Services

Estate Administration Pricing

The cost of administering an Estate can vary greatly but usually this is comparable with the size of the Estate. However, this can also be dependent on the complexity of the assets involved, for example if there are multiple shareholdings or assets overseas, there is going to be more work involved than if there is just a property in joint names and a small number of bank accounts.

Our fees to obtain the Grant only:

In some cases, the personal representatives can deal with most of the work themselves but only need us to obtain the Grant of Probate or Letters of Administration. The cost for this will depend on the type of HMRC return or account needed.

For the simpler IHT205 Return the cost is £950 plus disbursements.

For the more complex IHT400 Account the cost is £2,000 plus disbursements

These fees are based on the personal representative providing us with the required information to complete the forms relevant to the individual estate. We would then complete the appropriate forms and submit them to the probate registry to obtain the grant of probate or grant of administration. The personal representatives would then deal with the collecting in and distribution of assets to the beneficiaries.

We can also assist with the gathering of the estate information and the ongoing administration of the estate to whatever degree the personal representative requires. This additional time will be charged at the relevant fee earners hourly rate at the time.

Full Estate administration:

We offer a free no obligation initial meeting with personal representatives at which we can give a bespoke quote based on the specific information about the Estate. In our experience this is usually a maximum of 2% of the value of the estate plus disbursements such as the court fee. This will be confirmed at the initial meeting.

The general fees quoted are for estates where:

  • There is a valid will
  • There is no more than one property
  • There are no more than 10 bank or building society accounts
  • There are no other intangible assets
  • There are 1-5 beneficiaries
  • 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

On average, the full administration of an estate takes 6-12 months to be completed. Typically, the application for the grant of probate can be submitted within 4-10 weeks from initial instructions, but the grant being received is currently dependent on the probate registries turnaround. Collecting assets then follows, which can take between 2-12 weeks depending on the type of assets involved. Once this has been done and any tax returns have been filed and paid by the estate, we can look to distribute the assets.

Usual Probate disbursements

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.

  • Swearing oaths and statutory declarations: There is a statutory charge of £5 for the oath and £2 for any extra document that has to be marked.
  • Probate Fee: In addition to the sworn oath, there is a fee charged by the Probate Registry of £155 plus £1.50 per sealed copy of the grant.
  • Personal Representative’s Advertisement: It is advisable for the personal representatives to place an advert in the local press and the London Gazette for the creditors of the deceased to come forward within two months of the notice. This usually costs between £160 and £200.
  • Bankruptcy only Land charges search: £2 per beneficiary
  • Electronic money Transfer Fee: £60 Inclusive of VAT
  • File archive Storage Fee: £30 inclusive of VAT
  • Accounting Set up Fee: £120 inclusive of VAT

Potential additional costs

  • If there is no will or the estate consists of any share holdings (stocks and bonds) there is 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 a Deed of Variation
  • Dealing with a resulting trust
  • Inheritance Tax if relevant to the estate
  • Income Tax up to the date of death and for the administration period
For further information about our Estate Administration service please contact Natalie Smith (TEP) on 01242 801748 or natalie@franksmithandco.com

We have taken all reasonable steps to ensure the price information set out on our website provides an accurate and realistic indication of the costs of obtaining certain legal advice today, but we may update the information at any time in the future. Whilst we hope this information is helpful as an initial guide, we will provide you with a specific fee proposal and a copy of our standard terms of business when you instruct us to undertake work.