Administering an Estate can be a complex and stressful process at what is often a very emotional time. We can help with the burden of dealing with the Estate by advising you on, preparing the application and inheritance tax return, and ultimately obtaining the Grant of Probate on your behalf.
We anticipate this will take 10 and 18 hours work at £150 per hour. Total costs are estimated at £1,500 to £2,700 (excludes VAT and disbursements).
This service includes:
- A consultation with a solicitor or Legal Executive at our offices for as long as is necessary
- Where there is no will acting on behalf of the administrator and to completing an administrator check to ensure you are entitled to take out the Letters of Administration
- Where there is a Will acting on behalf of the appointed Executors
- Obtaining valuations of the assets and liabilities in the Estate as long as there are no more than 25 organisations that we have to contact
- Arranging payment of funeral costs from one of the Deceased’s bank accounts
- Checking and putting in place house insurance if necessary (but not the costs of the same which will be deducted from the Estate)
- Completion of short form Inheritance Tax Return IHT205 together with transferable nil rate band inheritance tax forms or completion of a long form Inheritance Tax Return IHT400
- Drafting the Oath to obtain the Grant of Probate
- Meeting at our offices with a Solicitor or Legal Executive to advise you on the Inheritance Tax Return and the Oath and to obtaining your signature thereto
- Arranging for monies to be released from Deceased’s bank account/s to pay any inheritance tax due
- Submitting IHT400 to HMRC and obtaining receipt of Return and any tax paid
- Obtaining the Grant of Probate of Grant of Letters of Administration and court sealed copies
- Collecting in and transfer of assets including the transfer of any property in the Estate to a specified beneficiary
- Payment of outstanding liabilities of the Estate
- Distribution of Specific legacies
- Answering any enquires form HMRC with regard to the submitted IHT return and to applying for clearance from HMRC on conclusion of the administration of the Estate
- Finalising any income tax /capital gains tax a payable by the estate with HMRC
- Preparation of Final Estate Accounts for your approval
- Distribution of the Estate to the residuary beneficiaries
This service does not include:
- Identifying beneficiaries of an intestate Estate – we will engage the services of research company to prepare a report and the costs of will be charged to the Estate
- Dealing with the sale any property in the Estate – conveyancing cost will be charged separately
- Potential disputes
- Variations to the Estate – a specific fixed fee will be provided to you if this is needed
- Dealing with the deceased’s business
If it becomes clear at our initial meeting that your matter requires additional work outside this service option then we will advise you of such at the initial meeting and provide you with details of the additional work required and confirmation of the additional charges.
* Fees are correct at 4 December 2018
Disbursements which are the 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 and include the following:
- Probate application fee of £155 plus 50p for every court sealed copy of the Grant that we request
- Swear of the oath fees - £7 per executor
- Bankruptcy only Land Charges Department searches - £2 per beneficiary
- Land Registry fees payable if we transfer a property in the estate to a named beneficiary. Such fees will be based upon whether the property is registered at the Land Registry and the value of the property. Further details will be provided at your initial meeting.
There may be other disbursements including fees for notices in the London Gazette and Local Newspapers that help protect against unexpected claims against the Estate or searches with Certainty to try ascertain whether a Will exists. If this is necessary we will advise you of such at your initial meeting and provide you with details of the costs.
How Long will my Matter Take?
On average estates that fall into this range are dealt with within 5 - 8 months. Typically obtaining the Grant of Probate or Letters of Administration takes 12-16 weeks. Collecting assets then follows which can take between 4-8 weeks. Once this has been done we can pay the liabilities of the Estate prepare the final estate accounts and distribute the assets which normally takes 4-8 weeks.