Administration of Estates
When someone dies there are a number of important tasks that need to be completed. For example, organising the funeral and informing financial institutions and Government departments. You may be asked to provide a Grant of Probate to these institutions before you can administer the estate.
Obtaining a grant of representation and dealing with the administration of an estate can be complicated, it can take several months to make sure everything is done properly. At Appleby Hope & Matthews we offer a complete estate administration service to deal with everything for you.
Every estate is different, which is why we encourage you to contact us so that we can provide you with an estimate outlining the range of potential fees to make sure that you get the right amount of support to meet your individual circumstances. We will update you regularly on your costs so that you can stay in control throughout.
We will correspond with the necessary institutions for you before completing the Inheritance Tax return and applying for the Grant of Probate. Once we have obtained the Grant of Probate, we will collect in the assets, repay any liabilities and distribute the estate on your behalf.
Depending upon the amount of assets, we anticipate that this will take between 4 and 28
hours work at £180.00 plus VAT per hour. Total costs are estimated between £720.00 and £5,000 (plus VAT)
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. This quote is for estates where:
- There is a valid will
- There is no more than one property
- There are no more than 3 bank or building society accounts
- There are no intangible assets
- There are 1 to 4 beneficiaries
- There are no disputes between beneficiaries on division of assets. If disputes arise this will lead to an 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
Disbursements are costs related to your matter that are payable to another organisation, such as court fees. We will handle the payment of the majority of the disbursements on your behalf to ensure a smoother process.
- Probate Court Fee of: £155.00
- Swearing of the Oath (per executor): £7.00
Potential additional disbursements and costs
- If any additional copies of the Grant are required, they will cost 50p per copy. Usually one copy is required per asset.
- £84.00 to publish in the London Gazette which protects against unexpected claims from unknown creditors.
- £200.00 to publish in a local newspaper which also helps to protect against unexpected claims from unknown creditors. This figure is an estimate which will be dependent upon the price charged by the local newspaper.
- Bankruptcy only Land Charges Department searches, £2.00 per beneficiary.
- Dealing with the sale or transfer of any property in the estate is not included.
- If there is no Will or the estate consists of any shareholdings (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.
Please contact us so that we can provide you with an individual quote based on your specific circumstances.
We will do the following:
- Advise you in connection with obtaining the appropriate grant of representation to the estate
- Advise you in connection with the administration of the estate, including legal, taxation and administrative matters
We will not do the following:
- Provide any advice in relation to foreign assets
- Provide advice in relation to dealing with actual claims made against the estate, or contentious matters in dealing with the administration of the estate
The following factors are likely to increase the cost of your matter:
- Not having all of the paperwork available, or having missing or incorrect information that needs investigation and correction
- Third parties not responding to our communications promptly
- Dealing with unusual or complex assets or items (for example, fine art, timeshares, shares in private companies etc.)
As soon as any complications arise, we will discuss these with you and agree the fee for the additional work being carried out in advance of any further work being undertaken.
How long will this take?
On average, estates that fall within this range are dealt with within 6 to 12 months. Typically, obtaining the Grant of Probate takes 3 to 6 months. Collecting assets then follows, which can take between 2 to 4 weeks. Once this has been done, we can distribute the assets, which normally takes 3 to 6 weeks.
One final matter …
Our Probate team is made up of two solicitors (one of whom has at least 4 years’ experience and one who qualified in August 2017). The team is supervised by Helen Wood who is a,Solicitor. Helen has over 18 years’ experience working in probate having qualified as a Solicitor in 2000.