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We deal with many hundreds of estates per year, all of which are entirely different. No two probates/administrations are the same.
Costs of the administration of estates can vary from a relatively small fee for small and straightforward estates with few legacies and assets, to a very high value and complex estate involving numerous assets, beneficiaries and potentially foreign investments, and can range from £1,000.00 to £40,000.00. However the average cost of the administration of estates based on our experience over the 6 month period ending October 2018 is £4,086.00.
The work represented by these charges includes dealing with all matters in relation to Court applications, all matters in relation to Inland Revenue connected to Income Tax, Inheritance Tax and Capital Gains Tax, distribution of legacies and residue, and a full set of Estate Accounts and appropriate Tax Deduction Certificates at the end of the matter.
Our fees are based on 1% of the estate plus time charged at £160.00 per hour, which is broken down into units of 6 minutes.
Charging a percentage value of the estate means that we are able to apply competitively low hourly rates to our work. Indeed, we have been able to keep our charging rate of £160.00 per hour static for 10 years and aim to continue to keep it at that level.
Additional expenses that we pay out on your behalf are likely to include: Probate Court Fees - the standard fee at the moment is £155.00, plus additional copies at 50p each. Bankruptcy search fees – these are needed to check that people receiving legacies and a beneficial entitlement are not bankrupt - £2.00 per person. Statutory notices for creditors cost approximately £175.00.
As no two estates are ever exactly the same and our charges for a specific case will always reflect the individual cases. Consequently, we cannot give a reliable estimate of the cost of our assisting with the estate until we have full details of it, and will always give you an individual cost estimate at the start of our involvement, taking into account the actual features of the estate in question. To contact one of our lawyers about your case, and to find out more about the costs that might be incurred, please contact us.
Of course, if a particular estate does have unexpected complications, we will inform you about it immediately, and would fully discuss the potential consequences of that before any additional charges were incurred.