What is a Personal Representative?
Typically, the Personal Representative is named in the deceased’s Will (if there is one). However, if there is no Will, this will depend on who is entitled to inherit under the intestacy rules.
The Personal Representatives must write to all asset holders to get valuations of the deceased’s assets as they stood on the date they died. For bank accounts, this will be a statement. For property, they will need a probate valuation. For specific assets, like collections and shares, there are special valuation rules.
In addition, the Personal Representatives must also ascertain the extent of any debts of the deceased.
Finally, once the value of the estate is known, the Personal Representatives must decide which IHT Forms and Probate Forms need to be completed to obtain the Grant of Representation.
Colchester Probate Solicitors – Helping you with Inheritance & Capital Gains Tax
Part of dealing with the estate is considering if there is any Inheritance Tax (IHT) to pay. Plus, if there is any Capital Gains Tax or Income Tax to pay on the increase in value or income received since the date of death. As a result, any tax due and administration costs incurred can then be deducted from the estate before it is distributed amongst the beneficiaries.
How much does Probate cost?
We charge for the time we spend dealing with the matter at a rate of £250.00 plus VAT per hour, but with no additional fee based on the value of the estate. However, we do have an additional fee scale you may wish to refer to.
Therefore, the general price range for Probate would be:-
- For a simple estate between £3,000 and £7,500
- For a medium complex estate between £7,500 to £25,000
- For a high complexity estate between £25,000 to £75,000
Usually, a simple estate is one where there is a house, some bank accounts, and no disagreement between the beneficiaries.
However, more complex estates may involve IHT, foreign assets, companies, farms, or disputes against the estate.
Disbursements: the court fee is £155 plus VAT and office copies are £1.50 per copy. In addition, if required, bankruptcy and ID checks are £25 plus VAT per beneficiary for bankruptcy and ID checks, £20 plus VAT per check, and money transfer of £40 plus VAT per money transfer.
Timescale: overall Probate can take anything from 3 to 12 months depending on the complexity. Your solicitor will advise you on the most likely timescale when you enquire.