- Paying legacies and distributing net estate to beneficiaries.
- Advising executors regarding potential claims.
Disbursements (Third party expenses)
Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf. Your solicitor will always notify you before they incur significant disbursement costs.
Examples include:-
- HMCTS application fee – currently £300.00 plus £1.50 per Grant copy.
- Land Registry Office Copy Entry fee – £3.00 plus VAT.
- Land Registry fees – dependant on action and value needed.
- Trustee Act Notice for potential creditors from £200-£400 plus VAT.
- Share valuations depending on size of shareholding TBA.
- Accountant’s fees sometimes required to calculate capital gains and income tax liability of the estate.
Likely Timescales
Typically, it takes between 6-24 months to obtain a grant of probate and administer an estate. The length of time is dependent on a number of factors, the complexity, size and extent of the assets, tax issues involved, number and whereabouts of beneficiaries, etc., Sometimes it can take several years in larger, more complex estates. We will always keep executors updated and advise if any complicating factors raise.
Our charges for this will usually be based on our hourly rate, based on time spent, in accordance with the hourly charging rates quoted in the right-hand column of the table above (without value factor).