Acting as an Executor or an Administrator of an estate can seem a daunting task, but our estate administration service is designed to take away the stress and worry that often accompanies those roles. It is always difficult to give an accurate costs estimate for dealing with an estate administration as no two estates are the same. We have detailed below a costs estimate for a non-complex estate administration, but if you uncertain whether this applies to the estate you are to administer please telephone the office and we will be happy to give you a tailored indication of expected costs.
Estate Administration services will include, where appropriate:
- Meeting with the Executor(s) (where there is a valid Will) or with the Administrators (where a person has died without a valid Will) to discuss the administration process and to collect information relevant to the estate and beneficiaries
- Writing to asset holders and creditors of the estate to ascertain the value of assets and debts
- Liaising with the funeral director to arrange to settle their account
- Preparing the necessary forms and submitting them to HMRC and arranging payment of the Inheritance Tax from the estate assets where possible.
- Preparing and submitting the application for the Grant to the Probate Registry
- Collecting the assets of the estate and/or transferring them to the appropriate beneficiaries and arranging to settle the estate liabilities.
- Settling the estate income tax and capital gains tax affairs and ensuring HMRC are satisfied that all tax has been paid that is due
- Preparing a set of estate accounts detailing the estate’s assets, liabilities, income and expenditures through to the end of the administration
Small or Non-Complex Estates (to include excepted estates)
We would regard an estate as ‘simple’ if there were, for example a property to deal with, fewer than 5 bank or building society accounts, stocks and shares in UK PLCs and all assets are held within the United Kingdom. In addition, we would expect there to be fewer than 5 beneficiaries, either named in the Will (or those people inheriting under the intestacy provisions) and their identities and whereabouts are known.
We anticipate our costs to deal with the administration of a simple estate to be within the range of £5000.00 – £7500.00 plus VAT. Typically we would expect this type of administration to take 12-18 months, although of course this is dependent upon the sale of any property.
Complex Estates
We would regard an estate as complex where it includes, for example,
- multiple properties or
- a business or agricultural property or
- assets held outside England and Wales or
- complex Inheritance Tax, Capital Gains Tax or Income Tax issues or
- significant numbers of bank or building societies accounts and investments or
- more than 5 beneficiaries or where beneficiaries will be difficult to identify or trace.
- the meaning of the Will is unclear or where the deceased’s intentions have not been met by the wording of the Will
No two estates are the same and it is difficult to give an estimate of expected fees for our administration service without further information from you. If any of the complexities noted above apply to the estate you are to administer, please telephone the office to discuss matters further. We will then be in a position to give a clear estimate of both our fees and the time an estate is likely to take to administer.
With all estate administrations, there are additional costs to be paid to third parties. These could include some or all of
- The application fee for the Grant – £300.00 together with £16.00 for each court copy Grant needed (usually one per asset holder eg each bank, share registrar etc)
- Bankruptcy searches which may need to be undertaken more than once during the course of the administration – £6.00 plus VAT per search
- Notice in The London Gazette and in a local newspaper which protects against unexpected claims from unknown creditors. – approximately £250.00 and £350.00 plus VAT
CDD Fees
It is the firm’s policy to identify all of our clients and we refer to this as Customer Due Diligence (CDD). In addition to the charges above, we also charge a CDD fee of £10.00 plus VAT per client.
If you are resident abroad, our CDD fee is £25.00 per client.
Contested Wills or Claims against the estate
We can advise you in respect of estate disputes, either where the validity of a will is challenged, or where family members or dependants have not been provided for or feel that they have not been provided for adequately.
A profile of all of our Private Client staff is available on this website via the links below: