Probate

PROBATE

The task of having to deal with the administration of the estate of a loved one can seem overwhelming in an already difficult and anxious time. Working closely with accountants and other advisors, NSS Legal Limited can advise executors and administrators throughout the administration process, including on complex and multi-jurisdictional estates.

 

NSS LEGAL LIMITED CAN ASSIST WITH THE APPLICATION FOR THE GRANT, COLLECTING AND DISTRIBUTING THE ASSETS, WHICH CAN INCLUDE:

  • Identifying and establishing the extent of the estate for probate and inheritance tax purposes;
  • Arranging for the assets and liabilities of the estate to be valued;
  • Preparing the appropriate inheritance tax form and other legal documents to obtain the grant of probate or, where there is no Will, letters of administration;
  • Making the application for grant of probate or letters of administration;
  • Filing the inheritance tax form with HMRC and liaising with them on their enquiries;
  • Obtaining tax clearance from HMRC for inheritance tax and where appropriate, income tax and capital gains tax;
  • Collecting in the assets and settling the liabilities of the estate;
  • Preparing estate accounts;
  • Distribution of the estate in accordance with the terms of the Will or in the absence of a Will, the laws of intestacy;
  • Advising on the inheritance tax efficiency of the estate; and
  • Drafting post-death deeds of variations and disclaimers.

HOW MUCH DOES THIS SERVICE COST?

We charge probate matters on a time basis at the hourly rate of the solicitor dealing with your matter. Oliver Sloam, a Solicitor and Director in the firm, charges on an hourly rate of £275. Shamima Begum, also a Solicitor and Director, charges on an hourly rate of £250. The rates shown are exclusive of VAT and will be reviewed annually. We anticipate that this will take between 20-30 hours work. Total costs are estimated at £5,500-£8,250 (Oliver Sloam) and £5,000 - £7,500 (Shamima Begum) plus any VAT applicable.

The exact cost 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 then costs will be at the higher end.

We will handle the full process for you. This quote is for estates where:

  • There is a valid Will with no complex clauses or trusts;
  • All assets are in the UK;
  • There is no more than one property;
  • There are no more than 5 bank or building society accounts;
  • There are no other intangible assets;
  • There are no more than 5 beneficiaries;
  • The estate is uncontested - that is there are no disputes between or by the beneficiaries on the estate division nor are there any claims against the estate;
  • There is no inheritance tax payable;
  • The executors are not required to submit a full inheritance tax return to HMRC;
  • There are no claims made against the estate

DISBURSEMENTS WILL BE PAID SEPARATELY TO THE FEES LISTED ABOVE AND WILL INCLUDE THE FOLLOWING:

  • Probate Registry Fee at £155 plus £1.50 per sealed copy of the grant requested at the same time as the application;
  • Bankruptcy searches at £2 per beneficiary;
  • The London Gazette Statutory Notice to unknown creditors as at 2020 is £95.50; and
  • Statutory Notice to unknown creditors in the newspaper local to deceased is typically around £100 to £150, but dependent on the locality of the deceased’s property.

Disbursements are costs related to your matter that are payable to third parties, such as the court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

POTENTIAL ADDITIONAL COSTS (PLEASE NOTE THIS LIST IS NOT EXHAUSTIVE)

If there is no will or the estate consists of any share holdings (stocks and bonds) 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.

Dealing with the sale or transfer of any property in the estate is not included in this estimate.

HOW LONG WILL THIS TAKE?

On average, estates that fall within this range are dealt with between 4-6 months. Typically, obtaining the grant of probate takes two weeks.  However, as at the time of writing this, this timescale has significantly increased to around three to four months.  Collecting assets the follows, which can take between two to three months. Once this has been done, we can distribute the assets, which normally takes two -three weeks

 

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