This is the first of a two part series of blogs on the topic of wealth creation. In this first blog I will be looking at how wealth is perceived in society and how you can measure your own wealth.
How much does it cost to get a grant of probate?
This is a question we have encountered frequently since we began providing probate services. The short answer is that it very much depends on how much of the work the personal representatives (PRs) are willing and able to carry out themselves.
The one cost that all PRs must incur is the fee to apply for the grant. That is a fixed fee of £215 plus £1.50 each for extra copies of the grant.
On top of that there are professional fees for carrying out work required in order to obtain the grant, as well as work that may be necessary afterwards, such as collecting monies, distributing the estate and also dealing with the tax liabilities of the estate during the period of administration.
All professionals have a different way of charging for this work and we recommend that you shop around to make sure you get the service that you desire at a price you are willing to pay.
Because we have found that our probate clients like certainty of costs we have designed three different services which should suit most situations. Beneath each we have given a range of likely costs, although we would provide a fixed fee quote if you appointed us to act.
The fees typically cover estates up to £5 million. If the estate is likely to be above £5 million we would need to quote separately.
Basic Service: Includes
- Collation of all information relating to the personal situation, and the assets and liabilities of the deceased
- Completion and submission of basic inheritance form IHT205 and IHT217 if required
- Completion and submission of probate application form PA1P
Fee range £1,200 to £1,750 (plus VAT).
Intermediate Service: Includes
- Collation of all information relating to the personal situation, and the assets and liabilities of the deceased
- Completion and submission of full inheritance form IHT400 and whatever supplementary forms are required
- Completion and submission of probate application form PA1P
- Computation of any inheritance tax payable and advice regarding payment
- Computation of any income tax and/or capital gains tax arising during the period of administration and supply of forms R185 for the beneficiaries
Fee range £1,800 to £2,350 (plus VAT).
Full Service: Includes
- Collation of all information relating to the personal situation, and the assets and liabilities of the deceased
- Completion and submission of full inheritance form IHT400 and whatever supplementary forms are required
- Completion and submission of probate application form PA1P
- Computation of any inheritance tax payable and advice regarding payment
- Computation of any income tax and/or capital gains tax arising during the period of administration and supply of forms R185 for the beneficiaries
- Collection of all monies into our dedicated client monies account
- Distribution of all legacies to the beneficiaries in a timely manner
Fee range £2,400 to £6,000 (plus VAT).
There may be additional work which could impact the fees such as business valuations and tax returns up to the date of death. The above figures exclude fees dealing with enquiries from the tax office.
If you have any concerns about the probate process contact Jan Friend who will be happy to help you.
The content in this blog is correct as at 18/05/2020. See terms and conditions.