Probate and Estate Administration

The Application

A Grant of Probate where there is a valid will, or a Grant of letters of Administration where there is no Will, must be obtained to grant authority to administer the deceased estate.

After receiving the details of the assets and liabilities from the Executors, Yellow Legal will assess the information and advise on any reliefs and allowances available to reduce the Inheritance Tax, such as the Nil Rate Band and Residence Nil Rate Band. We will prepare and submit the application for the grant, including the Inheritance Tax submission if applicable. The Executors will be responsible for dealing with the estate administration once the grant has been issued unless you also ask us to assist.

We offer fixed fees for a grant of representation.  Please get in touch for further details and to arrange a no obligation consultation.

Administering the Estate

Administering an estate is a big responsibility and isn’t a role that should be taken lightly. It is possible to administer an estate without the help of a regulated solicitor but there are many benefits from seeking professional legal help.

Administrating estates can be very time consuming and stressful, especially if you have never done it before and are grieving from the loss of a loved one. Our specialist solicitors have a great deal of experience and expertise in supporting people through the process and can ensure that the estate is administered in the way that the person who has died intended.

Administering estates and dealing with Inheritance Tax are complex and can lead to HMRC penalties or claims against the personal representatives if it is not done properly. There are pitfalls you can fall into by not having the appropriate knowledge – as the saying goes you don’t know what you don’t know. Yellow Legal will take the following steps:

1. Obtain details of all estate assets and liabilities as at the date of death for probate purposes.
2. Complete the relevant paperwork to submit to HM Revenue and Customs for inheritance tax purposes if appropriate.
3. Complete the application for the grant and submit it to the Probate Registry.
4. Collect in the estate once the grant has been issued.
5. Settle outstanding liabilities and administration expenses, including any tax due.
6. Prepare estate accounts for approval by the Executors.
7. Distribute the estate to the beneficiaries entitled to receive it.

These are the usual steps although estates can often be more complicated. Every estate is different and there are lots of variables that need to be considered to enable us to give an appropriate cost estimate.

For a simple estate our minimum charge is £1,750 plus VAT. For an estate that is not taxable which involves several beneficiaries and mixed assets such are shares, life insurance, bonds or valuable personal possessions and a residential property, the average cost is in the region of £5,000 plus VAT.

More complex estates and those involving Inheritance Tax could be more expensive to deal with and we can provide a more detailed idea of cost once we have been able to consider the work involved.

Our solicitor has over 25 years of experience and his hourly rate is £250 plus VAT per hour.

In addition to our fees, there will also be additional expenses which will need to be paid on behalf of the estate. These can include, but are not limited to:

Probate Registry court fee: £300

Office copies of the grant: £1.50 each

Land Registry documents: £24

Bankruptcy search fees per beneficiary: £2

ID check per person: £12

S27 Trustee Act 1925 notices: £225 (the exact cost will depend on the paper publishing the notice)

EstateSearch asset search: £240

Accountancy fees: Variable depending on what is involved

Expenses & fees that will not be included in our fees include:

1. Inheritance tax.
2. Income tax.
3. Penalties (income tax or inheritance tax related).
4. Conveyancing fees.
5. Estate agent fees.

We can agree fixed fees instead of hourly rate charges if preferred. Please contact us to enquire about our likely fees relative to your exact circumstances. We offer a free no obligation appointment.