Probate is a term used when talking about the right to deal with a deceased person’s estate. A person who wants to take responsibility for winding up and distributing an estate - often appointed as executor within the will - will apply for probate to allow the proper winding up and distribution of the estate, especially the sale of property and shares. It would be illegal to do so without a grant of probate.
When probate is granted, it is the inclusion of the estate account that gives rise to the payment of inheritance tax. There are two forms of estate accounts. The short form is for estates under the inheritance tax threshold. The long form is for estates passing more than the threshold through probate.
Jointly held property passes outside an estate by survivorship, so no grant of probate is needed for such assets.
How long will it take?
Our work through to submission of the application can be completed within day, or faster if necessary. Obtaining probate normally takes about a month from submission of the application in simple cases.
We will provide you with the proper tax form, check your completion of that tax form, produce the statement of truth, collate the other documents required, submit all the documents to the Court and then deal with the Court’s enquiries through to grant.
Your supplier is SRA-regulated Mounteney Solicitors, that charges VAT some customers may be able to reclaim
To extract probate for ‘excepted estates’, i.e. estates valued under the Inheritance Tax threshold, or over that limit with spousal exemption, including submitting the relevant tax form (but without any estate administration) we charge £550 + VAT = £660 plus the Government grant fee for Solicitor extractions (currently £273).
To extract probate for estates valued over the Inheritance Tax threshold, including submitting the relevant tax form (but without any estate administration) we charge £1,375 + VAT = £1,650 plus the Government grant fee for Solicitor extractions (currently £273).
Where we administer the probate itself, our fee for obtaining the Grant of Probate, completion of the appropriate tax forms and administration of the estate is generally 1% of the estate (net, plus VAT) plus the applicable Government grant fee (see above). Our fee may vary depending on the assets held within the estate.
There is more about our fees on our website here
If you have any questions or require any further information, please don’t hesitate to Contact Us.