Our Complete Administration Service
This is our highest level of service for those Executors who wish us to handle all aspects of the estate administration.
What does this service include?
As part of the Complete Administration Service, we will do the following:-
- Advise you about the validity of any Will/Codicil left by the deceased.
- Advise you about who is entitled to the estate if there is no Will.
- Advise you about your legal duties and responsibilities.
- Ascertain the assets and liabilities of the estate.
- Consider the need for a valuation or market appraisal of property.
- Calculate any Inheritance Tax due.
- Prepare the appropriate Inheritance Tax account and Statement of Truth for your Grant of Probate (or Letters of Administration, if there is no Will) application.
- If required, submit the Inheritance Tax account to HMRC and pay the tax due.
- Submit the Statement of Truth and (if there is one) the Will/Codicil to the Probate Registry and apply for the Grant of Probate or Letters of Administration.
- Once received, register the Grant with such banks, building societies and other financial institutions as necessary and collect in the assets of the estate.
- Pay any debts, taxes, liabilities or administration expenses of the estate.
- Finalise the deceased’s tax affairs to the date of death.
- Deal with any cash or specific legacies mentioned in the Will/Codicil, transfer any assets to the persons entitled to receive them.
- Deal with the sale of any estate assets as necessary.
- Prepare Estate Accounts of the administration of the estate.
- Provide a Statement of Estate Income for the residuary beneficiaries.
- Distribute the estate to the beneficiaries.
What does this service not include?
- Any property sale or transfer work, although our Conveyancing Team will assist with such matters.
- Advice about a Deed of Variation of the estate.
- Advice about assets in another country.
- Advice in relation to a disputed Will or claim against the estate, although our Litigation Team can assist with such matters.
- Advice in relation to the setting-up of trusts following completion of the estate.
How long will it take to complete the administration of the estate?
Every estate is different and a number of different factors can have a bearing on the time taken to complete the administration of the estate. For example, delays in resolving tax issues with HMRC or finding a buyer for a property can lead to delays.
For smaller non-taxable estates, it normally takes between 1 to 3 months to obtain all of the necessary information to apply for a Grant of Probate or Letters of Administration. Thereafter, on average, it can take up to 2 months to complete the administration.
For larger taxable estates, it may take between 6 to 8 months to obtain all of the necessary information and professional valuations to apply for a Grant. Thereafter, it may take between 6 to 12 months to finalise matters with HMRC and complete the administration.
What will be the fees for this service?
Our fees for this service are based on the time we spend in dealing with the estate. These fees will depend on the individual circumstances of the estate. For example, if there is one beneficiary, one bank account, no property in the estate and the estate is not liable to pay Inheritance Tax, then the fees are likely to be much lower than an estate which has multiple beneficiaries, multiple accounts, includes a property and is liable to pay Inheritance Tax.
We will ensure that your case is allocated to the most appropriate Wills, Inheritance Tax, Probate and Trusts Team member, taking into account the nature and complexity of the work and their hourly rate.
When providing an estimate of our fees, we grade estates according to their simplicity or complexity, the value of the estate and the amount of time we expect to spend in dealing with the administration as follows:-
Level 1 Estate
- low value (under £325,000)/non-taxable estate.
- typical hourly rate may be £150 plus VAT.
- typical fees may fall between £750 and £3,000 plus VAT for up to 20 hours of work required.
Level 2 Estate
- medium value (between £325,000 and £650,000)/non-taxable or taxable estate.
- typical hourly rate may be £160 plus VAT.
- typical fees may fall between £3,200 and £6,400 plus VAT for between 20 and 40 hours of work required.
Level 3 Estate
- high value (£650,000 to £1m) /taxable estate/complex matter.
- typical hourly rate may be £220 plus VAT.
- typical fees may fall between £4,400 and £8,800 plus VAT for between 20 and 40 hours of work required.
Level 4 Estate
- very high value (£1m+)/taxable estate/very complex matter.
- typical hourly rate may be £240 plus VAT.
- typical fees may fall between £4,800 and £9,600 plus VAT for between 20 and 40 hours of work required.
Factors which can increase fees are:-
- Multiple executors and beneficiaries for us to correspond with.
- Multiple bank accounts or shareholdings to be dealt with.
- The estate includes a property and there are bills, insurances and maintenance to deal with.
- The estate includes agricultural or business assets.
- There are issues with the Will or disagreements between the beneficiaries.
- There are foreign aspects to the estate.
Additional payments or disbursements:-
We are required to verify your identity when commencing work for you and make a charge of £10 plus VAT per person.
The following disbursements may also be incurred:-
- Probate Court Fee – £155 plus 50p charged for each copy of the Grant (Please note that Grant application fees are due to increase in April 2019).
- Fee for obtaining a copy of a Land Registry title to a property – £3.
- Fee for lodging Trustee Act Notices – this fee depends on the number of notices required, but in our experience, the average fee falls between £150 and £200 plus VAT.
- Bankruptcy searches – £2 per beneficiary.
Interested in our Complete Administration Service?
If you would like to use our complete administration service, please enquire using the form below. Our expert team will be in touch with you to discuss your needs further.
Enquire about our Complete Administration Service
Read more about:
Complete Administration Service,
Executor’s Support Service,
Fixed Fee Consultation,
Fixed Fee Grant-Only Service