WILLS,TRUSTS AND PROBATE

The time it takes to obtain a grant of probate depends largely upon how quickly the relevant asset information can be obtained. Once that information has been obtained (which can take 4 to 6 weeks depending upon the institutions concerned) typically, obtaining the grant of probate takes 4 to 6 weeks thereafter.  

If inheritance tax is payable and therefore a receipt is first required from HMRC, the process will take longer depending upon how quickly HMRC process the application, although that can add a further 3 to 5 weeks. On average that is about 4 months.

To Administer an Estate: 

In addition to the above costs in obtaining the grant of probate, if you wish us to assist with the administration of the estate, the following additional costs will also become payable.  

Where inheritance tax is not payable, to collect in the assets and administer the estate to the beneficiaries is likely to take between 10 and 15  hours work.

Where inheritance tax is payable, to obtain a grant of probate is likely to take between 10 and 20 hours work.

The exact costs will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.   

The above charges relate to estates where: 

• There is a valid will;  
• There is one residential property;  
• There are no more than three banks/building societies involved;  
• There are no other intangible assets;  
• There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs;  
• There are no claims made against the estate either for financial provision or by creditors.  

Please note that VAT is added to our charges at the rate that applies when the work is done.  

Potential additional costs: 

• If there is no Will or the estate consists of a large number of assets, such as numerous shareholdings, there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information and please telephone or email us for a quote specific to your circumstances;
• If there are multiple beneficiaries (i.e. more than 4) or if any beneficiaries are missing or overseas;
• If non-residential, commercial property or other business interests are involved;
• Dealing with the sale or transfer of any property in the estate is not included;  
• Dealing with income tax for the final tax year to the date of death is not included;   
• Preparing / submitting income tax returns for each year of administration period is not included;  
• ​Registering with HMRC as a Complex Estate for income tax purposes is not included. An estate is considered complex by HMRC if:  

                  •  ​​The value of the estate exceeds £2.5 million;   

                  •  The income tax due for the whole of the administration period exceeds £10,000; or;  

                  •  The value of asses sold in any tax year exceeds £500,000 for deaths after 6 April 2016 (or £250,000 for deaths up to 5 April 2016).   

Once the estate administration has concluded, we will invoice you for the work done (which is normally paid from the assets we are holding) and prepare an Account of the Estate Transactions prior to making the final distribution(s).  

How long will this take? 

The time it takes to administer an estate can take several months and depends on a number of factors, including if there is a residential property to sell; if income tax returns require completion; or; an estate needs to be registered as a complex estate (see above). In addition, we advise that clients consider delaying the estate administration to avoid potential personal liability as an Executor for the following reasons:  

1. Creditors of an estate have six years within which to bring a claim against the Executor for non-payment of a debt. It is possible to protect against personal liability by advertising for potential creditors in the London Gazette and local newspaper. This means that once two months has passed from the advert publication the estate can be distributed without personal liability being incurred by the Executors.  
2. It is also possible for a person (who may or may not otherwise be beneficially entitled under the terms of a Will) to make a claim for provision from an estate within a period of six months from the date of grant of probate. In the circumstances and bearing in mind that if a claim is issued a claimant has four months within which to serve it, if the estate is distributed before the end of ten months from the date of the grant of probate, the Executor could be personally liable for any loss/liability as a result. As a result, we advise that Executors consider delaying the final distribution for that 10 month period. There are insurance policies that may be available to enable earlier distribution, although such policies tend to be costly.  

Please Note: 

1. In any case where our services are terminated prior to the completion of the matter,  (e.g. before obtaining the grant of probate or concluding the estate administration) , charges for the work undertaken to that point will be made at the hourly rate referred to above plus VAT and disbursements.  

2. These charges do not apply to circumstances where Moreland & Co. are appointed as Executors or Attorney Executors.  

For further information on any of our Probate services, or to make an appointment for an informal first discussion, please call us on       +44 (0) 20 8364 3677. Initial consultations are free of charge.  

For further information on any of our Wills & Probate services, or to make an appointment for an informal first discussion, please call Danny Dionissiou on  020 8364 3677. Alternatively, you can e-mail your enquiry to dnd@morelandlaw.co.uk.  

Initial consultations are free of charge.