Estate Planning Fees

Cocks Lloyd Solicitors Ltd is fully regulated by the Solicitors Regulation Authority (SRA). This ensures we provide transparent pricing for our Estate Planning and Probate Application services.

If you have any enquiries, feel free to contact us at (0247) 6641642 or send us a message through the contact page.

Estate Administration (Probate) Fees

We aim to provide a clear understanding of the likely costs involved in applying for the Grant of Probate/Letters of Administration and fully administering an estate. Please note that these costs are indicative, as every matter varies and each client’s needs are unique.

Fixed Fee Probate/Letters of Administration Application

We can assist with obtaining the Grant of Probate/Letters of Administration on a fixed fee basis. This service includes identifying the type of Probate application required, advising the Executor on the necessary information, completing the relevant application forms, and submitting them to HMCTS and the Probate Registry on behalf of the Executor. Once the Grant is obtained, it will be forwarded to the Executor, who will then be responsible for collecting and distributing the assets.

The cost for this service

• For a straightforward estate (using form IHT205) with a value of less than £325,000, the legal fees are £850 plus VAT and disbursements.
• For a straightforward estate where we apply for the rollover of any unused nil-rate band (using forms IHT205 and IHT217) with a value of less than £650,000 and 100% of the unused nil-rate band available, the legal fees would start at £950 plus VAT and disbursements.
• For an estate where an Inheritance Tax Account is required (using form IHT400), the legal fees are likely to start at £2,000 plus VAT and disbursements. This may include a claim for the Residence Nil Rate Band.

What is the time frame?

Obtaining the Grant can take between 10-14 weeks. Once we have the necessary information from the Executor and have submitted the approved forms, the Probate Registry typically takes 6-10 weeks to issue the Grant.

Hourly Rate Work

The cost of full estate administration, which includes applying for the Grant, collecting and distributing assets, is based on the hourly rate of the qualified Solicitor handling your matter. The hourly rate varies depending on the qualification and experience of the Solicitor, as outlined below:

• Partner/Member Solicitor: £250
• Senior Solicitor or Head of Dept: (PQE 8yr+) £250
• Assistant Solicitor/Fee Earner: (PQE 3/7yr) £200
• NQ Fee Earner: (PQE 1/3yr) £180

At the outset, you will be informed of the Solicitor handling your matter and the applicable rates. Most matters involve between 10-40 hours of work, with costs ranging from £2,250 – £8,000 plus VAT and disbursements. We will administer the estate in full, with this estimate based on a valid Will, one property, fewer than five bank or building society accounts, no disputes between beneficiaries, no inheritance tax payable, completion of the full Inland Revenue Account to HMRC, and no claims against the estate.

We also charge an uplift in line with Law Society Guidelines, accounting for the complexity and value of the estate. The rate is 0.5% of the real estate value and 1% of the free estate value (cash, investments, etc).

VAT

All fees are quoted exclusive of VAT, charged at the standard government rate of 20%.

What is the time frame for dealing with the administration of an estate?

Typically, estates covered in this estimate are dealt with in 6-12 months. As mentioned, obtaining the Grant can take 10-14 weeks. Liaising with asset holders to close bank accounts usually takes 4-6 weeks. If there is property to sell, this can impact the timeline. Once assets are drawn in, liabilities settled, and estate accounts approved by the Executors, the estate is usually distributed within two weeks. However, please note that while we strive to meet these timelines, we rely on third parties, so these estimates may vary.

Likely Disbursements

This list is not exhaustive but provides an indication of potential costs:

• Court Fee: £155.00
• Sealed copies of the Grant: £1.50 each
• Bankruptcy searches: £2/person
• S27 Trustee Act Notices: £200 (Approx)
• Re-issued dividend cheques or fees for lost certificates (set by the third party)

Potential additional costs

Further costs could arise in the following situations:

• There is no Will
• The estate consists of numerous shareholdings
• There are international beneficiaries
• There is a Trust in the Will
• The deceased made significant gifts in the last seven years of their lifetime
• Inheritance Tax is payable
• There is a dispute between beneficiaries and/or Executors
• A missing beneficiary

Please note that the cost of transferring or selling a property is not included.

At your initial appointment, the Solicitor will discuss your requirements in full and provide you with a detailed cost estimate.

If you have any enquiries, feel free to contact us at (0247) 6641642 or send us a message through the contact page.