Applying for the Grant, collecting and distributing assets and all related issues to include but not limited to:
- Registering death and dealing with all correspondence with all institutions where investments are held, or debts owed. Closing and receiving funds and obtaining the necessary income details for tax purposes.
- Prepare the Inheritance Tax return and calculate all inheritance due from the Executors Oath and submit to HMRC/Probate Registry if appropriate in order to obtain a Grant of Probate.
- Consider and advise on Inheritance Tax saving opportunities, liabilities and mitigation of Council Gains Tax.
- Collect funds on behalf of the Estate to avoid Executors having to open up an Executors account
- Prepare and submit income tax returns for the period up to the date of death and during the administration as appropriate.
- Prepare and submit full estate accounts detailing all transactions during the administration of the Estate for the residual beneficiaries.
- Provide professional expert guidance throughout the administration together with risk management advice (specialist property insurance if it is unoccupied).
- Report to Executors and beneficiaries at key stages throughout the administration and answer any related queries.
We would normally estimate that our costs with dealing with all the above would be in the region of 3% of the value of the Estate. The exact cost will depend on the individual circumstances. We offer a fixed fee calculator that takes into account all the unique variables of an Estate and gives a fixed fee quote. Please contact us to discuss your personal matter so we can give you a tailor made fixed cost quote. We offer a free initial consultation with the Executors of an Estate to talk through their responsibilities and at that time can take details so we can offer a quote.
The exact cost will depend on the individual circumstances of the matter.
We will handle the full process for you. This example is for estates where:
- There is a valid Will
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- There are no claims made against the estate
Disbursements (3rd party costs) not included in this fee:
- Probate application fee of £300, in most cases
- £250 cost for post in The London Gazette & local newspaper – protects against unexpected claims from unknown creditors. Not applicable in every case
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 or the estate consists of any share holdings (stocks and bonds) there are 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.
Dealing with any matters not anticipated in our quotation e.g. there may be disputes between beneficiaries or complex Inheritance tax complications
How long will this take?
On average, estates that fall within this range are dealt with within 6-9 months. Typically, obtaining the grant of probate takes 4-8 weeks. Collecting assets then follows, which can take between 4-8 weeks (this does depend on any delays the Probate Registry are experiencing), at which time payments are made to beneficiaries in the Will. Once this has been done, we can finalise the tax affairs and prepare full estate accounts.