We firmly believe that in order to give you the best possible value for money and the most accurate information as to the likely costs, it is best to discuss with you in person your individual requirements. All of us are different and one-size does not necessarily fit all.
Our professional regulations require us to publish fees for the administration of a “typical” estate and to assist as a guide we provide the following information, however a conversation with us on a no-obligation basis is likely to provide a clearer and more accurate idea of the likely costs.
We would expect the administration of a typical estate to take between 10 and 20 hours (this is subject to the individual estate in question and any complications which may arise) with work charged at £195 + VAT per hour. Total costs would therefore be estimated at £1950 and £3900 plus VAT, plus disbursements. The usual disbursements are Probate Registry fees in the region of £155, but other additional payments could arise depending on the work we are asked to do. This does not include any conveyancing fees.
The overall cost will therefore always be dependent on the work that is necessary and the time this takes, if there is one beneficiary and no property to sell, costs will be at or below the lower end of the estimate. If there are multiple beneficiaries, a property, an interest in a business, share-holdings and multiple bank accounts, costs will be at, or above the higher end of the estimate.
We will handle the full administration of the estate for you, the executor or administrator. This estimate is for estates where:
- There is a valid Will that is clearly drafted and deals fully with the assets held by the deceased. This does not apply in circumstances where there may, for example, be a discretionary trust incorporated in the Will
- There is no more than one property
- There are no more than 3 banks or building societies holding accounts for the deceased
- There are no other intangible assets of financial value
- There are no more than 3-4 beneficiaries and no more than 3-4 specific gifts in the Will
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to a substantial increase in costs
- There is no inheritance tax payable and the executors do not need to submit a full account to HMRC
- There are no claims made against the estate
In some circumstances we may be able to agree to acting for you, the executor or administrator of the estate on a “grant only” basis. This means that we will obtain the grant of probate for you using the financial information and information as to the value of the deceased’s assets as supplied by you however we do not deal with the further administration or distribution of the estate, this is dealt with by you once we have obtained the grant of probate. The costs for this would usually be a fixed fee of £1250 plus VAT. There would be a probate registry fee in the region of £155. This is usually only suitable for smaller, non-complex estates.