There are many factors which impact upon the cost of dealing with the administration of an estate including whether there is a valid will the number and nature of the assets whether any of those assets are outside the UK how many beneficiaries there are what reliefs can be claimed in respect of Inheritance Tax and whether Inheritance Tax is payable
We will therefore provide a quote on a case by case basis once we have all the information we need. As a general indication however you can anticipate our fee will be between 1% and 2% of the gross value of all of the assets within the estate plus VAT. There are of course estates which will fall outside this range. Simpler estates could be below 1% and more complex estates above 2%.
The work which will be undertaken by this firm covered by that fee includes:
• obtaining confirmation of the probate values of the estate for inclusion in the forms which must be completed to obtain the Grant
• considering the reliefs which can be claimed against possible Inheritance Tax and completing any necessary claim forms
• arranging for the release of funds from bank and building society accounts to pay any Inheritance due before the Grant can be issued
• obtaining the Grant
• collecting in or transferring the assets to beneficiaries
• paying from the estate any outstanding liabilities (including the funeral account)
• distributing the net estate to the beneficiaries
In addition to this firms fees the following fees will also be payable:
Application fee payable to the Probate Registry £155
Further official copies of the Grant from the Probate Registry £1.50 per copy (normally we would acquire sufficient copies so that there is one for each financial institution which needs to see the Grant)
Inheritance Tax (if applicable)
Bankruptcy search against each beneficiary £2 per name
Advertisement for creditors (where advisable) in the London Gazette and local newspaper approximately £500
Valuation fees for houses land and business assets comprised within the estate and valuation of shares if the market price cannot be easily established
The above fees do not include this firm’s fee for acting on the sale of any house or land within the estate and any disbursements connected with that sale. In respect of the sale of a house see our fees on this website for the sale of residential property
Nor do they include this firm’s fees for the preparation of any Deed of Variation for any beneficiary or the preparation of any trust documents.
Separate fees for the above will be quoted as required.
What we do not do:
This firm does not deal with contentious probate matters ie estates where there are disputes about the validity of the Will or a claim is being made by a family member under the Inheritance (Provision for Family and Dependants) Act that the Will(or if there is no valid will the rules which apply to the distribution of a person’s assets in those circumstances) do not make proper financial provision for that person
Income Tax returns either for the deceased for any period of his or her lifetime or the estate covering the period of the administration. In most cases income arising during the course of the administration can be included in the tax returns of the beneficiaries. Where income tax returns are required an accountant will need to be instructed at the expense of the estate