The administration of estates depends on the extent of the estate and the provisions of the will, or, in the absence of a will, of the law. Larger estates require more work, smaller ones less work.
Where there is no dispute as to the provisions of the will, we offer three fee options to all our clients for probate services: an agreed hourly rate, a fixed agreed fee, or an agreed percentage of the value of the estate.
Under the first option, we would agree an hourly rate with you, and give you, at the outset, an estimate of the total cost we reasonably anticipate would be charged.
Our charge out rate under this option is as follows:
We would expect to spend between 10 and 20 hours in relation to a straightforward, uncomplicated administration, with a fee of between £2,375.00 plus Vat and £4,750.00 plus Vat.
For more complex admirations, with a varied portfolio of assets, we would expect to spend 30-75 hours.
Under the second option, we would agree a fixed fee with the personal representatives of the estate. The service would then be provided for that fee agreed.
A fixed fee enables the estate to plan for the cost of legal services from the outset, and brings certainty. For larger estates, a fixed fee may be particularly attractive, because it would include all manner of complexities arising in the administration of the estate, without the representatives having to be concerned about the amount of time we would need to spend.
You may wish to agree a basis of remuneration where our fees will not exceed an agreed percentage of the gross value of the whole estate. The fee chargeable would be between 0.5 to 2.0 percent
DISBURSEMENTS
• Value Added Tax is chargeable in respect of and in addition to all our fees, at the prevailing rate, currently 20%.
• Value Added Tax is also chargeable at the prevailing rate, currently 20% in respect of certain disbursements of which we will notify you in advance.
Most probate administrations will take between six and twelve months from commencement to conclusion. The timescale depends on a number of factors: the size of the estate, the number of institutions to be approached, if there are disputes in relation to the estate or the will, and whether all relevant documents are available.
• Advising the personal representatives of the documents and information required.
• Writing to institutions for values of assets and liabilities and preparing an estate account.
• Preparing an application for the grant of probate (where the deceased left a will) or letters of administration (where there is no will) including the necessary returns to H M Revenue & Customs.
• Responding to any enquiries from the Probate Registry and H M Revenue & Customs.
• Once the grant of probate or letters of administration have been received, collecting the estate assets, discharging any estate liabilities and distributing the remaining estate.
• Preparing the final estate account for the personal representatives.
• The sale of any property in the estate.
• Financial advice on the suitability on the disposal of the assets in the estate.
• The deceased’s Income Tax and Capital Gains Tax affairs prior to death.
• The estate’s Income Tax and Capital Gains Tax affairs.
• Any disputes between beneficiaries regarding the estate any other claims made against the estate.
• Advising you in relation to possible variations to the will.
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