Probate Case Studies

The time required to apply for the grant of probate will vary, depending on individual circumstances.

To provide an indicative picture of the factors that determine a fee quote for probate work and to show the different services we offer, we have published two example case studies below.

Case Study 1 (Probate)

  • Mr X died leaving a valid, non-contested Will;
  • His wife, Mrs X, had previously passed away;
  • Mr X’s estate consisted of his main residence, a plot of land, various bank accounts (approximately 15 accounts), premium bonds, chattels and a few small shareholdings;
  • Total value of estate was in the region of £600,000;
  • The estate passed to adult children under the terms of the Will;
  • No Inheritance Tax was payable due to the availability of the nil rate band, transferrable nil rate band and residence nil rate band;
  • Completion of IHT400 required; and
  • Executors notified all financial institutions regarding the death and provided all necessary information to us.

Fee – £3,500 + VAT

Administration period

  • Executors provided all financial institutions with the grant of probate and collected in the assets of the estate;
  • Preparation of estate accounts;
  • Preparation of estate tax reporting via informal procedures and submission to HM Revenue & Customs;
  • Preparation of forms R185 summarising the estate income passing to the adult children; and
  • Advice given regarding assenting the plot of land to the adult children prior to disposal.

Fee – £3,900 + VAT

Preparation of personal tax returns for the beneficiaries

Fee – £500 + VAT each

Case Study 2 (Probate)

  • Mrs Y died leaving a valid, non-contested Will;
  • Mrs Y’s estate consisted of her half share of the main residence, various bank accounts (approximately 15 accounts), premium bonds, chattels and significant investment portfolios;
  • Total value of estate was in the region of £725,000;
  • The estate passed to the surviving spouse under the terms of the Will;
  • No Inheritance Tax was payable due to the availability of spouse exemption;
  • Completion of IHT400 required; and
  • Executors instructed M+A Partners to notify all financial institutions regarding the death and requested all necessary information directly.

Fee – £4,400 + VAT

Administration period

  • Executors instructed M+A Partners to provide all financial institutions with the grant of probate and collect in the assets of the estate;
  • Distribution of the assets held in accordance with the terms of the Will;
  • Preparation of estate accounts;
  • Preparation of estate tax reporting via informal procedures and submission to HM Revenue & Customs; and
  • Preparation of forms R185 summarising the estate income passing to the surviving spouse.

Fee – £7,210 + VAT

Further details on our rates can be found here.

 

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