We know, from many years’ experience, how difficult it can be dealing with the administration of the Estate of a loved one. There will always be a feeling of sadness and often an anxiety to get matters wrapped up as quickly as possible, so that lives can be rebuilt.
Administering the Estate of someone who dies however, is a complex administrative process. Every case turns on its own peculiar facts and it is not possible to give a precise cost for every circumstance that can arise. For example, there is often only limited work necessary where the assets owned by the deceased are held jointly with someone else. In those circumstances, our fees might be no more than £200.00 plus VAT, to assist you with the necessary tasks.
Equally, if the Estate consists of assets in the deceased’s sole name, including property investments, shares and savings, much more work will be necessary to liquidate the Estate.
Furthermore, the cost of dealing with the administration of an Estate depends upon how many people benefit under the Will, the nature and location of the assets, whether there are any claims made against the Estate by either disappointed beneficiaries or for example the Benefits Agency or other creditors, and other matters which influence the amount of time necessary to wrap things up.
We have dealt with many thousands of such cases and we know from our experience, that the speed at which we can achieve your objective is a big factor why people instruct us, and how it affects the costs.
For example, our fees for dealing with the administration of a simple Estate, where the deceased owned a property and had one or two savings accounts, are likely to be between £2000.00 and £2500.00 plus VAT, plus third party payments of about £100.00. We are assuming in this example, that there are 4 beneficiaries, no claims against the Estate, and that the property belonging to the deceased is transferred to the beneficiaries. If the property is sold, there would be an additional charge made.
At the other end of the scale, where the deceased’s Estate consisted of several properties, many investment accounts and assets of a substantial value, our fees might well be between £20,000.00 and £30,000.00 plus VAT and third party payments of £200.00.
The above examples exclude the amount of any Inheritance Tax which might be payable, and any work associated with the deceased’s income tax affairs.
As with all work we do, we consider the quality of our service as the most important factor. We understand that costs and fees are important, but with administrative work such as this, we also recognise that families are unique clients and each have different priorities. This is why we like to evaluate our fees given the exact circumstances, and we always discuss this with you at the outset of the case.
Where the deceased has appointed us as the Executor of the Will, additional charges are likely to be incurred, relevant to the additional work we have to do. It is not possible to give an accurate estimate of that cost without knowing the circumstances, but the fees might well be as much as 25% more than the examples mentioned above.
We urge you to contact us if you are considering instructing us to deal with the administration of an Estate. We will always give initial practical advice free of charge, and we will talk to you about how we can add value and ensure that we meet your expectation in dealing with your instructions.