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Deceased Estate – Administration of the Estate

We charge for the Administration of Estates on an hourly rate basis. We offer a free, initial, no-obligation consultation.  Having completed our fact-finding exercise, we will be able to provide you with a tailored estimate of our fees, based on the circumstances and complexity of the estate.

Numerous factors can impact the complexity of an estate, not limited to the number of beneficiaries and personal representatives, the number and type of assets and liabilities, whether there is a valid Will, and the existence of trusts.

Estates will typically take between 20 – 50 working hours to administer in full, with work being conducted by a Partner, Solicitor and Wills & Probate Specialist in a cost-conscious blended approach.  Total fees are estimated at between £4,000 and £12,000 + VAT and disbursements.

If, due to unforeseen contentious issues, unusually complex circumstances or changes in your instructions, it becomes necessary to revise our estimate, we will write to you with a fresh estimate as soon as possible before incurring any additional costs.

Please note that our fees do not include disbursements, for example the statutory court fees, which we will pay on your behalf and charge back to you.

 

 

 

Our fees typically involve the following work:

 

  • Initial steps

Obtain evidence of identity for the executors and beneficiaries, in accordance with the Money Laundering Regulations.

 

  • Information gathering

Contact the asset holders such as banks, life insurers, share registrars and request probate valuations.  Certain assets such as land and property will require professional valuations.  Communicating with known creditors and establishing liabilities.

 

  • Contacting beneficiaries

Write to the beneficiaries (and any personal representatives, if applicable) advising them of their interest in the estate.

 

  • Lifetime gifts

Make enquiries as to whether the deceased made any lifetime gifts which require inclusion in the Inheritance Tax return.

 

  • Completing the Income Tax return form

Prepare and submit the deceased’s final Income Tax return from 6th April to the date of death.

 

  • Completing the Inheritance Tax return form

Prepare and submit the appropriate Inheritance Tax return where applicable.

 

  • Statutory adverts

We often recommend that the executors place statutory adverts in the London Gazette and local newspapers.  This protects the executors by providing creditors with a two-month window of opportunity to come forward before the estate is distributed to the beneficiaries.  The publications charge a separate fee, which will be charged to the estate as a disbursement.

 

  • Completing probate application to court

Prepare and submit the probate application to the court with any supporting documentation and respond to any requisitions raised by the court relating to the application.

 

  • Producing the Grant of Probate 

When we have the Grant of Probate, produce it to the asset holders and begin collecting the assets. Pay any liabilities to the debtors.

 

  • Completing a corrective IHT return form where needed

Prepare and submit a corrective IHT return where adjustments are required.

 

  • Preparing the estate accounts

Prepare and submit the estate accounts for approval by the residuary beneficiaries. We will then attend to the distribution of the estate to the beneficiaries.

 

  • Applying for Inheritance Tax Clearance Certificate

Prepare and submit the inheritance tax clearance certificate using an IHT30 form, showing we have paid all the inheritance tax due under the estate.

 

  • Completing the Trust and Estate Tax return forms

Register the estate with HMRC for the purposes of income and capital gains tax where required and complete the Trust and Estate tax returns for each tax year of the administration period.

 

  • Completing statements of residuary income

Prepare and submit the statements of residuary income for the beneficiaries’ own tax returns.