Estate Administration – Pricing Information
Our Fees
We charge for estate administration on an hourly basis. Because of the huge variation in the assets which make up each estate, the terms of the deceased’s Will and other variable factors it is almost impossible to provide a detailed estimate of our fees and the payments to others until we have full details of what is involved.
The exact cost will depend on the individual circumstances of the matter and it is essential that you ask for a specific estimate. For example, if there is one beneficiary and no property or other complex assets, costs will be at the lower end of the range. If there are multiple beneficiaries, a property, multiple bank accounts, an investment portfolio or foreign or other complex assets, costs will be at the higher end.
Our fees cover all of the work required to verify and value all assets and liabilities, complete a Return of Estate (HMRC form IHT205), obtain a Grant of Probate or letters of Administration, collect in and then distribute the net assets (after paying all debts, expenses and taxes) in accordance with the Will or as required by law in cases where there is no Will and prepare final Estate Accounts.
We anticipate that an average case will take between 16 and 20 hours work at between £170 and £250 per hour (depending of the level of fee earner needed to deal with the matter). The qualifications and hourly rates of the fee earners who deal with this type of work can be seen here. VAT has to be added to the fees calculated on this basis at the current rate of 20%.
Example Estimate
This estimate is for an estate where:-
- There is a valid will which contains no trust provisions
- There is no more than one property
- There are no more than 4 bank or building society accounts
- There are no other investments or other intangible assets
- There are 2-4 beneficiaries
- No beneficiary wishes to vary the Will
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC but only the Return of Estate Information (IHT205)
- There is no substantive income tax or Capital Gains Tax liabilities and no final or administration period tax returns are required
- There are no claims made against the estate
| Our charges based on 18 hours work @ £220.00 per hour | £3,960.00 |
| Probate application fee (including 10 copy Grants of Probate) | £273.00 |
| Bankruptcy charges (assuming 4 beneficiaries) | £8.00 |
| Statutory Adverts (estimate) | £270.00 |
| Bank transfer charges (assuming 4 transfers) | £140.00 |
| ID verification checks (assuming 2 executors) | £20.00 |
| VAT on charges | £824.00 |
| TOTAL CHARGES AND PAYMENTS TO OTHERS | £5,495.00 |
Payments to others included in our fee (Disbursements)
- Probate application fee of £273 (which includes the fee for ten Office Copies of the Grant)
- Bankruptcy-only Land Charges Department searches (£2.00 per beneficiary)
- Statutory Adverts in The London Gazette and local newspaper – Protects against unexpected claims from unknown creditors – has a fee of around £270.
- Fee for electronic bank transfers £35 plus VAT (£42) per transfer.
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process
Potential Additional Costs
- If there is no Will or the estate consists of portfolio of share holdings (stocks and bonds) or other quoted investments, foreign property, private company shares, farm land, or business assets there is likely to be significantly more work required and commensurately higher fees that could range significantly depending on the estate and how it is to be dealt with. We can give you an accurate quote of our fees once we have more information about any particular estate.
- Dealing with the sale or transfer of any property in the estate is not included.
Frequently Asked Questions
How long will this take?
On average, estates that fall within this range are typically dealt with within 8-12 months, but each estate is unique and particular factors can cause unavoidable delays.
Typically, verifying assets and getting to the point where HMRC forms (if required) and the application for a grant can be prepared takes about 12 weeks where there are no unusual third party delays, obtaining the grant of probate takes only a few weeks in most cases. Collecting assets and paying liabilities then follows.
Closing bank accounts is usually a relatively quick affair but selling other assets can be a lengthy process. However, deposit accounts may be subject to notice periods which cannot be triggered until a Grant of Probate is obtained and this may delay matters. House sales proceed at their own pace, depending upon the property and market conditions, and the conveyancing process once a sale has been agreed by the executors will typically take 8-12 weeks. There may also be reasons to delay asset sales in some cases.
Finalising any tax or other issues which arise in respect of property and asset sales can only commence once the sales are completed and obtaining clearance from HM Revenue and Customs can be a lengthy process. This means that it may be some weeks after an asset or property sale before executors can distribute the funds raised by that sale.
In cases where all additional expenses are predictable, interim distributions can be made to beneficiaries leaving the remaining funds available to the executors to cover those liabilities.
In some cases it can be prudent or necessary for executors to decide to delay distributions of cash and asset transfers to beneficiaries in order to protect the estate.
Who will deal with my transaction?
Our private client team is made up of Solicitors, Chartered Legal Executives and Legal Assistants who are experienced in dealing with all aspects of inheritance and estates and well qualified to help guide you guide you through what can be a very stressful process and provide you with the support you need from start to finish.
They can help you with a wide range of matters, including:-
- Estate Planning and Wills
- Looking after your Will
- Inheritance Tax planning
- Trusts and Settlements
- Lasting Powers of Attorney
- Court of Protection matters
- Probate and Estate Administration
What if something goes wrong?
If there is a problem you should contact the person who is dealing with your matter as soon as possible with details of your concern. If it is not possible to resolve the matter quickly and informally we have a complaints handling procedure which you can read here (Link to complaints page).
