We can assist with the full administration of the estate where no tax is payable.
What does the service include?
We would deal with the full process on the Executors/Administrators behalf including the distribution of the estate.
How much does the service cost?
The exact cost will depend on the individual circumstances of the matter, for example estates involving one beneficiary and no property are likely to be at the lower end of the range. Those involving multiple beneficiaries multiple financial assets and property are likely to be at the higher end of the range.
Our costs are based on the time we spend dealing with your matter (which will be charged on an hourly rate) and a value factor fee.
Our team’s hourly rates are set out in the Hourly Rates Table below.
In addition to the hourly rate charges, we will also charge a value factor of the gross value of the Estate. This will vary depending on the overall Estate value and will range from 0.5% to 1.5%. The additional value factor of the gross value of the estate that we will charge, is set out below:-
- Up to £1million – 0.5%
- £1million to £2million – 1.0%
- Exceeding £2million – 1.5%
We estimate that on average it will take our team approximately 30-50 hours. We will provide a tailored estimate at the outset of your case.
In addition, there will be disbursements payable as set out below.
Disbursements
Disbursements are costs related to your matter payable to third parties. These are likely to include but are not limited to:-
- Probate Court fee: £300 (no VAT)
- Sealed copy fee: £1.50 each (no VAT)
- Swearing fee (Per Executor/Administrator): £5.00/£7.00) if applicable (no VAT)
- UK Bankruptcy search (Executor, deceased and beneficiary): £7.20 each (no VAT)
- Statutory Advertisements: £250 – £270 plus VAT (£50 – £54)
- Landmark Search: £155 plus VAT (£31)
- Estate agents valuation of property: £60 – £100 each plus VAT (£12 – £20)
- Accountants fees (If income tax/capital gains tax issue): TBC depending on complexity of estate (plus VAT currently at 20%)
Services not included in costs quoted above
Please note that any conveyancing fees in relation to property that falls within the estate is dealt with separately. The fees are dependent upon whether the Property is registered or unregistered, freehold or leasehold property. Please refer to our cost estimate page for conveyancing matters
Please note: the above quote is for estates where there is:
- A valid will or intestacy where all beneficiaries are identified and no genealogists involvement
- There is no more than one property
- The estate is not contested and all assets are based in the UK
- There is no Inheritance tax to pay and no requirement to submit a full account to HMRC
- There are no disputes between beneficiaries regarding the division of assets. If disputes arise this is likely to lead to an increase in costs.
Key stages and timescales
We would anticipate that the process would take between 9-12 months.
Please note that the timescales below are dependent upon third parties claims under IPFDA.
Stage 1 (6-12 weeks)
- Conflict of interest check
- Initial meeting with Executors/Administrators
- Anti-Money Laundering Identity checks
- Details provided of all known assets and liabilities taken for lawyer to contact for date of death valuations
- Contact all asset and liability holders and relevant bodies to include HMRC/DWP and await responses
- Arrange Estate Agents valuation(s) for Property ( as applicable)
- Place relevant advertisements to establish unclaimed assets (Landmark Search)
Stage 2 (4-6 weeks)
- Prepare relevant Oath, IHT 205
- Prepare schedule of assets and liabilities to provide to Executors/Administrators.
- Once approved by Executors/Administrators appointment made to swear necessary paperwork to apply for Grant
- Once documentation approved, appointment scheduled to attend Solicitors and swear necessary paperwork (if applicable).
- Thereafter relevant Grant documentation sent to Probate registry and await issue of Grant of Representation.
Stage 3 (4-8 weeks)
- Once Grant received, lawyer sends to all relevant institutions to collect in assets of the estate ( or deal with transfer if applicable.)
- Six month period for claims to be made under The Inheritance Provision for Family and Dependents Act 1975 begins from date Grant issued ( IPFDA Claims). Those persons who feel they have a claim against the estate may lodge a claim.
- Property placed on open market ( if applicable)
- Statutory Advertisements to Creditors placed – 2 month waiting period to expire.
- Beneficiaries to the Estate under the Will/Intestacy contacted and identification/certificates requested
Stage 4 (6-10 weeks)
- Once sufficient assets in the estate are realised, Lawyers first interim bill raised and proceeds paid (usually) from estate
- Draft Estate accounts prepared for approval of Executors/ Administrators
- Liabilities to the estate paid
Stage 5 (2-10 weeks)
- Income tax position of the estate finalised (liaising with HMRC/Accountant as applicable)
- Ensure the 6 month IPFDA Claim period passed and no notifications, provided property sold (or transferred as applicable) and all liabilities and utility bills paid – Lawyer produces the final Estate Accounts for Executors/Administrators approval.
- Final Lawyers invoice produced
- Once Estate Accounts approved and sufficient documentation from all beneficiaries, distribution made in accordance with terms of the Will or intestacy rules.
