Administering an Estate
Applying for the grant
The first stage of the process
involves ascertaining the assets of an estate, drafting the Inheritance Tax (IHT)
Return and Oath for Executors/Administrators and submitting the application for
a Grant of Probate or Letters of Administration.
We anticipate this will take between 5
and 10 hours work at £201 or £217 per hour plus VAT. We charge a minimum fee
for this stage of £900 inc VAT for estates where the short form IHT return is
completed and £1,500 inc VAT where the long form is completed.
The total cost for this stage should
not exceed £1,000 to £2,000 plus VAT.
Distributing the Assets
Once the Grant of Probate or Letters
of Administration is received, we will deal with each of the individual assets
and liabilities and, once the administration is complete, we will distribute
the monies to the beneficiaries. We will provide you with Estate Accounts
showing the monies we have received and paid out.
We anticipate that this will take
between 5 and 20 hours of work depending on the number of assets, the
liabilities and the complexities of the particular administration such as
dealing with property transfers. The average cost for this stage is £2,000 plus
The exact cost will depend on the
individual circumstances of the matter. For example, if there is one
beneficiary and no property, costs will be at the lower end of the range. If
there are multiple beneficiaries, a property and multiple bank accounts, costs
will be at the higher end.
We will handle the full process for
you. The fee ranges set out above assume :
- There is a valid Will
- There is no more than one property
- There are no more than 3 bank or building
- There are no other intangible assets
- There are 1-5 beneficiaries
- There are no disputes between beneficiaries on
division of assets. If disputes arise this is likely to lead to an
increase in costs
- There is no inheritance tax investigation by HMRC
- There are no claims made against the estate
Disbursements are not included in the
fee and are payable as follows:
- Probate application fee of £155 plus £0.50 for
each additional copy
- £7 Swearing of the oath (per executor)
- Bankruptcy-only Land Charges Department
searches (£2 per beneficiary)
- £195 Statutory notices – Protects against
unexpected claims from unknown creditors.
Disbursements are 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.
Potential additional costs:
- If there is no Will
- If the estate consists of any share holdings
(stocks and bonds) there is likely to be additional costs that could range
significantly depending on the estate and how it is to be dealt with. We
can give you a more accurate quote once we have more information.
- Dealing with the sale or transfer of any
property in the estate is not included.
- Foreign property
- Beneficiaries living abroad
How long will this take?
On average, estates that fall within
this range are dealt with within 6-12 months. Typically, obtaining the grant of
probate takes 6-12 weeks. Collecting assets then follows, which can take a
further 4-8 weeks. Once this has been done, we can distribute the assets, which
normally takes a further 2-4 weeks.