In this case, we will carry out the formal valuation of the estate’s assets and liabilities, complete the inheritance tax account (or return of estate information for non-taxable estates), obtain the Grant of Probate, administer all of the estate assets and settle all liabilities, compete the income tax affairs of the estate, prepare estate accounts and distribute the estate in accordance with the Will or intestacy.
If we are named executors, depending on the circumstances, we can also arrange the funeral, order memorials, and undertake weekly property inspections to comply with unoccupied buildings insurance.
Our fees are based on hourly rates which are dependent on the experience and seniority of the fee earner dealing with your work. These are set out below
Solicitor - £240 plus VAT
Partner - £320 plus VAT
Illustrative range of fees
For non-taxable estates, our fee range is £5,000 - £10,000 + VAT. For taxable estates, £8,000 - £15,000 + VAT.
No two estates are the same, and the above assumes the following:
- That there are no complex issues of succession and taxation
- That there is a valid Will or that a simple intestacy distribution applies
- That all assets are sited in the UK
- There are no private business or agricultural interests
- That there are no more than 10 estate assets that require administration
- There are no family disputes or claims against the estate
- There are 4 or fewer beneficiaries
- There is no Will trust to be implemented
- The beneficiaries do not wish to vary or disclaim their entitlements
Likely disbursements in a full service adminstraion are as follows:
- Probate application fee - £155 + 50p per sealed copy of the Grant
- Bankruptcy searches – £2 + VAT per person
- Statutory notice fee – circa £250
- Unclaimed Asset Register search fee - £25
Most estate adminstraion can be undertaken within 6 months, however the administration period can last considerably longer especially if we are waiting for the sale of estate property. Most estates of this nature conclude within 6 – 12 months. Nevertheless, complex estates can take longer.
An Estate will be deemed complex if it does not fit within all the assumptions above. Depending on the nature of the complexity, it may require handling by a senior fee earner or partner, which will increase the fee for the administration. Many complex estates will still fall within the fee Ranges given above and these should be considered a starting point.
If you believe you are dealing with a complex estate, we will be pleased to provide a bespoke fee estimate to you as soon as all of the facts of the case are known. This is usually after our first meeting.
If work falls outside of the examples listed above, we may charge additional fees based on our hourly rates. Examples of this would include drafting Deeds of Variation for beneficiaries and undertaking genealogy research where no Will has been found. If additional work is required, we will let you know as soon as this is identified and provide you with a cost estimate for your approval before undertaking such work.