We will give you an estimate at the initial meeting of the likely overall costs and discuss whether we can offer a fixed fee if the matter is very straightforward. We can also assist with various limited aspects of the administration work if you prefer such as just obtaining the Grant of Probate and not being involved with the administration of the estate or we can assist you in completing the inheritance tax forms.
This part of the initial meeting is free (usually up to 20 minutes) and you are under no obligation to instruct us.
Our fees for the administration of the estate are calculated by reference to two factors:-
a) Value of estate
Where Massers are one of the Executors of the will of the deceased we charge 1.5% of the gross value of the personal estate plus vat (other assets not land and buildings) and 0.75% of the real estate* plus vat (land and buildings)
Where Massers are not one of the Executors we charge 1% of the gross value of the personal estate plus vat and 0.5% of the real estate* plus vat
* the deceased’s share of property held as tenants in common is included but any property held as joint tenants is excluded from the calculation
b) Time spent
Our charges are calculated by reference to time spent working on the case and our hourly rates range from £190 to £250 per hour plus vat depending on the grade of fee earner dealing with the matter
It is difficult to estimate the fees for the administration of an estate as they vary tremendously and the exact cost will depend on the individual circumstances of the matter. As a general guide the overall figures for fees (excluding vat and the expenses listed below) do not usually exceed 3% of the gross value of the estate.
In addition to the above the following expenses will be incurred in the course of administration
• Probate Registry fee * £155 plus £1.50 for each sealed copy – no vat
• Trustee Act Notices £200.00 including vat
• Bankruptcy searches £2.00 per person per search – no vat
• Land Registry fees £6.00 ( if required) – no vat
* Probate fees may be increased in the near future