Simple Estates and Fixed Fee To Obtain Grant Only
At Pinniger Finch and Co we offer a fixed fee service to assist you with obtaining probate to a simple estate. This service is for simple estates where there is no Inheritance Tax to be paid and covers the following:
- Checking Identity of Executors
- Drafting the Statement of Truth (formerly the Oath for Executors)
- Preparing the Inheritance Tax form (IHT205)
- Applying to the Probate Registry to obtain the Grant
- Supplying the nominated Executor with Office Copies of the Grant of Probate.
Our costs for this service are £800 plus VAT making a total of £960.
The disbursements the Executors would be required to pay are the Probate Registry fee of £160* to include 8 office copies of the Grant of Probate and possibly a chattels and property valution
Usually, estates that fall within this range are dealt with within 1 to 2 months (from receipt of all the relevant information from you) and obtaining the Grant of Probate takes about 2 to 4 weeks.
Probate Fees on Larger Estates
Where Pinniger Finch and Co are instructed to act in the estate and handle the full process on your behalf, our hourly fee rate of £200 plus VAT per hour will apply, in addition to the percentage costs set out below.
The value element is calculated by taking account of the value of the assets in the estate. It is usual to divide the estate (i.e. total value of the assets left after death) into two parts:-
- The Deceased’s own property, which attracts a value element of 0.5%
- The rest of the estate, which attracts a value element of 1%. For example if the property was valued at £200,000 and was owned by the deceased alone, this would be calculated as follows: £200,000 x 0.5% = £1,000. Then applying 1% to the value of the rest of the estate of say £50,000 thus = £500. Therefore the total value element is £1,000 + £500 = £1,500.
We do not include the value of any property in this calculation if it is jointly owned by the surviving spouse.
These charges are applicable where:
- there is only one Property
- there are three or fewer Bank Accounts
- there are no more than five Beneficiaries or Legatees
- there are no claims against the Estate
- there are no issues with the validity of the Will
- there are no Foreign Assets
- there is no Inheritance Tax to be paid and the Probate can be applied for using the Inheritance Tax forms IHT205 and IHT217
- there are fewer than three Shareholdings all of which have valid Certificates
- where Pinniger Finch and Co Partners or previous employees of the firm are appointed executors
In these circumstances, we would estimate that our fees would be in the region of £2,500 to £4,000 plus VAT and disbursements.
In addition we would estimate the disbursements to include:
- Probate fee, currently £160 to include office copies*
- £210.54 (current at May 2019) to advertise in the London Gazette if necessary in addition to an advert in local paper
There is a potential for additional costs to arise in any (but not limited to) of the following circumstances:
- Where the deceased had a number of bank accounts or investments the costs will be higher to reflect the increased amount of work and where there is more than one property where the deceased owned a business or farmland
- where Inheritance Tax is payable
- where the Department for Work and Pensions make a claim against the estate
- where the partners of Pinniger Finch and Co or any of its previous Partners, current or previous employees are appointed as executor
- where the deceased held a large amount of shares or has shareholdings and the certificate(s) have been misplaced
- this estimate does not include any conveyancing or land transfer which would be quoted for separately
- where there is a dispute either regarding the Will or between beneficiaries
*Probate Registry Fees were due to increase in 2019