Full Administration of Estate

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Every estate is different and the exact cost will be dependent on the individual circumstances. We will have a discussion with you at the outset to establish the extent of the estate and will then be able to provide you with our estimate based on the information provided.

If it becomes apparent that there is additional work required in excess of our initial estimate we will always discuss this with you before proceeding further.

Simple estate administration:

If the estate is simple and only a brief report of the value of the assets (IHT205) needs to be submitted, our fees are usually between £2,250 and £2,750 plus VAT.

An example of a straightforward estate would be:

There is a valid Will;
There are no more than 2 Executors appointed under that Will;
There are no more than 3 active bank accounts;
There are no disputes between the beneficiaries regarding the distribution of the assets;
There is no Inheritance Tax to pay and only an IHT205 needs to be completed to obtain the grant; and
There is no property;
There are no more than 3 beneficiaries;
There are no claims against the estate.

In addition to the work that we would carry out to obtain a grant we will also:

Close the bank accounts and arrange for the sale and transfer of property, bonds, shares etc;
Pay any outstanding liabilities such as care fees, utility bills, pension overpayments and income tax;
Prepare estate accounts detailing the monies received and how this has been allocated; and
Distribute the estate between the beneficiaries.

More complex estate administration:

If the estate is more complex, our fee to administer will usually be in the region of £4,500 to £5,500 plus VAT.

An example of the a more complex estate would be:

There is a valid Will;
There are no more than 2 properties;
There are no more than 5 investments (Bonds, shareholdings etc);
There are no foreign assets;
There are no more than 5 active bank or building society accounts;
There are no more than 10 beneficiaries entitled to receive a gift from the estate;
There are no disputes regarding the division of the estate;
There are no claims against the estate.

In addition to the work set out above for a simple estate administration we will:

Agree the amount if Inheritance Tax due with HMRC and arrange for this to be paid from the deceased’s accounts as this must be paid before the grant can be issued;
Arrange for the closure of bank/building society accounts and transfer of property, shares, bonds etc and also deal with the marketing (but not the conveyancing) for any properties that are to be sold; and
Prepare and submit tax return for the administration period to HMRC showing the tax due on any income or interest received.

Again, if the estate administration is found to be more complex than initially envisaged we will talk to you about our fees before proceeding any further.

Additional fees that may arise on more complex matters can include:

  • Property valuations;
  • Accountant’s fees;
  • Missing beneficiary fees;
  • Statutory Notice fees;
  • Registrar’s fees for selling/transferring shares;
  • Land Registry fees for copies of title documents for properties.

How long will it take?

The more complex the estate, the longer the administration is likely to take. On average it can take between 4 to 6 months to gather the information required to obtain the grant and then a further 6 to 9 months to deal with the administration of the estate.

For more information on any matters relating to the Administration of Estates, please follow the link or contact Cath Collins on 01945 898090 or email at cathcollins@vinelaw.co.uk