An estate NOT subject to Inheritance Tax  – where the Gross value is below the current Inheritance Tax Nil Rate Band of £325,000 (or where a deceased was married or in a civil partnership – below £650,000)

To obtain the Grant for Estates within the following Asset ranges:

Up to 5 Assets in the Estate between £600 and £900 +VAT

Up to 10 Assets in the Estate between £900 and £1,200 +VAT

Then to administer and distribute the Estate within the following Asset ranges:

Up to 5 Assets in the Estate £900 +VAT

Up to 10 Assets in the Estate £1,500 +VAT

An estate SUBJECT to Inheritance Tax  – where the Gross value is above £325,000 (or where a deceased was married or in a civil partnership – over £650,000) and a full return to the Inland Revenue is required

To obtain the Grant for Estates within the following Asset ranges:

Up to 5 Assets in the Estate between £1,500 and £2,000 +VAT

Up to 10 Assets in the Estate £2,000 and £2,500 +VAT

Then to administer and distribute the Estate within the following Asset ranges:

Up to 5 Assets in the Estate £1,500 +VAT

Up to 10 Assets in the Estate £2,000 +VAT

Some additional charges for Probate and Estate Matters that may arise in the Estate are for example:

• Claim Unused Transferable Nil Rate Band – £250 +VAT
• Claim Transfer or Residential Nil Rate Band – £250 +VAT
• Claim Unused Transferable Residential Nil Rate Band – £250 +VAT
• Shareholdings with lost/missing Share certificate (per certificate) – £150 +VAT per holding
• Claim for & advice on Business or Agricultural Property Relief – £750 +VAT
• Claim for Gifts out of Income – £750 +VAT
• Lifetime Gifts or transfers of value – £750 +VAT
• Pension: Did the deceased dispose of their pension in the 2 years prior to death – £250 +VAT
• Life assurance policies payable to the Estate – £250 +VAT
• Complex debts owed by the deceased – £500 +VAT per debt

Please note this list is not exhaustive of all the possible matters that may directly and indirectly arise as a result of obtaining a Probate and managing an Estate matter.

Disbursements

 In both a non-taxable and a taxable estate there will in addition be disbursements to be paid. Disbursements are costs related to your matter that are payable to third parties, and will in all cases include commissioner’s fees and court fees.

Probate Court fees: currently £273.00 for the Grant plus £1.50 for each sealed copy requested at the time of application.

There may also be, for example:

Bankruptcy search fees: £2.00 per name where necessary for instance on an insolvent estate.

Trustee Act Notices in the London Gazette and a local newspaper: Approximately £210.00.

If the estate consists of property and/or shares there may be valuation fees and disposal or transfer fees for Company Registrars.

This is not however an exhaustive list.

Complex Estates – Hourly rate

 The exact cost of dealing with any probate matter is dependent on a number of factors. For example, whether or not there is a Will, the number of beneficiaries and monetary gifts, the number and type of assets held by the deceased, whether any reliefs can be claimed and whether the estate is taxable. In particularly complex matters such as these, with multiple assets and beneficiaries, it is very difficult to give an estimate in advance of our fees, and the charges for legal services are calculated in accordance with recommendations of the Law Society by the use of a “unit charge”. Each unit is equal to six minutes of chargeable time taken by the executive, to include attendances, correspondence, dealing with documents, research and travel. At Taylor Brown we apply a single composite hourly rate whoever does your work and will take steps to ensure that quality control is maintained by senior personnel supporting junior fee earners. Our staff are encouraged to be interchangeable and to be alert to the need to cover for others when necessary, as this is the best approach to provide you with consistency, reliability and predictability of service whilst at the same time minimising overall cost to the Client.  Our composite rate is currently set at £300.00 per hour +VAT.

In certain circumstances a value element charge may also be made as follows:

• One percent (1%) of value of gross estate (less probate value of any residence)

Plus

• One Half of a percent (^1\2%) of probate value of residence. These percentage charges are known as the “value element charge”.

If there is any freehold or leasehold property comprised in the estate and this is subsequently sold then the firm’s normal conveyancing charges in connection with the sale will apply and we can give you full details of these in advance should you wish.