The administration of estates depends on the extent of the estate and the provisions of the will, or, in the absence of a will, of the law. Larger estates require more work, smaller ones less work.
LEGAL FEES OPTIONS
Where there is no dispute as to the provisions of the will, we offer three fee options to all our clients for probate services: an agreed hourly rate, a fixed agreed fee, or an agreed percentage of the value of the estate.
THE HOURLY RATE OPTION
Under the first option, we would agree an hourly rate with you, and give you, at the outset, an estimate of the total cost we reasonably anticipate would be charged.
Our charge out rate under this option is as follows:
Associate solicitor – £200
Partner – £275
We would expect to spend between 10 and 20 hours in relation to a straightforward, uncomplicated administration, with a fee of between £2,375 and £4,750.
For more complex admirations, with a varied portfolio of assets, we would expect to spend 30-75 hours.
The Fixed Fee Option
Under the second option, we would agree a fixed fee with the personal representatives of the estate. The service would then be provided for that fee agreed.
A fixed fee enables the estate to plan for the cost of legal services from the outset, and brings certainty. For larger estates, a fixed fee may be particularly attractive, because it would include all manner of complexities arising in the administration of the estate, without the representatives having to be concerned about the amount of time we would need to spend.
The Percentage Basis Option
You may wish to agree a basis of remuneration where our fees will not exceed an agreed percentage of the gross value of the whole estate. The fee chargeable would be between 0.5 to 2.0 percent
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