Administration of Estates
When someone dies, there are usually a number of administrative matters to be sorted. In most cases it is necessary to obtain a grant of probate in order to deal with any assets. In order to do this, the value of the assets and any liabilities needs to be established as at the date of death. Forms will also need to be completed and submitted to the tax office and where there is Inheritance Tax to pay these can be involved and lengthy. Inheritance tax needs to be paid prior to applying for the grant of probate (which can be difficult).
Once probate has been obtained the estate can be administered in accordance with the last will of the deceased or if no will, then according to the rules of intestacy.
Scaiff Solicitors can help take away some of the burden at this difficult time by dealing with the administration of the estate as a whole, or alternatively just obtaining the grant of Probate for you, with you dealing with the remainder of the administration. We pride ourselves on offering an excellent service to clients and much of our work comes to us through recommendation.
So how much is this likely to cost?
Our fees are based on our hourly rate and how long it takes to deal with the estate. Clearly all estates are different, and some will have many assets, some few. This will affect how much it costs to administer the estate. At the outset, we will discuss with you what assets there are, whether there is likely to be tax to pay and give you an estimate as to the likely costs. If unforeseen complications arise during the course of the administration, we will update that estimate. On average, the timescale for administration of estates is between 9 and 12 months.
Janice Leyland is a Solicitor with 20 years’ experience. Her hourly rate is £225+VAT (currently at 20%).
In addition to legal fees, there are other standard expenses likely to be incurred known as disbursements:
- Court fee for the grant of probate £155
- Sealed copies of the grant £0.50 each
- Trustee Act Notices in the London Gazette and local newspapers for unknown creditors – costs vary from newspaper to newspaper but usually around £200 - £300+VAT (currently at 20%).
- Bankruptcy searches £2 each
If you would like us to deal with obtaining the grant only, (with the administration of the estate after the grant being carried out by you), our likely costs are in the following bands:
- Application for grant only, with IHT205 (no inheritance tax) £850 - £1250+VAT (currently at 20%) and disbursements
- Application for grant only with IHT 400 ( possibly tax to pay) £1500 - £2000+VAT (currently at 20%) and disbursements
However, please note that these are estimates only and the actual costs will be based on the hourly rates.
If you would rather us carry out the whole administration of the estate, again much will depend on the assets and complexity of the estate. Please note that any costs set out here do not include ancillary matters, such as sale of shares, conveyancing, and transfers which will be charged separately. However as an estimate:
- Estates without IHT - between £2000 and £5000+VAT (currently at 20%) and disbursements
- Estates with IHT - between £4000 and £8000+VAT (currently at 20%) and disbursements
For advice tailored to your particular circumstances please contact Janice Leyland on 01905 727700 or email email@example.com.