Probate Services – Examples
Probate examples
Each probate case is different. Below we list a number of examples which provide information on expected fees and the total potential cost of obtaining a grant of probate.
Obtaining grant of probate – Basic case
Mr A died with an estate valued at £125,000 and did not need to pay Inheritance Tax.
The Executors need to obtain a grant of probate to release funds held in a bank account and to transfer funds held in an investment account.
Our firm will assist the executors with filing the necessary paperwork with HM Courts and Tribunals Service, obtaining probate which allows the Executors to distribute the estate in accordance with the wishes of the deceased.
The total cost for this service is between £3,000 and £6,000 depending on the number and type of bank accounts / investments held.
Obtaining grant of probate – Normal case
Mrs B died with an estate valued at £650,000 made up of a property with no mortgage, bank accounts, household contents and premium bonds.
The Executors need to send the necessary forms to HM Revenue and Customs as well as obtain the grant of probate to sell the property and release funds held in the bank account.
Our firm will assist the executors in pulling together the necessary Inheritance Tax forms and supporting documentation, submission these to HM Revenue and Customs and checking the Inheritance Tax due is correct.
We will also apply to the bank to pay the Inheritance Tax due directly to HM Revenue and Customs, avoiding the need for the Executors to make the payments themselves.
We will also assist with obtaining the grant of probate by filing the necessary paperwork with HM Courts and Tribunals Service.
Finally, a set of Estate accounts will be drawn up which will allow the Executors to distribute the estate in accordance with the wishes of the deceased. Outstanding tax matters will be notified to HM Revenue and Customs and any further Estate Taxes agreed.
The total cost for this service will be between £15,000 and £30,000
Obtaining grant of probate – Complex Case
Mr C died with an estate valued at £5,000,000 made up of a portfolio of properties, shares in a private limited company, investments held with a broker, bank accounts and premium bonds.
Mr C also made numerous gifts to family members during the 7 years prior to death as well as making a number of gifts to charities in his will.
The Executors want Villars Hayward to submit the necessary forms to HM Revenue and Customs, pay any Inheritance Tax due, make payments to the necessary charities, collect all the Estate funds and then distribute them in accordance with the will. We will also register the Estate under the Trust Registration Scheme if necessary, complete and file Estate Tax Returns and agree with HM Revenue and Customs any further Estate tax payable.
The total cost for this service will be between £20,000 and £46,500.
In all the cases above, we assume a smooth process of information gathering as well as no further investigation by HM Revenue and Customs. Where the information gathering process is slow, or where HM Revenue and Customs open an enquiry into any part of either the Inheritance Tax Return or any Estate Tax Returns submitted there may be additional costs associated with the probate process. These additional costs will be linked to our firms standard charge out rates.
If you have any questions, or would like to know more, please contact