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A bereavement can leave you feeling overwhelmed.
Even when everything appears to be in good order, it can come as a surprise as to just how much needs to be done when someone passes away. There’s the matter of trying to identify what is in the estate, and there may be concerns over whether Inheritance Tax is going to be payable, and if so, how much, and how will it be paid?
We can take the strain out of the administration of an estate by helping you with:
- The valuation of estate assets
- The preparation of all paperwork necessary for obtaining the Grant of Probate
- Liaising with HM Revenue and Customs on finalising any Inheritance Tax issues
- The sale and encashment of all estate assets
- Distribution of estate monies
- Advising on monies to be held for minor beneficiaries
- Advising on any Trusts created by the Will
Coping with the loss of a loved one is always going to be difficult. Our aim is to help by easing the burden by taking care of the estate for you.
Identifying the assets, applying for the Grant, collecting and distributing the assets.
In terms of timescale, this will usually take between 6 and 9 months, although the sale of any properties may result in the administration taking longer. We anticipate that in most cases we will take between 10 and 30 hours of work at £195 per hour to complete your matter. In addition we will charge a value element to reflect the importance of the matter and consequently the responsibility of the firm, which will be charged at 0.75% of the financial assets of the estate (1.5% if we have the added responsibility of having been appointed as the executors), and 0.5% of the value of any real property ie land and buildings (0.75% if we are the executors). These rates do not include VAT, which will be added to costs. Total costs estimated at £2000 - £8000 +VAT.
If there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property, multiple bank accounts and other investments, cost will be at the higher end. Some estates will be much more complicated, for example where Inheritance Tax is payable or a full HMRC account is necessary, and our costs may therefore be higher.
By way of a guide, in any individual case our costs will normally not exceed around 1.5-2% of the value of the estate overall, although the exact cost will depend on the individual circumstances of the matter. For example, our costs to administer a very straightforward but high value estate may well work out at less than 1.5% whereas the administration of a very complex but low value estate may result in our costs exceeding 2%.
The above applies only in uncontested cases (where there are no claims against the estate), where there is no more than one property, all assets are in the UK, and fewer than 6 bank accounts. In addition, please be aware that the costs of the sale or transfer of any property is not included in the above. That could be dealt with by our experienced conveyancing team and you can find details of their charging rates using this link.
There may be further costs to be paid by the estate to third parties. These are referred to as disbursements, and we will usually handle the payment of these disbursements on your behalf to ensure a smooth process. They include:
- Probate court fee of £155 (or more for further copies of the Grant, usually one per asset)
- Fee to swear the oath of £7 per executor
- Trustee Act Notices (to protect against claims from unknown creditors) of around £230
Please note that if there is no will or the estate consists of any share holdings (stocks and bonds) there are likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
Elliot Mather LLP maintains professional indemnity insurance in accordance with the rules of the Solicitors Regulation Authority. Details of the insurers and the territorial coverage of the policy are available for inspection at our offices.
Registered Office: St. Mary's Court, St. Mary's Gate, Chesterfield, Derbyshire, England, S41 7TD
VAT Number: 126 3019 03
Regulatory Notice: Elliot Mather LLP is a limited liability partnership. Partnership number OC321320.
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