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.
Our charges for the administration of Estates and Probate work will vary according to the amount of work done, the length time spent and the complexity of the work and also the respective value and nature of the assets comprised in the deceased’s estate. However the precise cost will depend on the individual circumstances of each case.
Potential additional costs
There are 3 main elements to the legal costs of any probate transaction.
- Our charges
- Expenses we must pay out on your behalf ordinarily referred to as disbursements
- The costs that you may have to pay another party
Each of these elements is explained below.
Our charges are based on a time basis and charged at an hourly rate of £250.00 per hour.
The Value Element
In accordance with Law Society Rules account may be taken of the value of the assets in the Estate. In calculating the value element of the charge for the following approach will be adopted.
First consider the value nature and number of assets comprised in the state of the deceased.
It is usual to divide the estate (i.e. total value of the assets left after death) into two parts:-
a) The deceased’s residence.
The value of the deceased’s home, or as much of it as he or she owned, if it was shared with another person for example where the property is jointly owned, the value is reduced by half.
b) Value of rest of estate.
Second apply the relevant percentage.
The relevant percentage should be considered in the light of the circumstances of the case but the following is normal.
Value of gross estate less residence 1%
Value of residence 0.5%
The foregoing should be regarded as a guid, the ensure that the charges are fair and reasonable having regard in all circumstances.
Disbursements
Disbursements are expenses which we must pay on your behalf based on the information you have provided. We expect to incur the following disburseents:-
- Probate application fee currently £155.00
- Official copy of the Grant – 50p per copy
- The cost of obtaining Office Copies of the residence – £6.00
Costs you may have to pay another party
We do not expect that you would have to pay any other parties costs. This only tends to arise in the case of litigation and is therefore unlikely to be relevant in normal Probate transaction.
If there is no Will or the estate consists of shareholdings there is likely to be additional costs that would vary according to the estate and how it is to be dealt with.
Dealing with the sale or transfer of any property comprised in the estate is not included.
If the Income Tax position or Capital Gains Tax calculations are required these may be referred to an accountant which will incur further costs.