ADMINISTERING AN ESTATE
Every estate is different. Assets differ. Affairs may or may not be in order at the date of death. As a consequence we do not offer a fixed fee service but charge on the basis of current hourly rates. At present these range from £340 to £420 plus VAT depending on the level of seniority of the solicitor involved.
Applying for a Grant of Probate or, where a will has not been made, a Grant of Letters of Administration, usually involves the following:-
- Identifying and valuing the assets and liabilities of the estate
- Notifying all relevant organisations of the death
- Completing the HMRC account and arranging payment from the estate of any Inheritance Tax that may be due
- Arranging for any Self Assessment Tax Return to be completed and filed for the deceased and any Trust/Tax Returns, including Capital Gains computations
- Obtaining and circulating the Grant to all relevant parties
- Arranging sales/disposals of assets
- Advertising for creditors and then discharging the debts of the estate
- Preparing Estate accounts for approval
Distributing assets and paying legacies in accordance with the terms of the will
Example of Charges
Where, for example, there is an uncontested will with 3 or 4 beneficiaries all of age and an estate comprising a freehold property, 2/3 bank accounts and a small share portfolio with a total gross value of around £500,000, we would expect our fees to be between £5,000 – £8,000 plus the following expenses:-
- Probate court fees: approximately £158 (but this may increase substantially later in 2019)
- Valuation fees for share portfolios: £150-£1,000 plus VAT
- Valuation for property: £400-£1,000 per property plus VAT
- Statutory advertisements for creditors: £150-£200 plus VAT
(These are for illustration and could be more depending on the complexity of the estate) NB Conveyancing costs for the sale of the property would be an extra charge.
We would generally expect to lodge the application for the Grant within six months of your initial instructions, unless complex issues or particular difficulties arise in identifying or valuing assets. The administration of most estates is usually completed within 9 to 18 months.
We are happy to meet with you for an initial meeting without charge or obligation, following which we should be in a position to give a much clearer idea of the costs involved.
All work is undertaken by qualified senior solicitors with many years’ experience.