Price Transparency – Private Client
The collection and distribution of money, property and other assets belonging to a person following their death.
As estates can vary from simple to extremely complicated, it is difficult for us to provide an accurate estimate, so our fee estimates are intended as guideline only. We would always recommend that you obtain a bespoke estimate from one of our specialists who can provide you with an accurate idea of costs. Our private client specialists understand that the death of a loved one can be a difficult and emotional time and can assist you by helping you navigate the problems that can arise in dealing with a person’s estate.
Our fee ranges are based on UK estates where matters are not contested.
The administration of an estate can be broadly divided into two parts. The first is everything up to and including obtaining the Grant of Probate (or if the person died without a Will the Grant of Letters of Administration). This covers obtaining date of death valuations for the assets and liabilities of the estate, completing the inheritance tax return and creating and submitting the application for the Grant.
For a simple estate our fees for dealing with this first stage of the administration process range from £2,000 to £2,500 plus VAT. A simple estate is an estate where no inheritance tax is due because the estate is under the inheritance tax allowance. In certain circumstances, where no Grant is required this estimate will cover the entire estate administration.
An estate becomes more complicated if it is necessary to claim the inheritance tax unused transferable allowance and/or the new inheritance tax residential nil rate band allowance. This is because a more detailed inheritance tax return needs to be completed and filed in order to claim these reliefs. Therefore if it is necessary to claim one or both of these allowances, our fees will range from £2,500 – £4,000 plus VAT.
In the event that the estate requires us to assist the executors in claiming business property relief, agricultural property relief or dealing with the taxation implication of trusts (other than a life interest trust for the benefit of a spouse) then our fees will range from £3,500 – £5.000 plus VAT.
The second stage of an administration of an estate includes collecting in the assets or transferring them to the beneficiaries (the person who receive the assets of the estate), settling all liabilities of the estate and ensuring all necessary taxes have been paid. Most people are aware of inheritance tax but executors are also responsible for ensuring that the estate pays the correct income and capital gains tax.
For a simple estate where there are few assets or the assets are held with few institutions (i.e. multiple bank accounts with the same bank) and one or few beneficiaries, our fees for dealing with this second stage range from £2,000 to £3,000 plus VAT.
If the estate is more complicated, because there are many assets across many institutions or multiple or missing beneficiaries, our fees will range from £2,500 – £4,000 plus VAT
In the event that the estate is complex our fees will range from £3,500 – £5,000 plus VAT. An estate is considered complex if inheritance tax is being paid by instalments, the estate incurs a capital gains tax liability or the estate involves a trust.
The ranges above are limited to our fees for the administration of estates and these estimates are just an average price based on recent instructions and our average hourly charging rate of £235 plus VAT. The actual cost to you will depend on a number of factors which we will discuss with you if you decide to instruct us. They do not include disbursements or any conveyancing fees. The usual disbursements that arise in the administration of estate are likely to be: The Probate Fee (£155 plus £1.50p for every copy), and the cost of placing statutory adverts (£100-£300). Swear Fees are not now applicable except in some exceptional circumstances.
Our friendly and approachable team of experts includes:
Mandy Potter FCILEx, TEP – Director, Supervisor
Kelly Hutchings – Legal Assistants
Bartons pride itself on its excellent customer service and knowledge and helpful lawyers. If you have any questions please contact a member of our team