If you require assistance with the administration of an estate our solicitors can help. This work is charged on the basis of an hourly rate which varies depending on the complexity of the estate and the level of experience of lawyer doing the work. The work includes such things as taking instructions, identifying executors and beneficiaries, applying for a grant, production of necessary Trustee Act notices, identifying and scheduling all assets and liabilities of the estate, seeking valuations where appropriate of key assets such as shares, foreign assets, business assets and property and liaising with appropriate professionals in that regard, calculating any liability to inheritance or other tax and submitting appropriate documents to HMRC before discharging any liability that arises as well as collecting, distributing and accounting for any remaining assets amongst beneficiaries.
Our rates vary from £150 and £300 per hour plus Vat, depending on the expertise and experience of the lawyer required at each stage. We charge in units of 6 minutes, so each hour is made up of 10 units and our charges are based upon the time spent. As part of our ‘no hidden costs’ promise, we do not charge a ‘valuation element’ known as an ad valorem charge which some firms will seek to charge to you calculated by reference to the value of the estate, meaning the quote we provide includes all the costs for our work.
As a rough guide to the type of costs involved:
- A straightforward estate not liable to inheritance tax with a small number of beneficiaries and no property will likely take between 20 to 30 hours to resolve and cost between £3,000+vat at the bottom end to £9,000+vat at the top end.
- A more complicated estate liable to inheritance tax with many beneficiaries, some property, foreign or business assets and several investments, shares or bank accounts will likely take between 40 and 60 hours to resolve and cost between £6,000+vat at the bottom end to £18,000+vat at the top end.
A more accurate estimate can always be obtained by discussing matters with your solicitor especially if you have documents setting out the value of any assets and liabilities to hand.
Many other firms will exclude all sorts of different work from their estimates such as estates with no will, foreign assets or business assets, large numbers of bank accounts or beneficiaries, estates with trusts within the will or which require share transfer forms to be completed, meaning you could pay far more than the estimate provided. Our ‘no hidden costs’ promise means whatever the circumstances of the estate, all the work we do in administering the estate is included in our quote.
Disbursements and timescales
There will also be some expenses you will need to pay in addition to these fees. These are called disbursements and include:
- £273 fee to the Probate Registry for the Grant of Probate
- £1.50 per additional certified copy of the Grant – you may need several of these
- £3 for office copies of the property title from Land Registry
- £2 for each beneficiary to complete bankruptcy searches
- Approximately £400 for all relevant Trustee Act Notices
- Valuation fees if appropriate for certain assets such as paintings or jewellery
- Expert accountancy fees where appropriate
- Counsel’s fees where appropriate
The time taken to complete an administration of an estate will vary depending on complexity and assets. Often the work will be completed in around 12-18 months, including the time taken to obtain a grant of probate, but in some instances may be longer.