You will be provided with an estimate in relation to the fees specific to the transaction we are dealing with. However, to give an idea of the likely fees we confirm an average transaction where we are dealing with the whole estate administration would be based on the following charges:
We anticipate this would take between 10 to 12 hours work at the hourly rates. This would make total costs estimated at £2,500 to £3,000 (+VAT) based on a Partner’s rates.
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs would be at the lower end of the range or lower than the range provided. If there are multiple beneficiaries, a property and multiple bank accounts, costs would be likely to be at the higher end of the estimate or above the estimate.
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process, but we will request a payment on account to cover the disbursement costs.
We can give you a more accurate quote once we have more information about the particular estate.
You may ask us to provide a more limited service where you have collated much of the information yourself and only need us to help with obtaining the Grant. An estimate can be provided if you would like us to have more limited involvement in respect of the matter.
If a claim was to be made against the estate but disappointed beneficiaries or other parties and we are acting on behalf of the executors, we would be obliged to advise the executors to seek advice regarding the claim. We would signpost you elsewhere for this advice to be obtained.
A typical estate failing within this range can take anything from a few months to more than a year to be dealt with. This is dependent to some extent on how quickly we can gather information, from you and third parties. It will also depend on who are appointed as the executors and how quickly assets such as houses, or other investments can be sold. If the estate is subject to paying inheritance tax, then there is usually a further time period while the taxation issues are resolved with HMRC. We will keep you up to date with progress throughout the matter.