Wills, Tax & Administration

Fairness. Clarity. Tax efficiency. Choosing how to share out your estate after your death can seem so daunting, it's easy to put off. But take a first step towards ensuring a valid will is in place and you're on the way to benefiting twice over. You'll find peace of mind, as well as know you're lifting stress and reducing costs for your family and other beneficiaries should the worst happen.

Recognised as one of the strongest in London and the South East, our specialist private client team covers all aspects of wills, probate, tax and trust work. By asking the right questions – and crafting solutions around your answers – we can help you structure your estate to best protect your future wealth and provide for loved ones.

Above all, our expert solicitors will always present viable options. Alternatives that fully take into account your personal and family circumstances.

The charges that apply in providing assistance to our clients in the administration of an estate will vary depending on the assets comprising the estate, both in terms of value and composition, the terms of any Will or application of the intestacy rules, and more importantly the level of support that you wish to receive from our experienced team of solicitors who specialise in this area. Our aim is to provide the guidance that you require during the administration period of an estate.

Although it is difficult to provide an accurate fee as each estate will be different, we offer a free initial consultation to obtain the details needed to provide you with an accurate fee estimate based on the level of support that you require from us. By the end of that consultation we aim to provide you with greater certainty as to our charges.

Most clients prefer one of the two following options:

1. Full administration

Please see our guide to the usual steps that need to be undertaken in the administration of an estate. It may be that not all apply in your circumstances, but it may be of assistance in allowing you to understand what is required. Our professional charges for handling a full administration are usually on a time-spent basis, or in some cases an agreed fixed fee, which we can explore with you depending on your preference.

Our hourly rates depend on the level of experience of the person undertaking the work, and we will ensure that the work is carried out at the appropriate level to be as cost-effective as possible for you. This will usually be carried out by a solicitor with the requisite experience, supervised as required by a Partner, and supported by a Legal Assistant or Trainee Solicitor. As well as providing you with a cost-effective service, this also provides you with at least three main points of contact throughout to give you a responsive and personal experience.

Our current hourly rates are as set out below:

Partners: from £375+VAT

Senior Associates: from £325+VAT

Solicitors: from £260-£325 +VAT

Trainee Solicitors: from £150-£175+VAT

Legal Assistants: from £175 +VAT

In estates where Thackray Williams are appointed as executors, there are increased responsibilities, liabilities and obligations falling on the appointed Partners who will need to be involved in the decisions made during the course of the administration of the estate. In some cases, we are also required to carry out other duties such as the registration of the death, funeral arrangements, house clearance, and attendances at any property.

In this situation the time that is spent (as outlined above) is increased by up to 25% to reflect the responsibility falling on the firm.

We have included some typical examples below which are intended to serve as a guide only.

Typical Examples

Low complexity – fees between £8,000 and £12,000 plus VAT and disbursements

Where the deceased:

• owned a property valued at up to £500,000
• held two or three bank accounts
• had no debts, other than utility bills
• left a valid Will appointing executors, no trusts and no more than three adult beneficiaries
• and where no inheritance tax is payable

Medium complexity – fees between £15,000 and £20,000 plus VAT and disbursements

Where the deceased:

• held a property valued at up to £700,000
• held up to seven bank accounts
• held a managed investment portfolio
• held some individual UK shareholdings
• had no debts, other than utility bills
• left a valid Will appointing executors, no trusts, several small cash legacies and the remainder to no more than five adult beneficiaries
• and where no inheritance tax is payable after claiming the Transferable Nil Rate Band and Residence Nil Rate Bands (if applicable) and any other allowances.

High complexity – fees between £25,000 upwards plus VAT and disbursements

Where the deceased:

• held a property valued in excess of £1 million
• held up to ten bank accounts
• held up to three managed investment portfolios
• owned investment bonds
• owned personal effects and valuables
• made lifetime gifts that need to be brought into consideration for inheritance tax purposes
• had no debts, other than utility bills
• left a valid Will appointing executors, no trusts, and the estate is divided between two children and four grandchildren as residuary beneficiaries and where inheritance tax is payable after claiming the Transferable Nil Rate Band and Residence Nil Rate Bands (if applicable) and any other allowances.

