Of course, the financial affairs of each individual are different; some are simple, some complex. In some cases, large amounts of money may be held in a single asset, while in other cases small sums may be spread across a host of banks and building societies. We are happy to prove a quotation for acting in the administration of any estate, whether the deceased left a Will or not.
In cases where there is Will our charges will be 2% of the Gross Estate (the total of the assets in the estate, including the value of any share of the jointly owned property before any debts are paid) plus VAT and disbursements (out of pocket expenses). This is subject to a minimum charge of £2,500 plus VAT.
There is a fee payable to the Government for the Grant of Probate. This is currently £155 plus £0.50 for each official copy required. Other out of pocket expenses depend on the circumstances of each case and we will be happy to advise on those likely to arise in your matter.
These fees cover the cost of our dealing with the administration of the estate in its entirety, save for any ancillary conveyancing charges.
There are occasions when we are asked to only obtain the Grant of Probate, leaving the individual Executor(s) to deal with financial institutions, tax authorities, creditors, beneficiaries, etc, directly. In such cases our fees are:
Where the shorter IHT205 return to HMRC is required – £1,000 plus VAT & disbursements
Where a claim for the “transferable nil-rate is made” in addition to above – £1,400 plus VAT & disbursements
Where a full IHT400 return to HMRC is required – £2,000 plus VAT & disbursements
We will be delighted to advise into which category your matter falls if you are not clear.