ESTATES ADMINISTRATION

When dealing with the administration of an estate, the work carried out generally falls into two stages. The first stage deals with all work required in order to obtain the Grant of Probate (where there is a Will) or Letters of Administration (where there is no Will) and the second stage deals with the work required after the relevant document has been issued by the Probate Registry. 

We will handle the full process for you or it may be that you will only require our assistance with stage 1 and this is something that can be discussed and agreed on a case by case basis.

In the case of an average estate the stages are as follows:-

Stage 1 (pre-grant work)

1.      Meeting with the personal representatives to discuss the estate.

2.      Obtaining details of assets and liabilities.

3.      Obtaining date of death valuations in respect of assets and liabilities.

4.      Preparing the inheritance tax forms where necessary and submitting these to HMRC.

5.      Completing the application for probate/letters of administration and sending the necessary documents to the Probate Registry.

Stage 2 (post-grant work)

1.      Placing Section 27 Trustee Act Notices.

2.      Collecting in estate assets.

3.      Settling estate debts and funeral expenses.

4.      Carrying out bankruptcy searches.

5.      Dealing with the deceased’s income tax affairs for the administration period.

6.      Sending the estate accounts to the personal representatives for approval.

7.      Carrying out bankruptcy searches and distributing the estate. 

If we are instructed to deal with both stages of the administration it is likely to take between 9 months and 18 months to finalize matters.

Our average costs for dealing with stages 1 and 2 are set here.

There are a number of factors which will mean that the average costs may be exceeded, for example:-

1.      There are assets in foreign jurisdictions.

2.      The estate involves a sale of a property.

3.      There are more than 5 assets.

4.      Inheritance tax is payable.

5.      There is a dispute between the beneficiaries as to the division of assets.

6.      Claims are made by creditors.

7.      There is extensive liaison with beneficiaries and/or personal representatives.

8.      A deed of variation is required.

9.      There are numerous shares/investments in the estate.

10.  The deceased owned a business.

11.  There are numerous beneficiaries.

12.  The estate is a “complex estate” (i.e., any of the following apply: value of the estate exceeds £2.5 million; value of assets sold by the           Personal Representatives in any one tax year exceeds £500,000; total tax due exceeds £10,000).

13.  Capital Gains Tax is payable.

The following matters are not included in the average cost:-

1.      Preparation of a Deed of Variation.

2.      Any conveyancing costs in relation to the sale of the deceased’s property.

3.      Advice provided regarding claims made by beneficiaries.

4.      Litigation advice and commercial advice.

5.      Completion of tax forms other than inheritance tax forms.

As part of our service we will provide you with a dedicated and experienced probate solicitor to work on your matter.