What factors can affect the costs?

Whilst we have tried to give an indication on likely charges, there are a number of factors that will result in a revision of these charges, which would need to be explored and discussed with you. These may include, but are not limited to where:

• there is no valid Will
• the estate has multi-jurisdictional assets
• there are trusts contained within the Will
• there are minor beneficiaries or beneficiaries outside the UK
• there are unknown assets that require a greater level of investigation
• there are beneficiaries whose whereabouts are unknown
• the estate contains business assets there are un-cooperative executors or beneficiaries
• the Will or the estate is subject to a claim or dispute

There may also be additional payments that will need to be settled in addition to our charges. These may include (but are not limited to):

• Probate Court fees (currently £300 plus an additional £1.50 for each sealed copy required for estates valued at over £5,000)
• Statutory advertising for creditors (usually between £200-£250)
• Professional valuations of property, personal possessions and shares (if required)
• Land Registry title documents (£8.80 for each copy)
• Smart Search electronic ID check (£5+VAT per individual check; £10+VAT per individual check if you or a beneficiary live outside the UK)
• Document & communication charge (£40+VAT)
• Document & data storage charge (£35+VAT)
• Bankruptcy searches on beneficiaries (£7.80 for each beneficiary located in the UK; greater charges may apply where beneficiaries are outside the UK)
• Bank transfer charge for payments over £10,000 (£45+VAT per beneficiary)
• Docusign (£4.80 for Land Registry deeds, £2.40 for other documents)
• Professional charges (and disbursements) for dealing with the sale or transfer of any property in the estate
• Cost of tracing any missing beneficiaries
• Cost of foreign lawyers to deal with assets outside the UK.

We handle these payments on your behalf to ensure a smoother process, although we ask for funds on account to meet these costs.

How long will it take to deal with the administration?

On average, estates that are straightforward tend to be dealt with within 6-12 months but can take longer depending on the circumstances.

1. Grant-Only

Where we are instructed on a Grant-only basis, our professional fees can be as little as £2,000+VAT in straightforward matters where there is an excepted estate and no Inland Revenue Account needs to be filed which applies for death after 1^st January 2022.

In cases where deaths are before 1^st January 2022 and an Inland Revenue Account does need to be filed (whether in abbreviate form and a full account) then professional fees start at £2750+VAT.

However, our charges can be higher for example:

• where there is no valid Will
• where a full inheritance tax account is required
• where inheritance tax is payable
• where exemptions or reliefs are identified and can be applied to reduce the inheritance tax liability
• where there is a need to claim the Transferable Nil-Rate Band, Residence Nil-Rate Band and Transferable Residence Nil-Rate Band
• where trusts arise under the provisions of the Will or the intestacy rules
• where the gross value of the estate is in excess of £1 million.

We are happy to be instructed on a Grant-only basis, but we will require you to undertake some of the preliminary work to supply the required information. We will guide you as to the information that is required. Once the Grant of Probate/Letters of Administration has been issued, we will hand this over to you so that you can complete the administration of the estate.

How long will it take to obtain the Grant of Probate/Letters of Administration?

Typically, where a full inheritance tax account is required, it can take in the region of 8-12 weeks to obtain the Grant of Probate/Letters of Administration once the documents have been submitted to the relevant authorities. Where an abbreviated inheritance tax account is required, the timescale may be shorter.

Our Team

It will depend on the complexity of the estate as to which solicitor will act for you, based on the experience that you need. All of our solicitors are supported by Legal Assistants and supervised by our experienced Partners to ensure that you always have at least three points of contact so that you receive the highest possible level of service. Full profiles of the Private Client team can be seen here.